SoundHound AI (NASDAQ:SOUN) Shares Up 0.3% – Here’s Why

Shares of SoundHound AI, Inc. (NASDAQ:SOUN) shot up 0.3% during trading on Tuesday . The company traded as high as $16.07 and last traded at $15.06. 138,448,686 shares were traded during mid-day trading, an increase of 269% from the average session volume of 37,535,078 shares. The stock had previously closed at $15.01.

Wall Street Analyst Weigh In

SOUN has been the topic of several research reports. Wedbush reaffirmed an “outperform” rating and set a $9.00 price target on shares of SoundHound AI in a report on Thursday, September 26th. HC Wainwright upped their price target on shares of SoundHound AI from $7.00 to $8.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. LADENBURG THALM/SH SH restated a “neutral” rating and set a $7.00 price objective on shares of SoundHound AI in a research report on Wednesday, November 13th. DA Davidson reiterated a “buy” rating and issued a $9.50 target price on shares of SoundHound AI in a research report on Monday, September 30th. Finally, Barclays restated a “neutral” rating and set a $7.00 price target on shares of SoundHound AI in a report on Wednesday, November 13th. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $7.64.

SoundHound AI Stock Up 0.3 %

The stock’s 50-day simple moving average is $6.68 and its 200 day simple moving average is $5.42. The company has a quick ratio of 2.58, a current ratio of 2.58 and a debt-to-equity ratio of 0.13. The firm has a market cap of $5.57 billion, a P/E ratio of -41.83 and a beta of 3.03.

SoundHound AI (NASDAQ:SOUN) last issued its earnings results on Tuesday, November 12th. The company reported ($0.06) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.01. The business had revenue of $25.10 million during the quarter, compared to the consensus estimate of $23.02 million. SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. The firm’s revenue for the quarter was up 88.7% on a year-over-year basis. During the same period in the previous year, the company posted ($0.09) earnings per share. As a group, research analysts forecast that SoundHound AI, Inc. will post -0.38 EPS for the current fiscal year.

Insider Buying and Selling at SoundHound AI

In related news, CTO Timothy Stonehocker sold 20,337 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 value of $99,244.56. Following the transaction, the chief technology officer now directly owns 1,039,194 shares in the company, valued at $5,071,266.72. This trade represents a 1.92 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Keyvan Mohajer sold 90,641 shares of the company’s 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 transaction, the chief executive officer now owns 2,362,692 shares in the company, valued at approximately $11,529,936.96. The trade was a 3.69 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 535,233 shares of company stock valued at $3,801,260. Corporate insiders own 12.28% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the stock. Carnegie Investment Counsel purchased a new position in SoundHound AI during the 3rd quarter worth $4,193,000. Charles Schwab Investment Management Inc. boosted its holdings in SoundHound AI by 7.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,582,206 shares of the company’s stock worth $12,033,000 after purchasing an additional 189,109 shares during the last quarter. Intech Investment Management LLC bought a new stake in SoundHound AI in the 3rd quarter worth about $305,000. Victory Capital Management Inc. raised its stake in shares of SoundHound AI by 230.9% during the 3rd quarter. Victory Capital Management Inc. now owns 120,812 shares of the company’s stock worth $563,000 after purchasing an additional 84,301 shares during the period. Finally, Meridian Wealth Management LLC bought a new stake in shares of SoundHound AI in the third quarter valued at $431,000. 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.