SoundHound AI (NASDAQ:SOUN) Trading 4.9% Higher – What’s Next?

SoundHound AI, Inc. (NASDAQ:SOUN)’s stock price traded up 4.9% during trading on Tuesday . The stock traded as high as $5.34 and last traded at $5.34. 7,059,539 shares traded hands during trading, a decline of 79% from the average session volume of 33,668,820 shares. The stock had previously closed at $5.09.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on SOUN. Northland Securities raised their price objective on SoundHound AI from $5.50 to $6.00 and gave the company a “market perform” rating in a research note on Friday, August 9th. Cantor Fitzgerald upgraded SoundHound AI from a “neutral” rating to an “overweight” rating and raised their price target for the company from $5.00 to $7.00 in a research report on Friday, August 9th. HC Wainwright reiterated a “buy” rating and issued a $7.00 price objective on shares of SoundHound AI in a research report on Wednesday, September 18th. DA Davidson reissued a “buy” rating and issued a $9.50 price objective on shares of SoundHound AI in a research note on Monday, September 30th. Finally, Wedbush restated an “outperform” rating and set a $9.00 target price on shares of SoundHound AI in a research report on Thursday, September 26th. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, SoundHound AI currently has an average rating of “Moderate Buy” and a consensus price target of $7.08.

SoundHound AI Stock Up 6.0 %

The firm has a market cap of $2.04 billion, a price-to-earnings ratio of -14.59 and a beta of 2.71. The business has a 50 day moving average of $4.97 and a 200 day moving average of $4.82.

SoundHound AI (NASDAQ:SOUN) last released its quarterly earnings results on Thursday, August 8th. The company reported ($0.11) earnings per share (EPS) 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 firm had revenue of $13.46 million for the quarter, compared to analyst estimates of $13.09 million. During the same period in the prior year, the business earned ($0.10) earnings per share. SoundHound AI’s revenue for the quarter was up 53.8% on a year-over-year basis. Research analysts predict that SoundHound AI, Inc. will post -0.36 earnings per share for the current year.

Insider Activity at SoundHound AI

In other SoundHound AI news, Director Lawrence Marcus sold 50,000 shares of the firm’s stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $5.02, for a total value of $251,000.00. Following the sale, the director now directly owns 74,038 shares of the company’s stock, valued at approximately $371,670.76. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other SoundHound AI news, Director Lawrence Marcus sold 50,000 shares of the stock in a transaction that occurred on Tuesday, August 20th. The shares were sold at an average price of $5.02, for a total transaction of $251,000.00. Following the transaction, the director now owns 74,038 shares of the company’s stock, valued at $371,670.76. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, COO Michael Zagorsek sold 42,001 shares of the business’s stock in a transaction on Friday, September 20th. The shares were sold at an average price of $4.88, for a total transaction of $204,964.88. Following the sale, the chief operating officer now directly owns 1,473,322 shares of the company’s stock, valued at $7,189,811.36. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 327,275 shares of company stock worth $1,606,644. 12.28% of the stock is currently owned by insiders.

Hedge Funds Weigh In On SoundHound AI

Large investors have recently modified their holdings of the company. Sequoia Financial Advisors LLC purchased a new stake in shares of SoundHound AI during the 1st quarter worth about $107,000. Janney Montgomery Scott LLC acquired a new stake in shares of SoundHound AI in the first quarter worth $109,000. Deuterium Capital Management LLC acquired a new stake in shares of SoundHound AI in the first quarter worth $59,000. Zevenbergen Capital Investments LLC purchased a new position in shares of SoundHound AI in the 1st quarter valued at $209,000. Finally, Concurrent Investment Advisors LLC acquired a new position in shares of SoundHound AI during the 1st quarter valued at $199,000. 19.28% of the stock is currently owned by hedge funds and other institutional investors.

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.