SoundHound AI (NASDAQ:SOUN) Shares Down 0.2%

SoundHound AI, Inc. (NASDAQ:SOUN)’s stock price traded down 0.2% on Thursday . The stock traded as low as $4.41 and last traded at $4.48. 4,274,437 shares changed hands during trading, a decline of 89% from the average session volume of 37,848,348 shares. The stock had previously closed at $4.49.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on SOUN. HC Wainwright reiterated a “buy” rating and set a $7.00 price objective on shares of SoundHound AI in a report on Monday, August 12th. Northland Securities boosted their target price on shares of SoundHound AI from $5.50 to $6.00 and gave the stock a “market perform” rating in a report on Friday, August 9th. Wedbush restated an “outperform” rating and set a $9.00 target price on shares of SoundHound AI 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 lifted their price objective for the stock from $5.00 to $7.00 in a research note on Friday, August 9th. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $7.08.

SoundHound AI Stock Performance

The stock has a market cap of $1.43 billion, a price-to-earnings ratio of -11.45 and a beta of 2.74. The business’s 50 day moving average is $4.82 and its 200-day moving average is $5.02.

SoundHound AI (NASDAQ:SOUN) last released its quarterly 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). SoundHound AI had a negative return on equity of 93.28% and a negative net margin of 195.65%. The company had revenue of $13.46 million for the quarter, compared to analyst estimates of $13.09 million. During the same quarter last year, the company earned ($0.10) EPS. The firm’s revenue for the quarter was up 53.8% on a year-over-year basis. Sell-side analysts anticipate that SoundHound AI, Inc. will post -0.36 EPS for the current fiscal year.

Insider Transactions at SoundHound AI

In other SoundHound AI news, insider James Ming Hom sold 16,716 shares of the firm’s stock in a transaction on Thursday, June 20th. The stock was 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 in the company, valued at approximately $1,967,435.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CTO Timothy Stonehocker sold 16,039 shares of the 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 $64,797.56. Following the completion of the sale, the chief technology officer now owns 867,531 shares of the company’s stock, valued at $3,504,825.24. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider James Ming Hom sold 16,716 shares of the business’s stock in a transaction on Thursday, June 20th. The stock was sold at an average price of $4.04, for a total value of $67,532.64. Following 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. Insiders have sold 571,728 shares of company stock valued at $2,742,476 over the last ninety days. 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 bought and sold shares of SOUN. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of SoundHound AI by 102.1% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 45,840 shares of the company’s stock valued at $97,000 after purchasing an additional 23,163 shares during the last quarter. Swiss National Bank lifted its position in SoundHound AI by 13.9% in the fourth quarter. Swiss National Bank now owns 400,500 shares of the company’s stock valued at $849,000 after buying an additional 49,000 shares during the last quarter. Versor Investments LP purchased a new position in SoundHound AI during the fourth quarter worth about $128,000. Independent Advisor Alliance acquired a new stake in shares of SoundHound AI during the fourth quarter valued at about $28,000. Finally, Soviero Asset Management LP purchased a new stake in shares of SoundHound AI in the 4th quarter valued at approximately $106,000. 19.28% of the stock is currently owned by institutional investors and hedge funds.

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.