SoundHound AI (NASDAQ:SOUN) Shares Up 8.9% – Here’s What Happened

SoundHound AI, Inc. (NASDAQ:SOUN)’s share price was up 8.9% during trading on Friday . The stock traded as high as $7.69 and last traded at $7.60. Approximately 26,256,723 shares changed hands during trading, a decline of 24% from the average daily volume of 34,698,801 shares. The stock had previously closed at $6.98.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on SOUN shares. Barclays reissued a “neutral” rating and issued a $7.00 target price on shares of SoundHound AI in a research note on Wednesday, November 13th. Northland Securities increased their target price 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. DA Davidson reaffirmed a “buy” rating and issued a $9.50 price target on shares of SoundHound AI in a research note on Monday, September 30th. LADENBURG THALM/SH SH reissued a “neutral” rating and set a $7.00 price objective on shares of SoundHound AI in a research report on Wednesday, November 13th. Finally, Wedbush restated an “outperform” rating and set a $9.00 price objective on shares of SoundHound AI in a report on Thursday, September 26th. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $7.64.

SoundHound AI Stock Performance

The firm has a market capitalization of $3.05 billion, a price-to-earnings ratio of -22.92 and a beta of 2.71. 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 stock’s fifty day moving average is $5.51 and its two-hundred day moving average is $5.03.

SoundHound AI (NASDAQ:SOUN) last issued its earnings results on Tuesday, November 12th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.01. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. The company had revenue of $25.10 million for the quarter, compared to analysts’ expectations of $23.02 million. During the same period in the prior year, the firm earned ($0.09) EPS. SoundHound AI’s quarterly revenue was up 88.7% compared to the same quarter last year. On average, analysts predict that SoundHound AI, Inc. will post -0.38 earnings per share for the current year.

Insider Buying and Selling at SoundHound AI

In related news, insider James Ming Hom sold 21,024 shares of SoundHound AI stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $4.88, for a total transaction of $102,597.12. Following the completion of the sale, the insider now owns 865,965 shares of the company’s stock, valued at approximately $4,225,909.20. The trade was a 2.37 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Nitesh Sharan sold 39,728 shares of the company’s stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $4.88, for a total transaction of $193,872.64. Following the completion of the transaction, the chief financial officer now owns 1,560,411 shares in the company, valued at approximately $7,614,805.68. This trade represents a 2.48 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 277,275 shares of company stock worth $1,355,644 over the last ninety days. Insiders own 12.28% of the company’s stock.

Institutional Trading of SoundHound AI

Several hedge funds have recently added to or reduced their stakes in SOUN. Kings Path Partners LLC bought a new position in SoundHound AI during the 2nd quarter worth $28,000. NBC Securities Inc. grew its stake in shares of SoundHound AI by 97.8% in the third quarter. NBC Securities Inc. now owns 7,720 shares of the company’s stock valued at $35,000 after acquiring an additional 3,818 shares in the last quarter. International Assets Investment Management LLC bought a new position in SoundHound AI during the second quarter worth about $31,000. Farther Finance Advisors LLC boosted its holdings in SoundHound AI by 298.5% in the 3rd quarter. Farther Finance Advisors LLC now owns 8,966 shares of the company’s stock valued at $42,000 after purchasing an additional 6,716 shares during the period. Finally, Amalgamated Bank increased its holdings in shares of SoundHound AI by 108.0% during the second quarter. Amalgamated Bank now owns 9,819 shares of the company’s stock worth $39,000 after purchasing an additional 5,099 shares during the period. 19.28% of the stock is owned by institutional investors and hedge funds.

SoundHound AI Company Profile

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.