SoundHound AI (NASDAQ:SOUN) Trading Up 13.9% – Here’s What Happened

SoundHound AI, Inc. (NASDAQ:SOUN)’s stock price traded up 13.9% during trading on Tuesday . The company traded as high as $15.85 and last traded at $15.53. 40,317,966 shares traded hands during trading, a decline of 38% from the average session volume of 65,128,367 shares. The stock had previously closed at $13.64.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the company. Barclays restated a “neutral” rating and issued a $7.00 target price on shares of SoundHound AI in a report on Wednesday, November 13th. Northland Securities raised their target price on shares of SoundHound AI from $6.00 to $8.00 and gave the stock a “market perform” rating in a report on Tuesday, January 14th. LADENBURG THALM/SH SH restated a “neutral” rating and set a $7.00 price target on shares of SoundHound AI in a report on Wednesday, November 13th. HC Wainwright reiterated a “buy” rating and set a $26.00 price objective on shares of SoundHound AI in a research report on Monday, January 13th. Finally, Wedbush increased their target price on SoundHound AI from $10.00 to $22.00 and gave the company an “outperform” rating in a report on Monday, December 16th. Three analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, SoundHound AI has a consensus rating of “Moderate Buy” and an average target price of $12.36.

SoundHound AI Stock Up 0.1 %

The business’s 50-day moving average is $14.52 and its 200-day moving average is $8.39. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.58 and a current ratio of 2.58. The firm has a market cap of $6.06 billion, a price-to-earnings ratio of -45.56 and a beta of 2.63.

SoundHound AI (NASDAQ:SOUN) last issued its quarterly earnings data on Tuesday, November 12th. The company reported ($0.06) EPS for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.01. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. The firm had revenue of $25.10 million for the quarter, compared to analyst estimates of $23.02 million. During the same quarter in the prior year, the firm earned ($0.09) EPS. The company’s revenue was up 88.7% on a year-over-year basis. On average, equities analysts predict that SoundHound AI, Inc. will post -0.38 EPS for the current year.

Insider Activity

In other SoundHound AI news, Director Lawrence Marcus sold 30,000 shares of the company’s stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $7.15, for a total transaction of $214,500.00. Following the completion of the sale, the director now owns 178,117 shares in the company, valued at approximately $1,273,536.55. The trade was a 14.41 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Eric R. Ball sold 50,000 shares of the firm’s stock in a transaction on Thursday, December 5th. The stock was sold at an average price of $12.00, for a total value of $600,000.00. Following the completion of the transaction, the director now owns 451,756 shares in the company, valued at $5,421,072. This represents a 9.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 2,782,918 shares of company stock valued at $45,391,343 over the last 90 days. 12.28% of the stock is owned by company insiders.

Institutional Trading of SoundHound AI

Several hedge funds have recently bought and sold shares of SOUN. State Street Corp raised its position in SoundHound AI by 0.6% during the third quarter. State Street Corp now owns 7,197,414 shares of the company’s stock worth $33,540,000 after acquiring an additional 42,869 shares in the last quarter. Geode Capital Management LLC boosted its position in SoundHound AI by 9.1% during the third quarter. Geode Capital Management LLC now owns 7,193,599 shares of the company’s stock worth $33,529,000 after purchasing an additional 602,311 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in shares of SoundHound AI by 7.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,582,206 shares of the company’s stock valued at $12,033,000 after purchasing an additional 189,109 shares during the last quarter. Carnegie Investment Counsel raised its position in shares of SoundHound AI by 9.1% in the fourth quarter. Carnegie Investment Counsel now owns 982,050 shares of the company’s stock valued at $19,484,000 after purchasing an additional 82,300 shares during the period. Finally, Oriental Harbor Investment Fund bought a new stake in shares of SoundHound AI during the 4th quarter worth about $8,964,000. 19.28% of the stock is currently owned by institutional investors and hedge funds.

About SoundHound AI

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.