SoundHound AI (NASDAQ:SOUN) Trading 9.7% Higher - What's Next?

Shares of SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report) traded up 9.7% during trading on Monday . The company traded as high as $10.87 and last traded at $10.79. 26,281,165 shares were traded during trading, a decline of 31% from the average session volume of 38,261,633 shares. The stock had previously closed at $9.83.

Analyst Ratings Changes

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

SoundHound AI Price Performance

The stock has a 50 day simple moving average of $9.76 and a two-hundred day simple moving average of $11.84. The company has a market cap of $4.23 billion, a price-to-earnings ratio of -19.13 and a beta of 2.64.

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

Insider Activity at SoundHound AI

In other SoundHound AI news, CTO Timothy Stonehocker sold 44,157 shares of the stock in a transaction dated Wednesday, May 14th. The shares were sold at an average price of $12.00, for a total transaction of $529,884.00. Following the completion of the transaction, the chief technology officer now owns 723,009 shares of the company's stock, valued at $8,676,108. This trade represents a 5.76% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Majid Emami sold 132,352 shares of the business's stock in a transaction that occurred on Tuesday, June 10th. The shares were sold at an average price of $10.04, for a total transaction of $1,328,814.08. Following the completion of the sale, the vice president now directly owns 537,482 shares in the company, valued at $5,396,319.28. This trade represents a 19.76% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 961,289 shares of company stock worth $9,247,847. Insiders own 9.17% of the company's stock.

Institutional Trading of SoundHound AI

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SOUN. Vanguard Group Inc. boosted its position in shares of SoundHound AI by 35.6% during the fourth quarter. Vanguard Group Inc. now owns 32,031,662 shares of the company's stock worth $635,508,000 after buying an additional 8,402,881 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in SoundHound AI by 84.2% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 4,973,728 shares of the company's stock valued at $40,390,000 after acquiring an additional 2,274,105 shares during the period. Rockefeller Capital Management L.P. acquired a new position in SoundHound AI in the 4th quarter valued at about $41,595,000. Invesco Ltd. grew its position in SoundHound AI by 1,386.2% in the 4th quarter. Invesco Ltd. now owns 1,382,371 shares of the company's stock valued at $27,426,000 after acquiring an additional 1,289,360 shares in the last quarter. Finally, Goldman Sachs Group Inc. increased its stake in SoundHound AI by 69.8% during the first quarter. Goldman Sachs Group Inc. now owns 2,639,689 shares of the company's stock worth $21,434,000 after purchasing an additional 1,085,473 shares during the period. 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.

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