SoundHound AI (NASDAQ:SOUN) Shares Up 1.1% – What’s Next?

SoundHound AI, Inc. (NASDAQ:SOUN)’s stock price was up 1.1% during trading on Tuesday . The stock traded as high as $6.55 and last traded at $6.47. 19,055,559 shares changed hands during mid-day trading, a decline of 30% from the average daily volume of 27,354,564 shares. The stock had previously closed at $6.40.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on SOUN. DA Davidson reissued a “buy” rating and set a $14.00 price target on shares of SoundHound AI in a research report on Wednesday, April 22nd. Weiss Ratings restated a “sell (e+)” rating on shares of SoundHound AI in a research report on Monday, June 15th. LADENBURG THALM/SH SH upgraded SoundHound AI to a “strong-buy” rating in a report on Wednesday, May 6th. Finally, HC Wainwright lowered their price target on SoundHound AI from $26.00 to $20.00 and set a “buy” rating for the company in a report on Monday, March 2nd. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $14.93.

SoundHound AI Stock Up 1.1%

The company has a market cap of $2.80 billion, a price-to-earnings ratio of -13.77 and a beta of 2.56. The company’s fifty day moving average price is $7.88 and its two-hundred day moving average price is $8.50.

SoundHound AI (NASDAQ:SOUN) last issued its quarterly earnings data on Thursday, May 7th. The company reported ($0.06) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.05) by ($0.01). SoundHound AI had a negative return on equity of 40.15% and a negative net margin of 91.84%.The company had revenue of $44.20 million for the quarter, compared to the consensus estimate of $42.56 million. During the same period in the prior year, the company earned ($0.06) EPS. The firm’s revenue was up 51.7% on a year-over-year basis. On average, equities research analysts predict that SoundHound AI, Inc. will post -0.45 earnings per share for the current fiscal year.

Insider Activity

In other news, COO Michael Zagorsek sold 64,994 shares of the company’s stock in a transaction dated Monday, June 15th. The stock was sold at an average price of $7.46, for a total transaction of $484,855.24. Following the completion of the transaction, the chief operating officer directly owned 1,669,497 shares of the company’s stock, valued at $12,454,447.62. This represents a 3.75% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, SVP Majid Emami sold 28,843 shares of the stock in a transaction dated Monday, June 15th. The stock was sold at an average price of $7.46, for a total value of $215,168.78. Following the transaction, the senior vice president owned 472,983 shares of the company’s stock, valued at approximately $3,528,453.18. The trade was a 5.75% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders have sold 268,022 shares of company stock worth $1,999,444. 8.84% of the stock is currently owned by insiders.

Institutional Investors Weigh In On SoundHound AI

Institutional investors have recently bought and sold shares of the company. Morgan Stanley boosted its position in SoundHound AI by 48.1% during the 4th quarter. Morgan Stanley now owns 8,987,522 shares of the company’s stock worth $89,606,000 after acquiring an additional 2,917,280 shares during the last quarter. UBS Group AG raised its holdings in shares of SoundHound AI by 77.6% in the fourth quarter. UBS Group AG now owns 6,124,283 shares of the company’s stock valued at $61,059,000 after purchasing an additional 2,676,707 shares during the last quarter. Voloridge Investment Management LLC lifted its position in shares of SoundHound AI by 2,259.7% in the fourth quarter. Voloridge Investment Management LLC now owns 2,199,511 shares of the company’s stock worth $21,929,000 after purchasing an additional 2,106,298 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of SoundHound AI by 4.4% in the fourth quarter. Vanguard Group Inc. now owns 45,367,437 shares of the company’s stock worth $452,313,000 after purchasing an additional 1,909,868 shares in the last quarter. Finally, Jump Financial LLC acquired a new position in SoundHound AI during the third quarter worth $21,679,000. Institutional investors own 19.28% of the company’s stock.

About SoundHound AI

SoundHound AI, Inc is a voice AI and conversational intelligence company specializing in speech recognition, natural language understanding and sound identification technologies. Founded in 2005 and headquartered in Santa Clara, California, the company initially gained recognition with its music discovery app before pivoting to enterprise-grade voice AI solutions. Over the years, SoundHound AI has built a comprehensive platform that enables developers and businesses to embed conversational intelligence into a wide range of products and services.

The company’s core offering is the Houndify voice AI platform, which provides customizable speech-to-meaning technology, domain-specific natural language understanding and text-to-speech capabilities.