SoundHound AI (NASDAQ:SOUN) Shares Up 2.4%

SoundHound AI, Inc. (NASDAQ:SOUN) rose 2.4% on Thursday . The stock traded as high as $4.68 and last traded at $4.66. Approximately 6,722,382 shares changed hands during mid-day trading, a decline of 84% from the average daily volume of 41,100,316 shares. The stock had previously closed at $4.55.

Analyst Upgrades and Downgrades

SOUN has been the topic of several recent analyst reports. Cantor Fitzgerald upgraded SoundHound AI from an “underweight” rating to a “neutral” rating and set a $4.90 price target on the stock in a report on Thursday, April 11th. Wedbush reiterated an “outperform” rating and issued a $9.00 price target on shares of SoundHound AI in a report on Friday, May 10th. Finally, HC Wainwright reissued a “buy” rating and issued a $7.00 price objective on shares of SoundHound AI in a research note on Monday, May 13th. Two investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, SoundHound AI has a consensus rating of “Moderate Buy” and an average target price of $6.88.

SoundHound AI Trading Up 6.0 %

The company has a current ratio of 8.84, a quick ratio of 8.84 and a debt-to-equity ratio of 0.56. The firm has a 50-day simple moving average of $4.68 and a 200-day simple moving average of $4.45.

SoundHound AI (NASDAQ:SOUN) last posted its quarterly earnings data on Thursday, May 9th. The company reported ($0.07) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.02. The firm had revenue of $11.59 million during the quarter, compared to analysts’ expectations of $10.10 million. SoundHound AI had a negative return on equity of 163.00% and a negative net margin of 183.49%. The business’s quarterly revenue was up 72.9% on a year-over-year basis. During the same quarter last year, the firm earned ($0.12) EPS. As a group, equities research analysts expect that SoundHound AI, Inc. will post -0.33 EPS for the current year.

Insider Transactions at SoundHound AI

In other news, CTO Timothy Stonehocker sold 208,000 shares of the firm’s stock in a transaction on Thursday, July 11th. The stock was sold at an average price of $5.75, for a total value of $1,196,000.00. Following the completion of the sale, the chief technology officer now owns 659,531 shares of the company’s stock, valued at approximately $3,792,303.25. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CTO Timothy Stonehocker sold 208,000 shares of the firm’s stock in a transaction on Thursday, July 11th. The stock was sold at an average price of $5.75, for a total value of $1,196,000.00. Following the completion of the transaction, the chief technology officer now owns 659,531 shares in the company, valued at approximately $3,792,303.25. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Keyvan Mohajer sold 116,504 shares of the firm’s stock in a transaction on Monday, June 24th. The stock was sold at an average price of $3.95, for a total value of $460,190.80. Following the completion of the transaction, the chief executive officer now owns 953,333 shares of the company’s stock, valued at approximately $3,765,665.35. The disclosure for this sale can be found here. Insiders sold 625,728 shares of company stock valued at $3,011,476 in the last quarter. 21.30% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On SoundHound AI

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SOUN. Vanguard Group Inc. raised its stake in shares of SoundHound AI by 16.1% during the 1st quarter. Vanguard Group Inc. now owns 16,070,453 shares of the company’s stock valued at $94,655,000 after buying an additional 2,226,471 shares during the last quarter. Intrinsic Edge Capital Management LLC raised its stake in shares of SoundHound AI by 47.7% during the 4th quarter. Intrinsic Edge Capital Management LLC now owns 4,848,211 shares of the company’s stock valued at $10,278,000 after buying an additional 1,566,238 shares during the last quarter. Baupost Group LLC MA purchased a new position in shares of SoundHound AI during the 1st quarter valued at about $6,659,000. Bank of New York Mellon Corp raised its stake in shares of SoundHound AI by 92.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 997,543 shares of the company’s stock valued at $3,940,000 after buying an additional 479,912 shares during the last quarter. Finally, Janus Henderson Group PLC raised its stake in shares of SoundHound AI by 563.0% during the 1st quarter. Janus Henderson Group PLC now owns 482,731 shares of the company’s stock valued at $2,843,000 after buying an additional 409,917 shares during 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.