SoundHound AI (NASDAQ:SOUN) Trading Up 3.9% – Here’s What Happened

SoundHound AI, Inc. (NASDAQ:SOUN) shares traded up 3.9% during trading on Wednesday . The company traded as high as $15.72 and last traded at $15.72. 27,786,510 shares traded hands during trading, a decline of 40% from the average session volume of 46,023,832 shares. The stock had previously closed at $15.13.

Analyst Ratings Changes

A number of analysts have recently commented on the company. HC Wainwright lifted their target price on SoundHound AI from $18.00 to $26.00 and gave the stock a “buy” rating in a research report on Thursday, October 16th. Wedbush restated an “outperform” rating and issued a $16.00 price target on shares of SoundHound AI in a research note on Thursday, September 11th. Wall Street Zen lowered SoundHound AI from a “hold” rating to a “sell” rating in a research note on Saturday, August 9th. Northland Securities raised SoundHound AI from a “market perform” rating to an “outperform” rating and set a $14.50 price target on the stock in a research note on Friday, August 8th. Finally, Oppenheimer started coverage on SoundHound AI in a research note on Thursday, September 11th. They set a “market perform” rating on the stock. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $15.50.

SoundHound AI Trading Up 3.9%

The business has a 50 day moving average of $16.53 and a 200-day moving average of $12.88. The stock has a market cap of $6.41 billion, a PE ratio of -24.95 and a beta of 2.60.

SoundHound AI (NASDAQ:SOUN) last issued its quarterly earnings results on Thursday, August 7th. The company reported ($0.19) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.13). SoundHound AI had a negative return on equity of 73.13% and a negative net margin of 171.81%.The business had revenue of $42.68 million for the quarter, compared to analysts’ expectations of $32.88 million. During the same period in the prior year, the company earned ($0.11) EPS. The company’s revenue for the quarter was up 216.3% compared to the same quarter last year. SoundHound AI has set its FY 2025 guidance at EPS. On average, equities research analysts anticipate that SoundHound AI, Inc. will post -0.38 EPS for the current fiscal year.

Insider Activity at SoundHound AI

In other news, CTO Timothy Stonehocker sold 70,524 shares of the company’s stock in a transaction on Wednesday, October 8th. The stock was sold at an average price of $20.00, for a total transaction of $1,410,480.00. Following the completion of the sale, the chief technology officer directly owned 606,525 shares in the company, valued at $12,130,500. This represents a 10.42% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO Keyvan Mohajer sold 138,523 shares of the company’s stock in a transaction on Monday, September 22nd. The stock was sold at an average price of $16.00, for a total value of $2,216,368.00. Following the sale, the chief executive officer owned 2,461,267 shares of the company’s stock, valued at approximately $39,380,272. The trade was a 5.33% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 785,917 shares of company stock worth $13,955,610. Company insiders own 9.17% of the company’s stock.

Hedge Funds Weigh In On SoundHound AI

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Sound Income Strategies LLC lifted its position in shares of SoundHound AI by 37.3% during the third quarter. Sound Income Strategies LLC now owns 2,116 shares of the company’s stock worth $34,000 after purchasing an additional 575 shares during the last quarter. Investors Research Corp lifted its position in shares of SoundHound AI by 62.4% during the third quarter. Investors Research Corp now owns 1,822 shares of the company’s stock worth $29,000 after purchasing an additional 700 shares during the last quarter. EP Wealth Advisors LLC lifted its holdings in SoundHound AI by 5.3% in the second quarter. EP Wealth Advisors LLC now owns 14,100 shares of the company’s stock worth $151,000 after acquiring an additional 706 shares during the last quarter. Janney Montgomery Scott LLC lifted its holdings in SoundHound AI by 4.0% in the second quarter. Janney Montgomery Scott LLC now owns 23,073 shares of the company’s stock worth $248,000 after acquiring an additional 880 shares during the last quarter. Finally, Apexium Financial LP lifted its holdings in SoundHound AI by 2.8% in the second quarter. Apexium Financial LP now owns 36,698 shares of the company’s stock worth $394,000 after acquiring an additional 1,000 shares during the last quarter. 19.28% of the stock is 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.