SoundHound AI (NASDAQ:SOUN) Stock Price Up 0.7%

SoundHound AI, Inc. (NASDAQ:SOUN)’s share price traded up 0.7% on Wednesday . The stock traded as high as $4.68 and last traded at $4.63. 2,691,130 shares traded hands during mid-day trading, a decline of 93% from the average session volume of 37,230,844 shares. The stock had previously closed at $4.60.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on SOUN shares. HC Wainwright reiterated a “buy” rating and set a $7.00 price objective on shares of SoundHound AI in a research note on Monday, August 12th. Wedbush reiterated an “outperform” rating and issued a $9.00 price target on shares of SoundHound AI in a research note on Friday, August 9th. Northland Securities raised their price objective 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. Finally, Cantor Fitzgerald upgraded shares of SoundHound AI from a “neutral” rating to an “overweight” rating and upped their target price for the stock from $5.00 to $7.00 in a research note on Friday, August 9th. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $7.08.

SoundHound AI Stock Performance

The business’s fifty day moving average price is $4.85 and its 200-day moving average price is $5.05. The stock has a market cap of $1.59 billion, a PE ratio of -12.18 and a beta of 2.75.

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

Insider Transactions at SoundHound AI

In related news, insider James Ming Hom sold 16,716 shares of the stock in a transaction that occurred on Thursday, June 20th. The shares were sold at an average price of $4.04, for a total value of $67,532.64. Following the completion of the sale, the insider now directly owns 486,989 shares of the company’s stock, valued at approximately $1,967,435.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CFO Nitesh Sharan sold 22,384 shares of the business’s stock in a transaction that occurred on Thursday, June 20th. The stock was sold at an average price of $4.04, for a total value of $90,431.36. Following the transaction, the chief financial officer now directly owns 728,633 shares of the company’s stock, valued at approximately $2,943,677.32. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider James Ming Hom sold 16,716 shares of SoundHound AI stock in a transaction that occurred on Thursday, June 20th. The shares were sold at an average price of $4.04, for a total transaction of $67,532.64. Following the sale, the insider now owns 486,989 shares in the company, valued at approximately $1,967,435.56. 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. 21.30% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On SoundHound AI

Institutional investors have recently added to or reduced their stakes in the company. Independent Advisor Alliance bought a new position in shares of SoundHound AI during the 4th quarter valued at approximately $28,000. Kings Path Partners LLC purchased a new position in shares of SoundHound AI in the 2nd quarter worth $28,000. Hexagon Capital Partners LLC purchased a new position in shares of SoundHound AI in the 1st quarter worth $29,000. International Assets Investment Management LLC purchased a new stake in shares of SoundHound AI during the 2nd quarter valued at about $31,000. Finally, HighPoint Advisor Group LLC purchased a new stake in shares of SoundHound AI during the 4th quarter valued at about $37,000. Hedge funds and other institutional investors own 19.28% of the company’s stock.

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.