SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report) was up 4% during trading on Monday . The stock traded as high as $10.67 and last traded at $10.52. Approximately 7,739,517 shares were traded during trading, a decline of 80% from the average daily volume of 39,180,719 shares. The stock had previously closed at $10.11.
Analysts Set New Price Targets
Several research analysts have commented on SOUN shares. DA Davidson lowered their price target on shares of 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 target price on shares of SoundHound AI from $22.00 to $15.00 and set an "outperform" rating for the company in a report on Friday, May 9th. HC Wainwright lowered their target price on shares of SoundHound AI from $26.00 to $18.00 and set a "buy" rating for the company in a report on Monday, May 12th. Finally, Piper Sandler restated a "neutral" rating and issued a $12.00 target price on shares of SoundHound AI in a report on Monday, July 14th. Five research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $10.50.
Read Our Latest Report on SoundHound AI
SoundHound AI Stock Performance
The firm's 50-day moving average is $10.66 and its 200 day moving average is $10.59. The stock has a market cap of $4.30 billion, a PE ratio of -19.41 and a beta of 2.57.
SoundHound AI (NASDAQ:SOUN - Get Free Report) last released its quarterly earnings results on Thursday, May 8th. The company reported ($0.06) EPS 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 during the quarter, compared to the consensus estimate of $30.38 million. During the same quarter in the prior year, the firm earned ($0.07) EPS. SoundHound AI's revenue for the quarter was up 151.2% on a year-over-year basis. On average, sell-side analysts predict that SoundHound AI, Inc. will post -0.38 EPS for the current fiscal year.
Insider Activity at SoundHound AI
In other SoundHound AI news, CEO Keyvan Mohajer sold 254,376 shares of the company's stock in a transaction on Friday, June 20th. The shares were sold at an average price of $9.36, for a total transaction of $2,380,959.36. Following the completion of the transaction, the chief executive officer owned 1,749,790 shares in the company, valued at approximately $16,378,034.40. This represents a 12.69% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Majid Emami sold 132,352 shares of the company's stock in a transaction on Tuesday, June 10th. The stock was sold at an average price of $10.04, for a total transaction of $1,328,814.08. Following the transaction, the vice president owned 537,482 shares of the company's stock, valued at approximately $5,396,319.28. The trade was a 19.76% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 961,289 shares of company stock worth $9,247,847 in the last 90 days. Corporate insiders own 9.17% of the company's stock.
Hedge Funds Weigh In On SoundHound AI
A number of large investors have recently bought and sold shares of SOUN. Sei Investments Co. increased its holdings in shares of SoundHound AI by 62.7% in the 4th quarter. Sei Investments Co. now owns 48,196 shares of the company's stock valued at $956,000 after purchasing an additional 18,566 shares in the last quarter. Prudential Financial Inc. increased its holdings in shares of SoundHound AI by 8.9% in the 4th quarter. Prudential Financial Inc. now owns 21,130 shares of the company's stock valued at $419,000 after purchasing an additional 1,720 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in shares of SoundHound AI by 5.8% in the 4th quarter. JPMorgan Chase & Co. now owns 286,817 shares of the company's stock valued at $5,690,000 after purchasing an additional 15,672 shares in the last quarter. Pictet Asset Management Holding SA increased its holdings in shares of SoundHound AI by 57.9% in the 4th quarter. Pictet Asset Management Holding SA now owns 50,683 shares of the company's stock valued at $1,006,000 after purchasing an additional 18,587 shares in the last quarter. Finally, CIBC Private Wealth Group LLC purchased a new position in shares of SoundHound AI in the 4th quarter valued at about $127,000. Hedge funds and other institutional investors own 19.28% of the company's stock.
SoundHound AI Company Profile
(
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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