SoundHound AI (NASDAQ:SOUN) Trading 1.2% Higher - Here's What Happened

Key Points

• SoundHound AI shares rose 1.2% to $6.00, with trading volume down 42% from the average; the stock remains below its 50-day and 200-day moving averages.
• Analyst sentiment is moderately bullish, with an average rating of “Moderate Buy” and a $13.00 average price target, although several firms recently lowered their targets and maintained neutral or sell ratings.
• The company exceeded quarterly expectations, reporting a loss of $0.02 per share versus the expected $0.13 loss and revenue of $61.9 million, up 45% year over year, despite a negative net margin of 67.45%.

SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report) rose 1.2% during trading on Thursday . The company traded as high as $6.11 and last traded at $6.00. Approximately 16,545,044 shares were traded during trading, a decline of 42% from the average daily volume of 28,292,652 shares. The stock had previously closed at $5.93.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on SOUN shares. Wall Street Zen raised shares of SoundHound AI from a "strong sell" rating to a "sell" rating in a report on Sunday. DA Davidson cut their price objective on shares of SoundHound AI from $12.00 to $10.00 and set a "buy" rating on the stock in a report on Thursday, August 6th. Piper Sandler decreased their price objective on shares of SoundHound AI from $8.00 to $7.00 and set a "neutral" rating for the company in a research report on Thursday, August 6th. Finally, Weiss Ratings restated a "sell (e+)" rating on shares of SoundHound AI in a research note on Friday, September 11th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, SoundHound AI currently has an average rating of "Moderate Buy" and an average target price of $13.00.

SoundHound AI Stock Up 1.2%

The firm has a market cap of $2.66 billion, a P/E ratio of -15.79 and a beta of 2.66. The business's 50 day moving average is $6.70 and its 200-day moving average is $7.24.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last posted its quarterly earnings data on Wednesday, August 5th. The company reported ($0.02) EPS for the quarter, beating analysts' consensus estimates of ($0.13) by $0.11. The firm had revenue of $61.90 million for the quarter, compared to the consensus estimate of $52.38 million. SoundHound AI had a negative net margin of 67.45% and a negative return on equity of 30.22%. The firm's revenue was up 45.0% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.19) EPS. As a group, equities analysts predict that SoundHound AI, Inc. will post -0.33 earnings per share for the current year.

Hedge Funds Weigh In On SoundHound AI

A number of hedge funds have recently bought and sold shares of SOUN. Geode Capital Management LLC raised its stake in shares of SoundHound AI by 3.1% during the fourth quarter. Geode Capital Management LLC now owns 9,180,321 shares of the company's stock valued at $91,543,000 after purchasing an additional 273,097 shares in the last quarter. SG Americas Securities LLC bought a new position in SoundHound AI in the 1st quarter valued at about $1,606,000. AXQ Capital LP grew its position in SoundHound AI by 395.6% in the 2nd quarter. AXQ Capital LP now owns 254,744 shares of the company's stock valued at $1,648,000 after buying an additional 203,345 shares in the last quarter. Corient Private Wealth LP increased its stake in SoundHound AI by 777.2% during the 2nd quarter. Corient Private Wealth LP now owns 176,764 shares of the company's stock valued at $1,144,000 after buying an additional 156,612 shares during the period. Finally, Themes Management Co LLC acquired a new position in SoundHound AI during the 4th quarter valued at about $1,023,000. 19.28% of the stock is currently owned by institutional investors and hedge funds.

SoundHound AI Company Profile

SoundHound AI, Inc develops conversational artificial intelligence and voice-enabled technologies. Its platform is designed to let users interact with devices, applications and services through natural-language speech, supporting functions such as information retrieval, question answering and task completion.

The company's offerings include the Houndify conversational AI platform, which businesses can use to build branded voice assistants, as well as SoundHound Chat AI, an in-car and consumer-oriented voice assistant that combines conversational capabilities with access to information and services.

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