SoundHound AI (NASDAQ:SOUN) Hits New 1-Year High – Here’s What Happened

SoundHound AI, Inc. (NASDAQ:SOUN) shares hit a new 52-week high during trading on Friday . The company traded as high as $16.20 and last traded at $16.19, with a volume of 51214255 shares. The stock had previously closed at $13.67.

Analyst Ratings Changes

Several analysts recently commented on the company. Wedbush reaffirmed an “outperform” rating and issued a $9.00 price target on shares of SoundHound AI in a research note on Thursday, September 26th. DA Davidson restated a “buy” rating and issued a $9.50 target price on shares of SoundHound AI in a research note on Monday, September 30th. HC Wainwright increased their target price on shares of SoundHound AI from $7.00 to $8.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. Barclays restated a “neutral” rating and issued a $7.00 price target on shares of SoundHound AI in a research report on Wednesday, November 13th. Finally, LADENBURG THALM/SH SH reiterated a “neutral” rating and issued a $7.00 target price on shares of SoundHound AI in a research note on Wednesday, November 13th. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, SoundHound AI currently has a consensus rating of “Moderate Buy” and a consensus target price of $7.64.

SoundHound AI Stock Up 23.7 %

The stock has a market cap of $6.25 billion, a P/E ratio of -46.97 and a beta of 3.03. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.58 and a current ratio of 2.58. The firm’s 50-day moving average is $7.48 and its two-hundred day moving average is $5.69.

SoundHound AI (NASDAQ:SOUN) last released its earnings results on Tuesday, November 12th. The company reported ($0.06) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.01. The company had revenue of $25.10 million during the quarter, compared to the consensus estimate of $23.02 million. SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. The firm’s quarterly revenue was up 88.7% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.09) earnings per share. On average, equities research analysts anticipate that SoundHound AI, Inc. will post -0.38 earnings per share for the current year.

Insider Activity at SoundHound AI

In related news, CFO Nitesh Sharan sold 39,728 shares of the company’s stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $4.88, for a total value of $193,872.64. Following the completion of the sale, the chief financial officer now owns 1,560,411 shares in the company, valued at approximately $7,614,805.68. This represents a 2.48 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Keyvan Mohajer sold 90,641 shares of the firm’s stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $4.88, for a total value of $442,328.08. Following the transaction, the chief executive officer now owns 2,362,692 shares in the company, valued at approximately $11,529,936.96. This trade represents a 3.69 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 2,035,416 shares of company stock worth $26,334,544 over the last ninety days. Company insiders own 12.28% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Kings Path Partners LLC bought a new position in SoundHound AI during the second quarter worth about $28,000. International Assets Investment Management LLC bought a new position in shares of SoundHound AI during the 2nd quarter valued at about $31,000. NBC Securities Inc. increased its stake in SoundHound AI by 97.8% during the 3rd quarter. NBC Securities Inc. now owns 7,720 shares of the company’s stock worth $35,000 after purchasing an additional 3,818 shares in the last quarter. Amalgamated Bank raised its holdings in SoundHound AI by 108.0% during the 2nd quarter. Amalgamated Bank now owns 9,819 shares of the company’s stock worth $39,000 after buying an additional 5,099 shares during the period. Finally, Signaturefd LLC lifted its stake in SoundHound AI by 27.3% in the second quarter. Signaturefd LLC now owns 10,255 shares of the company’s stock valued at $41,000 after buying an additional 2,200 shares in the last quarter. 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.