SoundHound AI (NASDAQ:SOUN) Shares Up 3% – Here’s Why

by · The Cerbat Gem

SoundHound AI, Inc. (NASDAQ:SOUN – Get Free Report) rose 3% on Tuesday . The stock traded as high as $11.15 and last traded at $11.11. Approximately 18,314,227 shares traded hands during mid-day trading, a decline of 58% from the average daily volume of 44,013,277 shares. The stock had previously closed at $10.79.

Analyst Ratings Changes

Several brokerages have recently issued reports on SOUN. Oppenheimer began coverage on shares of SoundHound AI in a research report on Thursday, September 11th. They set a “market perform” rating on the stock. Wedbush reiterated an “outperform” rating and set a $16.00 target price on shares of SoundHound AI in a report on Thursday, September 11th. Weiss Ratings reissued a “sell (d-)” rating on shares of SoundHound AI in a research report on Tuesday, October 14th. Cantor Fitzgerald raised SoundHound AI from a “neutral” rating to an “overweight” rating and upped their price objective for the stock from $13.00 to $15.00 in a research report on Friday. Finally, Piper Sandler lifted their target price on SoundHound AI from $12.00 to $15.00 and gave the company a “neutral” rating in a report on Friday, November 7th. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $17.07.

Get Our Latest Stock Analysis on SOUN

SoundHound AI Stock Performance

The stock has a market capitalization of $4.67 billion, a PE ratio of -13.23 and a beta of 2.63. The stock’s 50-day moving average is $14.89 and its 200 day moving average is $13.40.

SoundHound AI (NASDAQ:SOUN – Get Free Report) last released its quarterly earnings data on Thursday, November 6th. The company reported ($0.03) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.09) by $0.06. SoundHound AI had a negative net margin of 211.16% and a negative return on equity of 93.64%. The company had revenue of $42.05 million during the quarter, compared to the consensus estimate of $40.48 million. During the same quarter in the prior year, the firm posted ($0.04) earnings per share. SoundHound AI’s revenue for the quarter was up 67.6% on a year-over-year basis. Analysts expect that SoundHound AI, Inc. will post -0.38 earnings per share for the current year.

Insider Activity

In other news, VP Majid Emami sold 42,119 shares of the firm’s stock in a transaction that occurred on Monday, September 22nd. The shares were sold at an average price of $16.00, for a total transaction of $673,904.00. Following the transaction, the vice president directly owned 685,538 shares in the company, valued at approximately $10,968,608. This trade represents a 5.79% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CTO Timothy Stonehocker sold 70,524 shares of SoundHound AI stock in a transaction on Wednesday, October 8th. The shares were sold at an average price of $20.00, for a total transaction of $1,410,480.00. Following the completion of the transaction, the chief technology officer directly owned 606,525 shares in the company, valued at $12,130,500. The trade was a 10.42% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 787,260 shares of company stock worth $13,973,056 over the last ninety days. 9.17% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Atria Wealth Solutions Inc. increased its stake in SoundHound AI by 140.9% in the first quarter. Atria Wealth Solutions Inc. now owns 25,353 shares of the company’s stock valued at $206,000 after purchasing an additional 14,829 shares during the period. Vanguard Group Inc. grew its holdings in shares of SoundHound AI by 9.5% during the first quarter. Vanguard Group Inc. now owns 35,059,943 shares of the company’s stock worth $284,687,000 after buying an additional 3,028,281 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in SoundHound AI by 4.5% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 2,847,261 shares of the company’s stock valued at $23,120,000 after acquiring an additional 121,568 shares during the period. Deutsche Bank AG raised its stake in SoundHound AI by 96.8% during the 1st quarter. Deutsche Bank AG now owns 520,635 shares of the company’s stock valued at $4,228,000 after acquiring an additional 256,076 shares during the last quarter. Finally, Swiss National Bank lifted its position in SoundHound AI by 1.8% during the 1st quarter. Swiss National Bank now owns 652,900 shares of the company’s stock worth $5,302,000 after acquiring an additional 11,700 shares during the period. 19.28% of the stock is owned by hedge funds and other institutional investors.

About SoundHound AI

(Get Free Report)

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.

Further Reading