SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report)'s share price was up 4.8% during trading on Tuesday . The company traded as high as $11.29 and last traded at $11.15. Approximately 13,035,401 shares changed hands during trading, a decline of 67% from the average daily volume of 39,113,262 shares. The stock had previously closed at $10.64.
Analyst Ratings Changes
A number of equities analysts recently commented on SOUN shares. DA Davidson reduced their price target on SoundHound AI from $13.00 to $10.00 and set a "buy" rating for the company in a report on Monday, April 14th. Piper Sandler reiterated a "neutral" rating and set a $12.00 price target on shares of SoundHound AI in a report on Monday, July 14th. Wedbush reduced their price objective on SoundHound AI from $22.00 to $15.00 and set an "outperform" rating for the company in a report on Friday, May 9th. Finally, HC Wainwright reduced their price objective on SoundHound AI from $26.00 to $18.00 and set a "buy" rating for the company in a report on Monday, May 12th. Five analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, SoundHound AI has a consensus rating of "Hold" and a consensus target price of $10.50.
Check Out Our Latest Analysis on SoundHound AI
SoundHound AI Trading Up 3.8%
The firm has a market cap of $4.44 billion, a P/E ratio of -20.22 and a beta of 2.57. The company's 50-day moving average is $10.69 and its two-hundred day moving average is $10.57.
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 business had revenue of $29.13 million for the quarter, compared to analysts' expectations of $30.38 million. During the same quarter last year, the firm earned ($0.07) EPS. The firm's revenue for the quarter was up 151.2% compared to the same quarter last year. Research analysts anticipate that SoundHound AI, Inc. will post -0.38 EPS for the current fiscal year.
Insider Activity at SoundHound AI
In related news, VP Majid Emami sold 60,295 shares of the stock in a transaction that occurred on Tuesday, June 24th. The stock was sold at an average price of $10.00, for a total transaction of $602,950.00. Following the completion of the sale, the vice president directly owned 477,657 shares of the company's stock, valued at approximately $4,776,570. This trade represents a 11.21% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Nitesh Sharan sold 111,111 shares of the firm's stock in a transaction that occurred on Friday, June 20th. The stock was sold at an average price of $9.36, for a total transaction of $1,039,998.96. Following the sale, the chief financial officer owned 1,442,900 shares of the company's stock, valued at approximately $13,505,544. The trade was a 7.15% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 961,289 shares of company stock valued at $9,247,847 in the last ninety days. Insiders own 9.17% of the company's stock.
Institutional Inflows and Outflows
A number of hedge funds have recently bought and sold shares of SOUN. Orion Capital Management LLC purchased a new position in shares of SoundHound AI during the 4th quarter valued at $30,000. AlphaQuest LLC purchased a new stake in SoundHound AI in the first quarter worth about $32,000. Golden State Wealth Management LLC grew its holdings in shares of SoundHound AI by 100.0% during the first quarter. Golden State Wealth Management LLC now owns 4,230 shares of the company's stock valued at $34,000 after buying an additional 2,115 shares during the last quarter. Kozak & Associates Inc. boosted its holdings in SoundHound AI by 6,249.0% in the second quarter. Kozak & Associates Inc. now owns 3,238 shares of the company's stock worth $35,000 after purchasing an additional 3,187 shares during the last quarter. Finally, Quarry LP increased its stake in SoundHound AI by 1,552.7% in the 1st quarter. Quarry LP now owns 5,272 shares of the company's stock worth $43,000 after buying an additional 4,953 shares in the last quarter. 19.28% of the stock is currently owned by hedge funds and other institutional investors.
About SoundHound AI
(
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.
Further Reading
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