SoundHound AI (NASDAQ:SOUN) Trading Up 0.9% – Here’s What Happened

SoundHound AI, Inc. (NASDAQ:SOUN) was up 0.9% during mid-day trading on Monday . The company traded as high as $9.40 and last traded at $9.39. Approximately 22,996,337 shares traded hands during trading, a decline of 35% from the average daily volume of 35,297,688 shares. The stock had previously closed at $9.31.

Wall Street Analyst Weigh In

SOUN has been the topic of a number of recent analyst reports. HC Wainwright lifted their price target on shares of SoundHound AI from $7.00 to $8.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. DA Davidson restated a “buy” rating and issued a $9.50 price target on shares of SoundHound AI in a report on Monday, September 30th. Northland Securities lifted their price objective 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 shares of 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 research report on Friday, August 9th. Finally, LADENBURG THALM/SH SH restated a “neutral” rating and issued a $7.00 price target on shares of SoundHound AI in a report on Wednesday, November 13th. Three research 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, the stock presently has an average rating of “Moderate Buy” and an average price target of $7.64.

SoundHound AI Stock Down 2.9 %

The company has a market cap of $3.34 billion, a P/E ratio of -26.06 and a beta of 2.71. The stock has a 50-day moving average of $5.84 and a 200 day moving average of $5.13. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.58 and a quick ratio of 2.58.

SoundHound AI (NASDAQ:SOUN) last announced its quarterly earnings data on Tuesday, November 12th. The company reported ($0.06) earnings per share for the quarter, topping the consensus estimate 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%. SoundHound AI’s revenue for the quarter was up 88.7% on a year-over-year basis. During the same period in the prior year, the company earned ($0.09) EPS. Research analysts anticipate that SoundHound AI, Inc. will post -0.38 earnings per share for the current year.

Insider Transactions at SoundHound AI

In other SoundHound AI news, COO Michael Zagorsek sold 42,001 shares of the stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $4.88, for a total transaction of $204,964.88. Following the transaction, the chief operating officer now directly owns 1,473,322 shares in the company, valued at approximately $7,189,811.36. This represents a 2.77 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Eric R. Ball sold 30,000 shares of SoundHound AI stock in a transaction on Monday, November 25th. The shares were sold at an average price of $8.03, for a total transaction of $240,900.00. Following the completion of the sale, the director now directly owns 110,907 shares of the company’s stock, valued at approximately $890,583.21. This trade represents a 21.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 337,275 shares of company stock worth $1,811,044. Company insiders own 12.28% of the company’s stock.

Hedge Funds Weigh In On SoundHound AI

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Franklin Resources Inc. bought a new position in shares of SoundHound AI during the 3rd quarter valued at approximately $177,000. Sanctuary Advisors LLC grew its position in shares of SoundHound AI by 13.8% in the third quarter. Sanctuary Advisors LLC now owns 29,976 shares of the company’s stock valued at $140,000 after purchasing an additional 3,642 shares in the last quarter. Geode Capital Management LLC increased its position in shares of SoundHound AI by 9.1% during the third quarter. Geode Capital Management LLC now owns 7,193,599 shares of the company’s stock valued at $33,529,000 after buying an additional 602,311 shares during the period. MML Investors Services LLC bought a new position in shares of SoundHound AI in the third quarter worth $86,000. Finally, State Street Corp raised its position in shares of SoundHound AI by 0.6% in the third quarter. State Street Corp now owns 7,197,414 shares of the company’s stock worth $33,540,000 after buying an additional 42,869 shares in 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.