SoundHound AI (NASDAQ:SOUN) Shares Up 1.5%

SoundHound AI, Inc. (NASDAQ:SOUN) shares traded up 1.5% on Tuesday . The stock traded as high as $4.88 and last traded at $4.83. 2,544,772 shares traded hands during mid-day trading, a decline of 93% from the average session volume of 36,607,070 shares. The stock had previously closed at $4.76.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on SOUN shares. Northland Securities raised their price objective on SoundHound AI from $5.50 to $6.00 and gave the stock a “market perform” rating in a report on Friday, August 9th. HC Wainwright reissued a “buy” rating and issued a $7.00 price target on shares of SoundHound AI in a research note on Monday, August 12th. Cantor Fitzgerald raised shares of SoundHound AI from a “neutral” rating to an “overweight” rating and upped their price objective for the company from $5.00 to $7.00 in a research note on Friday, August 9th. Finally, Wedbush restated an “outperform” rating and issued a $9.00 target price on shares of SoundHound AI in a report on Friday, August 9th. One analyst has rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $7.08.

SoundHound AI Trading Up 0.6 %

The stock’s 50-day moving average is $4.91 and its 200-day moving average is $5.00. The stock has a market cap of $1.58 billion, a price-to-earnings ratio of -12.71 and a beta of 2.74.

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 the consensus estimate of ($0.09) by ($0.02). The business had revenue of $13.46 million for the quarter, compared to the consensus estimate of $13.09 million. SoundHound AI had a negative net margin of 195.65% and a negative return on equity of 93.28%. The firm’s revenue was up 53.8% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.10) EPS. On average, equities analysts predict that SoundHound AI, Inc. will post -0.36 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, 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 value of $67,532.64. Following the transaction, the insider now owns 486,989 shares of the company’s stock, valued at approximately $1,967,435.56. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CEO Keyvan Mohajer sold 116,504 shares of the company’s stock in a transaction on Monday, June 24th. The stock was sold at an average price of $3.95, for a total transaction of $460,190.80. Following the completion of the sale, the chief executive officer now directly owns 953,333 shares of the company’s stock, valued at $3,765,665.35. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider James Ming Hom sold 16,716 shares of SoundHound AI stock in a transaction dated Thursday, June 20th. The stock was sold at an average price of $4.04, for a total value of $67,532.64. Following the completion of the transaction, the insider now directly owns 486,989 shares in the company, valued at approximately $1,967,435.56. The disclosure for this sale can be found here. Over the last three months, insiders have sold 521,728 shares of company stock worth $2,501,976. 21.30% of the stock is owned by corporate insiders.

Institutional Trading of SoundHound AI

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

About SoundHound AI

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.