SoundHound AI (NASDAQ:SOUN) Trading Up 0.5% – What’s Next?

SoundHound AI, Inc. (NASDAQ:SOUN) shares shot up 0.5% during trading on Thursday . The company traded as high as $16.59 and last traded at $15.88. 20,087,378 shares traded hands during mid-day trading, a decline of 65% from the average session volume of 57,205,223 shares. The stock had previously closed at $15.81.

Wall Street Analyst Weigh In

A number of research firms have recently commented on SOUN. Wedbush boosted their price objective on SoundHound AI from $10.00 to $22.00 and gave the stock an “outperform” rating in a research note on Monday, December 16th. Barclays reaffirmed a “neutral” rating and set a $7.00 target price on shares of SoundHound AI in a research report on Wednesday, November 13th. Northland Securities boosted their target price on SoundHound AI from $6.00 to $8.00 and gave the stock a “market perform” rating in a research report on Tuesday, January 14th. LADENBURG THALM/SH SH reaffirmed a “neutral” rating and set a $7.00 target price on shares of SoundHound AI in a research report on Wednesday, November 13th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $26.00 target price on shares of SoundHound AI in a research report on Monday, January 13th. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $12.36.

SoundHound AI Stock Up 0.7 %

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 firm has a market cap of $5.89 billion, a PE ratio of -44.46 and a beta of 2.56. The business has a fifty day moving average price of $16.08 and a two-hundred day moving average price of $9.06.

SoundHound AI (NASDAQ:SOUN) last issued its quarterly earnings results on Tuesday, November 12th. The company reported ($0.06) earnings per share 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 business had revenue of $25.10 million for the quarter, compared to the consensus estimate of $23.02 million. During the same quarter in the previous year, the company posted ($0.09) earnings per share. SoundHound AI’s revenue for the quarter was up 88.7% compared to the same quarter last year. On average, analysts anticipate that SoundHound AI, Inc. will post -0.38 EPS for the current fiscal year.

Insider Buying and Selling at SoundHound AI

In other SoundHound AI news, COO Michael Zagorsek sold 277,813 shares of the business’s stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $21.25, for a total value of $5,903,526.25. Following the transaction, the chief operating officer now owns 1,473,322 shares in the company, valued at $31,308,092.50. The trade was a 15.86 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Lawrence Marcus sold 30,000 shares of the business’s 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 $1,273,536.55. This trade represents a 14.41 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 2,782,918 shares of company stock worth $45,391,343 over the last 90 days. 12.28% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of SOUN. Carnegie Investment Counsel bought a new stake in shares of SoundHound AI during the 3rd quarter worth about $4,193,000. Geode Capital Management LLC boosted its stake in shares of SoundHound AI by 9.1% during the 3rd quarter. Geode Capital Management LLC now owns 7,193,599 shares of the company’s stock worth $33,529,000 after acquiring an additional 602,311 shares in the last quarter. Oriental Harbor Investment Fund bought a new stake in shares of SoundHound AI during the 4th quarter worth about $8,964,000. UNICOM Systems Inc. bought a new stake in shares of SoundHound AI during the 4th quarter worth about $4,662,000. Finally, Charles Schwab Investment Management Inc. boosted its stake in shares of SoundHound AI by 7.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,582,206 shares of the company’s stock worth $12,033,000 after acquiring an additional 189,109 shares in the last quarter. Hedge funds and other institutional investors own 19.28% of the company’s stock.

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.