SoundHound AI (NASDAQ:SOUN) Stock Price Up 3.8% – What’s Next?

SoundHound AI, Inc. (NASDAQ:SOUN)’s share price traded up 3.8% during mid-day trading on Friday . The stock traded as high as $5.49 and last traded at $5.43. 6,944,965 shares traded hands during trading, a decline of 80% from the average session volume of 34,244,023 shares. The stock had previously closed at $5.23.

Wall Street Analyst Weigh In

A number of research firms recently commented on SOUN. Cantor Fitzgerald upgraded SoundHound AI from a “neutral” rating to an “overweight” rating and increased their price objective for the stock from $5.00 to $7.00 in a report on Friday, August 9th. DA Davidson restated a “buy” rating and set a $9.50 price target on shares of SoundHound AI in a report on Monday, September 30th. Wedbush reiterated an “outperform” rating and issued a $9.00 price objective on shares of SoundHound AI in a report on Thursday, September 26th. HC Wainwright restated a “buy” rating and set a $7.00 target price on shares of SoundHound AI in a report on Wednesday, September 18th. Finally, Northland Securities upped their price target on SoundHound AI from $5.50 to $6.00 and gave the stock a “market perform” rating in a research note on Friday, August 9th. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $7.08.

SoundHound AI Price Performance

The firm has a market capitalization of $1.76 billion, a P/E ratio of -14.29 and a beta of 2.73. The business has a 50 day moving average price of $4.87 and a 200 day moving average price of $4.74.

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 the consensus estimate of ($0.09) by ($0.02). SoundHound AI had a negative return on equity of 93.28% and a negative net margin of 195.65%. The company had revenue of $13.46 million during the quarter, compared to analyst estimates of $13.09 million. During the same quarter in the previous year, the business posted ($0.10) EPS. The company’s revenue was up 53.8% on a year-over-year basis. As a group, equities analysts expect that SoundHound AI, Inc. will post -0.36 EPS for the current year.

Insider Activity at SoundHound AI

In other SoundHound AI news, Director Lawrence Marcus sold 50,000 shares of the business’s stock in a transaction on Tuesday, August 20th. The shares were sold at an average price of $5.02, for a total value of $251,000.00. Following the sale, the director now owns 74,038 shares of the company’s stock, valued at $371,670.76. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other SoundHound AI news, Director Lawrence Marcus sold 50,000 shares of the stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $5.02, for a total transaction of $251,000.00. Following the completion of the transaction, the director now directly owns 74,038 shares in the company, valued at $371,670.76. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, COO Michael Zagorsek sold 42,001 shares of the business’s stock in a transaction on Friday, September 20th. The shares were sold at an average price of $4.88, for a total transaction of $204,964.88. Following the completion of the sale, the chief operating officer now owns 1,473,322 shares in the company, valued at $7,189,811.36. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 327,275 shares of company stock worth $1,606,644 over the last three months. Company insiders own 21.30% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. Vanguard Group Inc. raised its position in SoundHound AI by 16.1% in the 1st quarter. Vanguard Group Inc. now owns 16,070,453 shares of the company’s stock valued at $94,655,000 after purchasing an additional 2,226,471 shares during the last quarter. Baupost Group LLC MA acquired a new position in SoundHound AI during the 1st quarter worth about $6,659,000. Bank of New York Mellon Corp grew its holdings in 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 worth $3,940,000 after acquiring an additional 479,912 shares during the last quarter. Carnegie Investment Counsel acquired a new stake in SoundHound AI in the 3rd quarter valued at about $4,193,000. Finally, Janus Henderson Group PLC raised its stake in shares of SoundHound AI by 563.0% in the first quarter. Janus Henderson Group PLC now owns 482,731 shares of the company’s stock worth $2,843,000 after acquiring an additional 409,917 shares during the last quarter. 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.