SoundHound AI (NASDAQ:SOUN) Trading 1.4% Higher

Shares of SoundHound AI, Inc. (NASDAQ:SOUN) traded up 1.4% during trading on Thursday . The company traded as high as $4.93 and last traded at $4.91. Approximately 3,425,916 shares traded hands during trading, a decline of 91% from the average session volume of 37,083,012 shares. The stock had previously closed at $4.84.

Wall Street Analysts Forecast Growth

SOUN has been the subject of several recent research reports. HC Wainwright reaffirmed a “buy” rating and issued a $7.00 price objective on shares of SoundHound AI in a research note on Monday, August 12th. Northland Securities raised their price target on shares of SoundHound AI from $5.50 to $6.00 and gave the company a “market perform” rating in a research note on Friday, August 9th. Cantor Fitzgerald upgraded shares of SoundHound AI from a “neutral” rating to an “overweight” rating and lifted their price objective for the company from $5.00 to $7.00 in a research note on Friday, August 9th. Finally, Wedbush reaffirmed an “outperform” rating and issued a $9.00 price objective on shares of SoundHound AI in a research note on Friday, August 9th. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, SoundHound AI has a consensus rating of “Moderate Buy” and a consensus price target of $7.08.

SoundHound AI Stock Up 0.6 %

The firm’s 50-day simple moving average is $4.87 and its 200-day simple moving average is $5.04. The firm has a market capitalization of $1.60 billion, a P/E ratio of -12.92 and a beta of 2.75.

SoundHound AI (NASDAQ:SOUN) last released its quarterly earnings data on Thursday, August 8th. The company reported ($0.11) EPS for the quarter, missing the consensus estimate of ($0.09) by ($0.02). The company had revenue of $13.46 million during the quarter, compared to analysts’ expectations of $13.09 million. SoundHound AI had a negative return on equity of 93.28% and a negative net margin of 195.65%. The firm’s quarterly revenue was up 53.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.10) EPS. As a group, analysts expect that SoundHound AI, Inc. will post -0.36 EPS for the current fiscal year.

Insider Buying and Selling

In other SoundHound AI news, CTO Timothy Stonehocker sold 208,000 shares of SoundHound AI stock in a transaction dated Thursday, July 11th. The shares were sold at an average price of $5.75, for a total value of $1,196,000.00. Following the completion of the transaction, the chief technology officer now directly owns 659,531 shares of the company’s stock, valued at $3,792,303.25. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other SoundHound AI news, CTO Timothy Stonehocker sold 208,000 shares of the business’s stock in a transaction dated Thursday, July 11th. The stock was sold at an average price of $5.75, for a total transaction of $1,196,000.00. Following the completion of the sale, the chief technology officer now owns 659,531 shares of the company’s stock, valued at $3,792,303.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Keyvan Mohajer sold 116,504 shares of the business’s stock in a transaction that occurred on Monday, June 24th. The stock was sold at an average price of $3.95, for a total value of $460,190.80. Following the completion of the transaction, the chief executive officer now directly owns 953,333 shares in the company, valued at $3,765,665.35. The disclosure for this sale can be found here. Insiders have sold 521,728 shares of company stock valued at $2,501,976 over the last quarter. Corporate insiders own 21.30% of the company’s stock.

Institutional Investors Weigh In On SoundHound AI

Several hedge funds and other institutional investors have recently modified their holdings of SOUN. Independent Advisor Alliance purchased a new stake in shares of SoundHound AI during the fourth quarter valued at $28,000. Kings Path Partners LLC purchased a new stake in shares of SoundHound AI in the 2nd quarter worth approximately $28,000. Hexagon Capital Partners LLC bought a new position in shares of SoundHound AI during the first quarter valued at approximately $29,000. International Assets Investment Management LLC bought a new position in shares of SoundHound AI during the second quarter valued at approximately $31,000. Finally, HighPoint Advisor Group LLC bought a new stake in SoundHound AI during the 4th quarter valued at $37,000. 19.28% of the stock is currently owned by hedge funds and other institutional investors.

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.