SoundHound AI (NASDAQ:SOUN) Sees Strong Trading Volume – What’s Next?

SoundHound AI, Inc. (NASDAQ:SOUN) saw strong trading volume on Monday . 18,477,661 shares were traded during trading, a decline of 47% from the previous session’s volume of 34,941,344 shares.The stock last traded at $8.33 and had previously closed at $8.25.

Analyst Ratings Changes

Several research firms have commented on SOUN. LADENBURG THALM/SH SH reaffirmed a “neutral” rating and set a $7.00 price target on shares of SoundHound AI in a research report on Wednesday, November 13th. DA Davidson restated a “buy” rating and set a $9.50 price objective on shares of SoundHound AI in a research report on Monday, September 30th. Wedbush reaffirmed an “outperform” rating and set a $9.00 price target on shares of SoundHound AI in a research note on Thursday, September 26th. Cantor Fitzgerald upgraded shares of SoundHound AI from a “neutral” rating to an “overweight” rating and raised their price objective for the company from $5.00 to $7.00 in a research note on Friday, August 9th. Finally, Barclays restated a “neutral” rating and set a $7.00 target price 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’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $7.64.

SoundHound AI Stock Down 5.2 %

The company has a current ratio of 2.58, a quick ratio of 2.58 and a debt-to-equity ratio of 0.13. The business’s 50-day simple moving average is $5.57 and its 200-day simple moving average is $5.05.

SoundHound AI (NASDAQ:SOUN) last announced its earnings results on Tuesday, November 12th. The company reported ($0.06) 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 for the quarter, compared to analysts’ expectations of $23.02 million. During the same quarter in the prior year, the firm earned ($0.09) EPS. SoundHound AI’s quarterly revenue was up 88.7% on a year-over-year basis. As a group, research analysts anticipate that SoundHound AI, Inc. will post -0.38 earnings per share for the current year.

Insider Buying and Selling

In other news, CEO Keyvan Mohajer sold 90,641 shares of SoundHound AI stock in a transaction dated Friday, September 20th. The shares were 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 $11,529,936.96. The trade was a 3.69 % decrease in their ownership of the stock. The sale 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 company’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 transaction of $240,900.00. Following the transaction, the director now directly owns 110,907 shares in the company, valued at $890,583.21. The trade was a 21.29 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 337,275 shares of company stock worth $1,811,044. 12.28% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Carnegie Investment Counsel purchased a new stake in SoundHound AI during the 3rd quarter worth $4,193,000. Vanguard Group Inc. boosted its holdings in SoundHound AI by 16.1% in the 1st quarter. Vanguard Group Inc. now owns 16,070,453 shares of the company’s stock worth $94,655,000 after acquiring an additional 2,226,471 shares during the period. Meridian Wealth Management LLC acquired a new stake in SoundHound AI in the third quarter valued at approximately $431,000. International Assets Investment Management LLC raised its stake in shares of SoundHound AI by 914.6% during the third quarter. International Assets Investment Management LLC now owns 80,152 shares of the company’s stock valued at $374,000 after purchasing an additional 72,252 shares during the period. Finally, Bank of New York Mellon Corp lifted its position in shares of SoundHound AI by 92.7% during the second quarter. Bank of New York Mellon Corp now owns 997,543 shares of the company’s stock worth $3,940,000 after purchasing an additional 479,912 shares in the last quarter. Institutional investors and hedge funds own 19.28% of the company’s stock.

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.