SoundHound AI (NASDAQ:SOUN) Trading 6.7% Higher – Here’s What Happened

Shares of SoundHound AI, Inc. (NASDAQ:SOUN) rose 6.7% during trading on Friday . The company traded as high as $21.64 and last traded at $21.52. Approximately 32,755,479 shares changed hands during trading, a decline of 25% from the average daily volume of 43,449,074 shares. The stock had previously closed at $20.16.

Analyst Ratings Changes

A number of analysts recently weighed in on SOUN shares. Barclays reissued a “neutral” rating and issued a $7.00 target price on shares of SoundHound AI in a research note on Wednesday, November 13th. HC Wainwright upped their price objective on SoundHound AI from $8.00 to $26.00 and gave the company a “buy” rating in a report on Monday, December 23rd. Wedbush raised their target price on SoundHound AI from $10.00 to $22.00 and gave the stock an “outperform” rating in a report on Monday, December 16th. DA Davidson reaffirmed a “buy” rating and issued a $9.50 price target on shares of SoundHound AI in a research note on Monday, September 30th. Finally, LADENBURG THALM/SH SH reissued a “neutral” rating and set a $7.00 price target on shares of SoundHound AI in a research report on Wednesday, November 13th. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, SoundHound AI presently has a consensus rating of “Moderate Buy” and an average target price of $12.07.

SoundHound AI Price Performance

The company’s 50-day simple moving average is $11.90 and its 200-day simple moving average is $7.24. 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 stock has a market capitalization of $8.09 billion, a price-to-earnings ratio of -60.78 and a beta of 3.03.

SoundHound AI (NASDAQ:SOUN) last posted its earnings results on Tuesday, November 12th. The company reported ($0.06) earnings per share for the quarter, topping 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 company had revenue of $25.10 million during the quarter, compared to the consensus estimate of $23.02 million. During the same quarter last year, the firm earned ($0.09) earnings per share. The company’s revenue was up 88.7% on a year-over-year basis. Research analysts forecast that SoundHound AI, Inc. will post -0.38 earnings per share for the current fiscal year.

Insider Transactions at SoundHound AI

In related news, VP Majid Emami sold 94,067 shares of the company’s stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $9.05, for a total transaction of $851,306.35. Following the completion of the sale, the vice president now directly owns 735,685 shares in the company, valued at $6,657,949.25. This represents a 11.34 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Lawrence Marcus sold 30,000 shares of SoundHound AI stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $7.15, for a total value of $214,500.00. Following the completion of the transaction, the director now owns 178,117 shares in the company, valued at approximately $1,273,536.55. This represents a 14.41 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 2,782,918 shares of company stock valued at $45,391,343. 12.28% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On SoundHound AI

A number of hedge funds have recently made changes to their positions in the stock. International Assets Investment Management LLC bought a new position in SoundHound AI in the 2nd quarter valued at approximately $31,000. NBC Securities Inc. lifted its stake in shares of SoundHound AI by 97.8% in the 3rd quarter. NBC Securities Inc. now owns 7,720 shares of the company’s stock valued at $35,000 after acquiring an additional 3,818 shares during the last quarter. Amalgamated Bank boosted its holdings in shares of SoundHound AI by 108.0% during the 2nd quarter. Amalgamated Bank now owns 9,819 shares of the company’s stock valued at $39,000 after acquiring an additional 5,099 shares in the last quarter. Signaturefd LLC grew its position in SoundHound AI by 27.3% during 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 last quarter. Finally, Farther Finance Advisors LLC increased its holdings in SoundHound AI by 298.5% in the 3rd quarter. Farther Finance Advisors LLC now owns 8,966 shares of the company’s stock worth $42,000 after purchasing an additional 6,716 shares in the last quarter. 19.28% of the stock is currently owned by institutional investors and hedge funds.

SoundHound AI Company Profile

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.