SoundHound AI (NASDAQ:SOUN) Shares Up 1.8% – Here’s What Happened

SoundHound AI, Inc. (NASDAQ:SOUN)’s share price rose 1.8% during mid-day trading on Wednesday . The stock traded as high as $11.30 and last traded at $11.28. Approximately 26,405,893 shares were traded during trading, a decline of 10% from the average daily volume of 29,493,570 shares. The stock had previously closed at $11.08.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the stock. Zacks Research lowered shares of SoundHound AI from a “hold” rating to a “strong sell” rating in a research report on Monday. DA Davidson set a $14.00 target price on SoundHound AI in a research note on Thursday, January 8th. Piper Sandler reduced their target price on SoundHound AI from $15.00 to $11.00 and set a “neutral” rating for the company in a report on Monday, January 5th. LADENBURG THALM/SH SH raised SoundHound AI to a “strong-buy” rating in a research report on Thursday, December 18th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of SoundHound AI in a research report on Friday, January 9th. Two investment analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, two have given a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, SoundHound AI currently has a consensus rating of “Moderate Buy” and a consensus price target of $16.07.

SoundHound AI Stock Performance

The company has a market cap of $4.66 billion, a PE ratio of -13.21 and a beta of 2.65. The company’s 50 day moving average price is $11.51 and its 200-day moving average price is $13.54.

SoundHound AI (NASDAQ:SOUN) last announced its quarterly earnings data on Thursday, November 6th. The company reported ($0.03) earnings per share for the quarter, beating the consensus estimate of ($0.09) by $0.06. SoundHound AI had a negative return on equity of 93.64% and a negative net margin of 211.16%.The business had revenue of $42.05 million during the quarter, compared to analyst estimates of $40.48 million. During the same period in the prior year, the company earned ($0.04) earnings per share. SoundHound AI’s revenue was up 67.6% compared to the same quarter last year. Equities research analysts expect that SoundHound AI, Inc. will post -0.38 EPS for the current year.

Insider Buying and Selling

In related news, COO Michael Zagorsek sold 73,406 shares of the business’s stock in a transaction dated Monday, December 22nd. The stock was sold at an average price of $11.28, for a total value of $828,019.68. Following the sale, the chief operating officer directly owned 1,787,459 shares in the company, valued at approximately $20,162,537.52. The trade was a 3.94% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Keyvan Mohajer sold 144,326 shares of the stock in a transaction dated Monday, December 22nd. The stock was sold at an average price of $11.28, for a total transaction of $1,627,997.28. Following the transaction, the chief executive officer owned 2,198,287 shares of the company’s stock, valued at $24,796,677.36. This represents a 6.16% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 462,265 shares of company stock worth $5,216,518 in the last quarter. 9.17% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the business. Sound Income Strategies LLC lifted its position in shares of SoundHound AI by 37.3% during the third quarter. Sound Income Strategies LLC now owns 2,116 shares of the company’s stock worth $34,000 after acquiring an additional 575 shares in the last quarter. Investors Research Corp raised its stake in shares of SoundHound AI by 62.4% during the 3rd quarter. Investors Research Corp now owns 1,822 shares of the company’s stock valued at $29,000 after purchasing an additional 700 shares during the period. EP Wealth Advisors LLC lifted its holdings in SoundHound AI by 5.3% during the 2nd quarter. EP Wealth Advisors LLC now owns 14,100 shares of the company’s stock worth $151,000 after purchasing an additional 706 shares in the last quarter. Newbridge Financial Services Group Inc. boosted its stake in SoundHound AI by 2.7% in the 3rd quarter. Newbridge Financial Services Group Inc. now owns 31,880 shares of the company’s stock worth $513,000 after purchasing an additional 830 shares during the period. Finally, Insigneo Advisory Services LLC boosted its stake in SoundHound AI by 7.4% in the 3rd quarter. Insigneo Advisory Services LLC now owns 12,416 shares of the company’s stock worth $200,000 after purchasing an additional 858 shares during the period. 19.28% of the stock is currently owned by hedge funds and other institutional investors.

SoundHound AI Company Profile

SoundHound AI, Inc is a voice AI and conversational intelligence company specializing in speech recognition, natural language understanding and sound identification technologies. Founded in 2005 and headquartered in Santa Clara, California, the company initially gained recognition with its music discovery app before pivoting to enterprise-grade voice AI solutions. Over the years, SoundHound AI has built a comprehensive platform that enables developers and businesses to embed conversational intelligence into a wide range of products and services.

The company’s core offering is the Houndify voice AI platform, which provides customizable speech-to-meaning technology, domain-specific natural language understanding and text-to-speech capabilities.