SoundHound AI (NASDAQ:SOUN) Shares Up 5.1%

SoundHound AI, Inc. (NASDAQ:SOUN)’s share price was up 5.1% on Monday . The stock traded as high as $4.60 and last traded at $4.57. Approximately 3,808,074 shares were traded during mid-day trading, a decline of 90% from the average daily volume of 37,543,320 shares. The stock had previously closed at $4.35.

Analysts Set New Price Targets

Several analysts have weighed in on the company. Northland Securities raised their price target on SoundHound AI from $5.50 to $6.00 and gave the company a “market perform” rating in a report on Friday, August 9th. Cantor Fitzgerald raised SoundHound AI from a “neutral” rating to an “overweight” rating and increased their target price for the company from $5.00 to $7.00 in a research note on Friday, August 9th. Wedbush reiterated an “outperform” rating and issued a $9.00 price objective on shares of SoundHound AI in a report on Friday, August 9th. Finally, HC Wainwright reiterated a “buy” rating and set a $7.00 price objective on shares of SoundHound AI in a research report on Monday, August 12th. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $7.08.

SoundHound AI Trading Up 4.6 %

The company has a market cap of $1.63 billion, a P/E ratio of -12.03 and a beta of 2.75. The company’s fifty day moving average is $4.82 and its 200 day moving average is $5.04.

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

Insider Buying and Selling at SoundHound AI

In related news, CTO Timothy Stonehocker sold 16,039 shares of the company’s stock in a transaction on Thursday, June 20th. The shares were sold at an average price of $4.04, for a total transaction of $64,797.56. Following the completion of the sale, the chief technology officer now directly owns 867,531 shares in the company, valued at approximately $3,504,825.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, CEO Keyvan Mohajer sold 67,994 shares of SoundHound AI stock in a transaction that occurred on Thursday, June 20th. The stock was sold at an average price of $4.04, for a total value of $274,695.76. Following the sale, the chief executive officer now directly owns 1,069,837 shares in the company, valued at approximately $4,322,141.48. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CTO Timothy Stonehocker sold 16,039 shares of the business’s stock in a transaction that occurred on Thursday, June 20th. The shares were sold at an average price of $4.04, for a total value of $64,797.56. Following the transaction, the chief technology officer now directly owns 867,531 shares in the company, valued at $3,504,825.24. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 521,728 shares of company stock worth $2,501,976. 21.30% of the stock is currently owned by insiders.

Institutional Trading of SoundHound AI

Several large investors have recently added to or reduced their stakes in the stock. Sanctuary Advisors LLC bought a new position in SoundHound AI in the 2nd quarter worth $104,000. Truist Financial Corp increased its position in shares of SoundHound AI by 432.9% during the second quarter. Truist Financial Corp now owns 96,729 shares of the company’s stock valued at $382,000 after buying an additional 125,785 shares during the period. B. Riley Wealth Advisors Inc. bought a new position in SoundHound AI in the second quarter worth about $113,000. Algert Global LLC purchased a new stake in SoundHound AI in the second quarter worth about $103,000. Finally, Shellback Capital LP purchased a new stake in SoundHound AI in the second quarter worth about $1,196,000. 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.