SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report) was up 10.5% during mid-day trading on Thursday . The company traded as high as $18.39 and last traded at $17.84. Approximately 85,984,956 shares were traded during trading, an increase of 87% from the average daily volume of 46,102,504 shares. The stock had previously closed at $16.15.
Analysts Set New Price Targets
A number of analysts recently issued reports on SOUN shares. Oppenheimer started coverage on SoundHound AI in a research note on Thursday, September 11th. They set a "market perform" rating for the company. Wall Street Zen cut SoundHound AI from a "hold" rating to a "sell" rating in a research note on Saturday, August 9th. LADENBURG THALM/SH SH raised SoundHound AI from a "neutral" rating to a "buy" rating and increased their target price for the stock from $9.00 to $16.00 in a research note on Monday, August 11th. Wedbush reaffirmed an "outperform" rating and set a $16.00 price target on shares of SoundHound AI in a research note on Thursday, September 11th. Finally, DA Davidson raised their price target on shares of SoundHound AI from $15.00 to $17.00 and gave the stock a "buy" rating in a research note on Wednesday, September 10th. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and four have given a Hold rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $14.36.
Check Out Our Latest Research Report on SOUN
SoundHound AI Price Performance
The firm's 50 day moving average is $13.79 and its two-hundred day moving average is $11.18. The firm has a market capitalization of $7.27 billion, a P/E ratio of -28.32 and a beta of 2.60.
SoundHound AI (NASDAQ:SOUN - Get Free Report) last released its earnings results on Thursday, August 7th. The company reported ($0.19) earnings per share for the quarter, missing the consensus estimate of ($0.06) by ($0.13). SoundHound AI had a negative net margin of 171.81% and a negative return on equity of 73.13%. The firm had revenue of $42.68 million during the quarter, compared to the consensus estimate of $32.88 million. During the same period in the prior year, the business posted ($0.11) earnings per share. SoundHound AI's quarterly revenue was up 216.3% compared to the same quarter last year. SoundHound AI has set its FY 2025 guidance at EPS. Analysts anticipate that SoundHound AI, Inc. will post -0.38 EPS for the current fiscal year.
Insider Buying and Selling at SoundHound AI
In other SoundHound AI news, CEO Keyvan Mohajer sold 138,523 shares of the firm's stock in a transaction on Monday, September 22nd. The stock was sold at an average price of $16.00, for a total transaction of $2,216,368.00. Following the completion of the sale, the chief executive officer owned 2,461,267 shares of the company's stock, valued at $39,380,272. This trade represents a 5.33% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Nitesh Sharan sold 126,596 shares of SoundHound AI stock in a transaction on Monday, September 22nd. The stock was sold at an average price of $16.58, for a total value of $2,098,961.68. Following the sale, the chief financial officer directly owned 1,796,304 shares of the company's stock, valued at $29,782,720.32. This represents a 6.58% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 495,196 shares of company stock worth $8,068,135. 9.17% of the stock is currently owned by corporate insiders.
Institutional Investors Weigh In On SoundHound AI
Hedge funds and other institutional investors have recently modified their holdings of the company. Northwestern Mutual Wealth Management Co. lifted its holdings in shares of SoundHound AI by 83.1% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 2,336 shares of the company's stock worth $25,000 after buying an additional 1,060 shares in the last quarter. Advisors Asset Management Inc. lifted its holdings in shares of SoundHound AI by 68.4% during the second quarter. Advisors Asset Management Inc. now owns 2,519 shares of the company's stock worth $27,000 after buying an additional 1,023 shares in the last quarter. Investors Research Corp raised its stake in SoundHound AI by 62.4% in the third quarter. Investors Research Corp now owns 1,822 shares of the company's stock valued at $29,000 after purchasing an additional 700 shares in the last quarter. AlphaQuest LLC acquired a new position in SoundHound AI in the first quarter valued at about $32,000. Finally, Huntington National Bank raised its stake in SoundHound AI by 48.8% in the second quarter. Huntington National Bank now owns 3,050 shares of the company's stock valued at $33,000 after purchasing an additional 1,000 shares in the last quarter. Institutional investors and hedge funds own 19.28% of the company's stock.
About SoundHound AI
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Get Free Report)
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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