SoundHound AI (NASDAQ:SOUN) Shares Up 3.4% - What's Next?

SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report) traded up 3.4% during mid-day trading on Wednesday . The stock traded as high as $11.88 and last traded at $11.73. 10,752,598 shares traded hands during trading, a decline of 73% from the average session volume of 40,263,469 shares. The stock had previously closed at $11.34.

Analysts Set New Price Targets

Several analysts have recently issued reports on the stock. Wedbush decreased their target price on shares of 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 target price on shares of SoundHound AI from $13.00 to $10.00 and set a "buy" rating on the stock in a research report on Monday, April 14th. Piper Sandler reissued a "neutral" rating and issued a $12.00 price objective on shares of SoundHound AI in a research report on Monday, July 14th. Finally, HC Wainwright reduced their price objective on shares of SoundHound AI from $26.00 to $18.00 and set a "buy" rating on the stock in a research report on Monday, May 12th. Five equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. According to MarketBeat.com, SoundHound AI currently has an average rating of "Hold" and an average target price of $10.50.

SoundHound AI Stock Down 3.3%

The stock has a market capitalization of $4.65 billion, a price-to-earnings ratio of -21.06 and a beta of 2.59. The business's 50-day moving average is $10.58 and its two-hundred day moving average is $10.80.

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

Insiders Place Their Bets

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

Institutional Investors Weigh In On SoundHound AI

Several large investors have recently added to or reduced their stakes in the business. Janney Montgomery Scott LLC increased its stake in SoundHound AI by 4.0% during the 2nd quarter. Janney Montgomery Scott LLC now owns 23,073 shares of the company's stock worth $248,000 after buying an additional 880 shares during the period. Russell Investments Group Ltd. increased its stake in SoundHound AI by 16.4% during the 4th quarter. Russell Investments Group Ltd. now owns 6,598 shares of the company's stock worth $131,000 after buying an additional 929 shares during the period. Apexium Financial LP increased its stake in SoundHound AI by 2.8% during the 2nd quarter. Apexium Financial LP now owns 36,698 shares of the company's stock worth $394,000 after buying an additional 1,000 shares during the period. Belpointe Asset Management LLC increased its stake in SoundHound AI by 9.6% during the 2nd quarter. Belpointe Asset Management LLC now owns 11,430 shares of the company's stock worth $123,000 after buying an additional 1,000 shares during the period. Finally, CreativeOne Wealth LLC increased its stake in SoundHound AI by 3.7% during the 4th quarter. CreativeOne Wealth LLC now owns 29,991 shares of the company's stock worth $595,000 after buying an additional 1,073 shares during the period. 19.28% of the stock is owned by hedge funds and other institutional investors.

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.