SoundHound AI (NASDAQ:SOUN) Stock Price Up 6.7% – Here’s What Happened

SoundHound AI, Inc. (NASDAQ:SOUN) traded up 6.7% during trading on Tuesday . The stock traded as high as $6.53 and last traded at $6.51. Approximately 22,574,802 shares traded hands during trading, a decline of 20% from the average daily volume of 28,332,811 shares. The stock had previously closed at $6.10.

Analysts Set New Price Targets

SOUN has been the topic of a number of research analyst reports. Weiss Ratings restated a “sell (e+)” rating on shares of SoundHound AI in a research note on Monday, June 15th. DA Davidson reaffirmed a “buy” rating and set a $14.00 price objective on shares of SoundHound AI in a research report on Wednesday, April 22nd. Finally, LADENBURG THALM/SH SH upgraded shares of SoundHound AI to a “strong-buy” rating in a report on Wednesday, May 6th. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $14.93.

SoundHound AI Price Performance

The stock has a market capitalization of $2.82 billion, a price-to-earnings ratio of -13.85 and a beta of 2.64. The company’s 50-day simple moving average is $6.91 and its 200-day simple moving average is $7.70.

SoundHound AI (NASDAQ:SOUN) last posted its earnings results on Thursday, May 7th. The company reported ($0.06) EPS for the quarter, missing the consensus estimate of ($0.05) by ($0.01). The firm had revenue of $44.20 million during the quarter, compared to analyst estimates of $42.56 million. SoundHound AI had a negative net margin of 91.84% and a negative return on equity of 40.15%. SoundHound AI’s revenue for the quarter was up 51.7% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.06) EPS. Research analysts expect that SoundHound AI, Inc. will post -0.45 earnings per share for the current year.

Insiders Place Their Bets

In other SoundHound AI news, SVP Majid Emami sold 28,843 shares of the stock in a transaction on Monday, June 15th. The stock was sold at an average price of $7.46, for a total transaction of $215,168.78. Following the transaction, the senior vice president owned 472,983 shares in the company, valued at $3,528,453.18. This trade represents a 5.75% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider James Ming Hom sold 28,843 shares of SoundHound AI stock in a transaction on Monday, June 15th. The stock was sold at an average price of $7.46, for a total value of $215,168.78. Following the sale, the insider directly owned 743,521 shares of the company’s stock, valued at $5,546,666.66. This represents a 3.73% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 268,022 shares of company stock worth $1,999,444 over the last three months. 8.84% of the stock is currently owned by corporate insiders.

Institutional Trading of SoundHound AI

Several large investors have recently made changes to their positions in the company. Handelsbanken Fonder AB raised its position in SoundHound AI by 17.4% during the second quarter. Handelsbanken Fonder AB now owns 124,000 shares of the company’s stock valued at $802,000 after purchasing an additional 18,400 shares in the last quarter. Focus Financial Network Inc. lifted its stake in SoundHound AI by 21.4% during the second quarter. Focus Financial Network Inc. now owns 48,229 shares of the company’s stock worth $312,000 after purchasing an additional 8,516 shares during the last quarter. IFC & Insurance Marketing Inc. boosted its holdings in shares of SoundHound AI by 17.9% in the 2nd quarter. IFC & Insurance Marketing Inc. now owns 42,255 shares of the company’s stock valued at $273,000 after purchasing an additional 6,427 shares in the last quarter. Hennion & Walsh Asset Management Inc. boosted its holdings in shares of SoundHound AI by 19.2% in the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 118,662 shares of the company’s stock valued at $768,000 after purchasing an additional 19,133 shares in the last quarter. Finally, Empowered Funds LLC increased its stake in shares of SoundHound AI by 19.6% in the 1st quarter. Empowered Funds LLC now owns 13,896 shares of the company’s stock valued at $95,000 after purchasing an additional 2,277 shares during the last quarter. Institutional investors and hedge funds own 19.28% of the company’s stock.

About SoundHound AI

SoundHound AI, Inc is a voice AI and conversational intelligence company specializing in speech recognition, natural language understanding and sound identification technologies. Founded in 2005 and headquartered in Santa Clara, California, the company initially gained recognition with its music discovery app before pivoting to enterprise-grade voice AI solutions. Over the years, SoundHound AI has built a comprehensive platform that enables developers and businesses to embed conversational intelligence into a wide range of products and services.

The company’s core offering is the Houndify voice AI platform, which provides customizable speech-to-meaning technology, domain-specific natural language understanding and text-to-speech capabilities.