SoundHound AI (NASDAQ:SOUN) Shares Gap Up - What's Next?

SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report) gapped up prior to trading on Tuesday . The stock had previously closed at $11.38, but opened at $12.04. SoundHound AI shares last traded at $13.20, with a volume of 29,275,504 shares changing hands.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on SOUN. HC Wainwright cut their price objective on SoundHound AI from $26.00 to $18.00 and set a "buy" rating for the company in a report on Monday, May 12th. Wedbush decreased their price target on SoundHound AI from $22.00 to $15.00 and set an "outperform" rating on the stock in a research report on Friday, May 9th. DA Davidson decreased their price target on SoundHound AI from $13.00 to $10.00 and set a "buy" rating on the stock in a research report on Monday, April 14th. Finally, Piper Sandler initiated coverage on SoundHound AI in a research report on Tuesday, May 27th. They issued an "overweight" rating and a $12.00 target price on the stock. Four equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $10.50.

SoundHound AI Stock Up 11.7%

The stock has a 50 day moving average of $10.01 and a 200 day moving average of $11.48.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.09) by $0.03. The firm had revenue of $29.13 million for the quarter, compared to analyst estimates of $30.38 million. SoundHound AI had a negative return on equity of 68.55% and a negative net margin of 184.34%. The company's revenue was up 151.2% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.07) earnings per share. Analysts predict that SoundHound AI, Inc. will post -0.38 EPS for the current year.

Insider Buying and Selling at SoundHound AI

In other SoundHound AI news, Director Diana Sroka sold 2,800 shares of the company's stock in a transaction on Tuesday, June 24th. The stock was sold at an average price of $9.94, for a total value of $27,832.00. Following the completion of the transaction, the director owned 153,949 shares in the company, valued at $1,530,253.06. This represents a 1.79% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CTO Timothy Stonehocker sold 2,981 shares of the company's stock in a transaction on Tuesday, June 24th. The shares were sold at an average price of $9.68, for a total value of $28,856.08. Following the completion of the transaction, the chief technology officer owned 716,866 shares of the company's stock, valued at $6,939,262.88. This trade represents a 0.41% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 961,289 shares of company stock valued at $9,247,847 in the last three months. Insiders own 9.17% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in SOUN. Orion Capital Management LLC purchased a new position in shares of SoundHound AI during the 4th quarter valued at $30,000. AlphaQuest LLC purchased a new stake in shares of SoundHound AI in the 1st quarter valued at about $32,000. Golden State Wealth Management LLC raised its holdings in shares of SoundHound AI by 100.0% in the 1st quarter. Golden State Wealth Management LLC now owns 4,230 shares of the company's stock valued at $34,000 after acquiring an additional 2,115 shares in the last quarter. BIT Capital GmbH purchased a new position in shares of SoundHound AI during the 4th quarter valued at about $43,000. Finally, Quarry LP raised its holdings in shares of SoundHound AI by 1,552.7% during the 1st quarter. Quarry LP now owns 5,272 shares of the company's stock valued at $43,000 after buying an additional 4,953 shares in the last quarter. Hedge funds and other 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.