SoundHound AI (NASDAQ:SOUN) Stock Price Up 1.5% – Here’s Why

SoundHound AI, Inc. (NASDAQ:SOUN)’s share price rose 1.5% on Friday . The company traded as high as $19.95 and last traded at $19.14. Approximately 42,825,350 shares were traded during mid-day trading, an increase of 7% from the average daily volume of 40,148,219 shares. The stock had previously closed at $18.86.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on SOUN shares. Wedbush lifted their target price on SoundHound AI from $10.00 to $22.00 and gave the stock an “outperform” rating in a research report on Monday. HC Wainwright boosted their price target on SoundHound AI from $7.00 to $8.00 and gave the company a “buy” rating in a research note on Thursday, November 14th. LADENBURG THALM/SH SH reaffirmed a “neutral” rating and set a $7.00 price objective on shares of SoundHound AI in a research note on Wednesday, November 13th. Barclays reiterated a “neutral” rating and issued a $7.00 target price on shares of SoundHound AI in a research report on Wednesday, November 13th. Finally, DA Davidson reissued a “buy” rating and issued a $9.50 target price on shares of SoundHound AI in a research note on Monday, September 30th. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $9.50.

SoundHound AI Trading Up 8.3 %

The stock has a market cap of $7.55 billion, a price-to-earnings ratio of -56.75 and a beta of 3.03. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.58 and a quick ratio of 2.58. The business’s 50 day moving average is $8.67 and its 200 day moving average is $6.09.

SoundHound AI (NASDAQ:SOUN) last announced its quarterly earnings results on Tuesday, November 12th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.01. SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. The firm had revenue of $25.10 million during the quarter, compared to the consensus estimate of $23.02 million. During the same period in the prior year, the company posted ($0.09) earnings per share. The firm’s quarterly revenue was up 88.7% compared to the same quarter last year. As a group, equities analysts expect that SoundHound AI, Inc. will post -0.38 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Keyvan Mohajer sold 63,544 shares of the firm’s stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $4.92, for a total transaction of $312,636.48. Following the transaction, the chief executive officer now owns 2,299,148 shares in the company, valued at $11,311,808.16. This trade represents a 2.69 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Eric R. Ball sold 30,000 shares of the business’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $8.03, for a total value of $240,900.00. Following the completion of the sale, the director now owns 110,907 shares of the company’s stock, valued at approximately $890,583.21. This represents a 21.29 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 2,321,786 shares of company stock valued at $35,065,286. 12.28% of the stock is currently owned by insiders.

Institutional Investors Weigh In On SoundHound AI

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Kings Path Partners LLC purchased a new position in shares of SoundHound AI during the second quarter worth about $28,000. International Assets Investment Management LLC acquired a new position in shares of SoundHound AI in the second quarter valued at approximately $31,000. NBC Securities Inc. raised its stake in shares of SoundHound AI by 97.8% during the third quarter. NBC Securities Inc. now owns 7,720 shares of the company’s stock worth $35,000 after purchasing an additional 3,818 shares during the last quarter. Amalgamated Bank lifted its holdings in shares of SoundHound AI by 108.0% during the second quarter. Amalgamated Bank now owns 9,819 shares of the company’s stock worth $39,000 after purchasing an additional 5,099 shares during the period. Finally, Signaturefd LLC lifted its stake in shares of SoundHound AI by 27.3% in the 2nd quarter. Signaturefd LLC now owns 10,255 shares of the company’s stock worth $41,000 after acquiring an additional 2,200 shares during the period. 19.28% of the stock is owned by hedge funds and other institutional investors.

About SoundHound AI

SoundHound AI, Inc develops independent voice artificial intelligence (AI) solutions that enables businesses across automotive, TV, and IoT, and to customer service industries to deliver high-quality conversational experiences to their customers. Its products include Houndify platform that offers a suite of Houndify tools to help brands build conversational voice assistants, such as Application Programming Interfaces (API) for text and voice queries, support for custom commands, extensive library of content domains, inclusive software development kit platforms, collaboration capabilities, diagnostic tools, and built-in analytics; SoundHound Chat AI that integrates with knowledge domains, pulling real-time data like weather, sports, stocks, flight status, and restaurants; and SoundHound Smart Answering is built to offer customer establishments custom AI-powered voice assistant.