SoundHound AI (NASDAQ:SOUN) Stock Price Up 1.7% – What’s Next?

SoundHound AI, Inc. (NASDAQ:SOUN) was up 1.7% during trading on Thursday . The company traded as high as $7.03 and last traded at $6.55. Approximately 23,274,389 shares traded hands during trading, a decline of 33% from the average daily volume of 34,522,336 shares. The stock had previously closed at $6.44.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on SOUN. HC Wainwright upped their target price on shares of SoundHound AI from $7.00 to $8.00 and gave the company a “buy” rating in a research note on Thursday, November 14th. Barclays restated a “neutral” rating and set a $7.00 target price on shares of SoundHound AI in a research note on Wednesday, November 13th. Cantor Fitzgerald raised SoundHound AI from a “neutral” rating to an “overweight” rating and increased their price target for the company from $5.00 to $7.00 in a report on Friday, August 9th. LADENBURG THALM/SH SH reaffirmed a “neutral” rating and issued a $7.00 target price on shares of SoundHound AI in a research report on Wednesday, November 13th. Finally, Northland Securities upped 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. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $7.64.

SoundHound AI Price Performance

The company has a market capitalization of $2.96 billion, a P/E ratio of -22.92 and a beta of 2.71. The company has a quick ratio of 2.58, a current ratio of 2.58 and a debt-to-equity ratio of 0.13. The business has a 50 day simple moving average of $5.51 and a 200-day simple moving average of $5.03.

SoundHound AI (NASDAQ:SOUN) last issued its quarterly earnings data on Tuesday, November 12th. The company reported ($0.06) earnings per share for the quarter, beating the consensus estimate of ($0.07) by $0.01. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. The firm had revenue of $25.10 million for the quarter, compared to the consensus estimate of $23.02 million. During the same period last year, the firm posted ($0.09) EPS. SoundHound AI’s quarterly revenue was up 88.7% compared to the same quarter last year. Analysts predict that SoundHound AI, Inc. will post -0.37 EPS for the current fiscal year.

Insider Buying and Selling at SoundHound AI

In other news, CEO Keyvan Mohajer sold 90,641 shares of the company’s stock in a transaction on Friday, September 20th. The stock was sold at an average price of $4.88, for a total value of $442,328.08. Following the completion of the sale, the chief executive officer now owns 2,362,692 shares in the company, valued at $11,529,936.96. This represents a 3.69 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CFO Nitesh Sharan sold 39,728 shares of SoundHound AI 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 transaction, the chief financial officer now directly owns 1,560,411 shares in the company, valued at approximately $7,614,805.68. The trade was a 2.48 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 277,275 shares of company stock valued at $1,355,644 in the last quarter. Corporate insiders own 12.28% of the company’s stock.

Hedge Funds Weigh In On SoundHound AI

Several large investors have recently made changes to their positions in the business. Oppenheimer & Co. Inc. lifted its stake in SoundHound AI by 11.0% during the third quarter. Oppenheimer & Co. Inc. now owns 19,000 shares of the company’s stock valued at $89,000 after purchasing an additional 1,887 shares during the last quarter. Integrated Wealth Concepts LLC boosted its stake in shares of SoundHound AI by 13.0% during the 3rd quarter. Integrated Wealth Concepts LLC now owns 17,150 shares of the company’s stock worth $80,000 after acquiring an additional 1,975 shares in the last quarter. Ameritas Investment Partners Inc. boosted its stake in shares of SoundHound AI by 17.3% during the 1st quarter. Ameritas Investment Partners Inc. now owns 13,561 shares of the company’s stock worth $80,000 after acquiring an additional 2,000 shares in the last quarter. Genesee Capital Advisors LLC grew its holdings in shares of SoundHound AI by 11.4% in the 2nd quarter. Genesee Capital Advisors LLC now owns 19,468 shares of the company’s stock worth $77,000 after acquiring an additional 2,000 shares during the last quarter. Finally, Signaturefd LLC raised its position in shares of SoundHound AI by 19.5% during the third quarter. Signaturefd LLC now owns 12,255 shares of the company’s stock worth $57,000 after purchasing an additional 2,000 shares during the period. 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.