SoundHound AI (NASDAQ:SOUN) Stock Price Up 1.2% – What’s Next?

SoundHound AI, Inc. (NASDAQ:SOUN) rose 1.2% on Tuesday . The stock traded as high as $8.54 and last traded at $8.45. Approximately 20,086,136 shares were traded during trading, a decline of 27% from the average daily volume of 27,582,773 shares. The stock had previously closed at $8.35.

Analyst Ratings Changes

SOUN has been the topic of several research analyst reports. DA Davidson reiterated a “buy” rating and set a $14.00 price objective on shares of SoundHound AI in a research report on Wednesday, April 22nd. Piper Sandler reiterated a “neutral” rating and set a $9.00 price objective (down from $11.00) on shares of SoundHound AI in a research report on Friday, February 27th. Zacks Research upgraded shares of SoundHound AI from a “strong sell” rating to a “hold” rating in a research report on Monday, February 9th. LADENBURG THALM/SH SH upgraded shares of SoundHound AI to a “strong-buy” rating in a report on Wednesday, May 6th. Finally, HC Wainwright lowered their price target on shares of SoundHound AI from $26.00 to $20.00 and set a “buy” rating on the stock in a report on Monday, March 2nd. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $14.93.

SoundHound AI Trading Up 1.2%

The firm’s fifty day moving average price is $7.56 and its 200 day moving average price is $9.70. The firm has a market capitalization of $3.57 billion, a PE ratio of -17.98 and a beta of 2.58.

SoundHound AI (NASDAQ:SOUN) last posted its quarterly earnings results on Thursday, May 7th. The company reported ($0.06) EPS for the quarter, missing the consensus estimate of ($0.05) by ($0.01). SoundHound AI had a negative net margin of 91.84% and a negative return on equity of 40.15%. The company had revenue of $44.20 million for the quarter, compared to analysts’ expectations of $42.56 million. During the same quarter in the prior year, the firm earned ($0.06) earnings per share. The company’s revenue was up 51.7% on a year-over-year basis. As a group, research analysts expect that SoundHound AI, Inc. will post -0.34 EPS for the current year.

Insiders Place Their Bets

In related news, SVP Majid Emami sold 31,019 shares of SoundHound AI stock in a transaction on Friday, March 20th. The shares were sold at an average price of $6.79, for a total value of $210,619.01. Following the completion of the sale, the senior vice president owned 501,826 shares of the company’s stock, valued at approximately $3,407,398.54. The trade was a 5.82% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider James Ming Hom sold 31,019 shares of SoundHound AI stock in a transaction on Friday, March 20th. The shares were sold at an average price of $6.79, for a total transaction of $210,619.01. Following the completion of the sale, the insider directly owned 772,364 shares of the company’s stock, valued at approximately $5,244,351.56. The trade was a 3.86% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 307,973 shares of company stock worth $2,091,110 in the last 90 days. 8.84% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On SoundHound AI

Several institutional investors and hedge funds have recently modified their holdings of SOUN. Hollencrest Capital Management lifted its stake in shares of SoundHound AI by 197.5% in the 1st quarter. Hollencrest Capital Management now owns 3,615 shares of the company’s stock valued at $25,000 after purchasing an additional 2,400 shares during the last quarter. Northwestern Mutual Wealth Management Co. lifted its stake in shares of SoundHound AI by 83.1% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 2,336 shares of the company’s stock valued at $25,000 after purchasing an additional 1,060 shares during the last quarter. Dogwood Wealth Management LLC lifted its stake in shares of SoundHound AI by 152.1% in the 4th quarter. Dogwood Wealth Management LLC now owns 2,559 shares of the company’s stock valued at $26,000 after purchasing an additional 1,544 shares during the last quarter. Danske Bank A S acquired a new stake in shares of SoundHound AI in the 3rd quarter valued at $26,000. Finally, SHP Wealth Management acquired a new stake in shares of SoundHound AI in the 4th quarter valued at $27,000. Institutional investors and hedge funds own 19.28% of the company’s stock.

SoundHound AI Company Profile

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.