SoundHound AI (NASDAQ:SOUN) Stock Price Up 3.9% – What’s Next?

SoundHound AI, Inc. (NASDAQ:SOUN)’s stock price was up 3.9% during trading on Wednesday . The stock traded as high as $5.73 and last traded at $5.58. Approximately 10,174,920 shares changed hands during trading, a decline of 70% from the average daily volume of 33,598,746 shares. The stock had previously closed at $5.37.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on SOUN shares. Northland Securities increased their price target on SoundHound AI from $5.50 to $6.00 and gave the company a “market perform” rating in a research note on Friday, August 9th. DA Davidson reaffirmed a “buy” rating and set a $9.50 target price on shares of SoundHound AI in a report on Monday, September 30th. HC Wainwright reissued a “buy” rating and issued a $7.00 price target on shares of SoundHound AI in a report on Wednesday, September 18th. Cantor Fitzgerald raised shares of SoundHound AI from a “neutral” rating to an “overweight” rating and lifted their price objective for the stock from $5.00 to $7.00 in a research note on Friday, August 9th. Finally, Wedbush reissued an “outperform” rating and set a $9.00 target price on shares of SoundHound AI in a research note on Thursday, September 26th. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, SoundHound AI presently has an average rating of “Moderate Buy” and an average price target of $7.08.

SoundHound AI Stock Up 6.0 %

The business’s 50 day simple moving average is $4.96 and its 200 day simple moving average is $4.81. The company has a market capitalization of $2.04 billion, a PE ratio of -14.00 and a beta of 2.71.

SoundHound AI (NASDAQ:SOUN) last issued its quarterly earnings results on Thursday, August 8th. The company reported ($0.11) EPS for the quarter, missing the consensus estimate of ($0.09) by ($0.02). SoundHound AI had a negative net margin of 195.65% and a negative return on equity of 93.28%. The firm had revenue of $13.46 million during the quarter, compared to analysts’ expectations of $13.09 million. During the same quarter last year, the company posted ($0.10) EPS. The firm’s revenue was up 53.8% compared to the same quarter last year. On average, analysts anticipate that SoundHound AI, Inc. will post -0.36 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Lawrence Marcus sold 50,000 shares of the stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $5.02, for a total value of $251,000.00. Following the completion of the sale, the director now directly owns 74,038 shares of the company’s stock, valued at approximately $371,670.76. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CEO Keyvan Mohajer sold 90,641 shares of the stock in a transaction on Friday, September 20th. The stock was sold at an average price of $4.88, for a total transaction of $442,328.08. Following the completion of the sale, the chief executive officer now directly owns 2,362,692 shares in the company, valued at approximately $11,529,936.96. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Lawrence Marcus sold 50,000 shares of the business’s stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $5.02, for a total value of $251,000.00. Following the completion of the transaction, the director now owns 74,038 shares in the company, valued at $371,670.76. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 327,275 shares of company stock worth $1,606,644. 12.28% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On SoundHound AI

Several institutional investors have recently made changes to their positions in SOUN. Principal Financial Group Inc. raised its position in SoundHound AI by 16.5% during the first quarter. Principal Financial Group Inc. now owns 18,560 shares of the company’s stock valued at $109,000 after acquiring an additional 2,629 shares in the last quarter. Sequoia Financial Advisors LLC acquired a new stake in shares of SoundHound AI in the 1st quarter valued at $107,000. Janney Montgomery Scott LLC acquired a new stake in shares of SoundHound AI in the 1st quarter valued at $109,000. Deuterium Capital Management LLC bought a new stake in SoundHound AI in the first quarter worth $59,000. Finally, Zevenbergen Capital Investments LLC acquired a new position in SoundHound AI during the first quarter worth $209,000. 19.28% of the stock is currently owned by institutional investors and hedge funds.

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.