SoundHound AI (NASDAQ:SOUN) Shares Up 1.2% - Here's Why

Shares of SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report) rose 1.2% during trading on Thursday . The company traded as high as $9.92 and last traded at $9.68. Approximately 10,310,251 shares traded hands during trading, a decline of 74% from the average daily volume of 39,200,693 shares. The stock had previously closed at $9.57.

Analysts Set New Price Targets

SOUN has been the subject of a number of recent analyst reports. HC Wainwright dropped their price target on shares of SoundHound AI from $26.00 to $18.00 and set a "buy" rating for the company in a research note on Monday, May 12th. Piper Sandler initiated coverage on shares of SoundHound AI in a research note on Tuesday, May 27th. They set an "overweight" rating and a $12.00 price target for the company. DA Davidson dropped their price target on shares of SoundHound AI from $13.00 to $10.00 and set a "buy" rating for the company in a research note on Monday, April 14th. Finally, Wedbush lowered their price objective on shares of SoundHound AI from $22.00 to $15.00 and set an "outperform" rating for the company in a research report on Friday, May 9th. Four equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $10.50.

SoundHound AI Trading Up 3.7%

The company has a market capitalization of $3.99 billion, a PE ratio of -18.04 and a beta of 2.64. The firm's 50-day simple moving average is $9.72 and its 200-day simple moving average is $11.89.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last released its quarterly earnings data 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 company had revenue of $29.13 million during the quarter, compared to analysts' expectations of $30.38 million. SoundHound AI had a negative net margin of 184.34% and a negative return on equity of 68.55%. The firm's quarterly revenue was up 151.2% on a year-over-year basis. During the same period in the previous year, the company earned ($0.07) EPS. As a group, analysts anticipate that SoundHound AI, Inc. will post -0.38 EPS for the current year.

Insider Transactions at SoundHound AI

In other news, CTO Timothy Stonehocker sold 2,981 shares of the company's stock in a transaction that occurred 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 sale, the chief technology officer now owns 716,866 shares of the company's stock, valued at approximately $6,939,262.88. This represents a 0.41% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Diana Sroka sold 2,800 shares of the company's stock in a transaction that occurred on Tuesday, June 24th. The stock was sold at an average price of $9.94, for a total transaction of $27,832.00. Following the completion of the sale, the director now directly owns 153,949 shares of the company's stock, valued at $1,530,253.06. The trade was a 1.79% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 961,289 shares of company stock valued at $9,247,847. Company insiders own 9.17% of the company's stock.

Institutional Investors Weigh In On SoundHound AI

Several hedge funds have recently modified their holdings of SOUN. Blue Trust Inc. raised its stake in shares of SoundHound AI by 197.6% during the 4th quarter. Blue Trust Inc. now owns 1,250 shares of the company's stock worth $25,000 after acquiring an additional 830 shares in the last quarter. Orion Capital Management LLC bought a new position in shares of SoundHound AI during the 4th quarter worth approximately $30,000. BIT Capital GmbH bought a new position in shares of SoundHound AI during the 4th quarter worth approximately $43,000. AlphaQuest LLC bought a new position in shares of SoundHound AI during the 1st quarter worth approximately $32,000. Finally, Larson Financial Group LLC raised its stake in shares of SoundHound AI by 76.9% during the 4th quarter. Larson Financial Group LLC now owns 4,068 shares of the company's stock worth $81,000 after acquiring an additional 1,768 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.