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

SoundHound AI, Inc. (NASDAQ:SOUN)’s share price was up 1.2% on Friday . The stock traded as high as $11.16 and last traded at $11.02. Approximately 23,982,847 shares traded hands during mid-day trading, a decline of 45% from the average daily volume of 43,748,273 shares. The stock had previously closed at $10.89.

Analyst Ratings Changes

SOUN has been the subject of several research reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of SoundHound AI in a research report on Tuesday, October 14th. Piper Sandler lifted their price objective on shares of SoundHound AI from $12.00 to $15.00 and gave the company a “neutral” rating in a research note on Friday, November 7th. HC Wainwright upped their target price on shares of SoundHound AI from $18.00 to $26.00 and gave the company a “buy” rating in a report on Thursday, October 16th. DA Davidson reissued a “buy” rating and set a $17.00 price target on shares of SoundHound AI in a report on Tuesday, November 18th. Finally, Cantor Fitzgerald upgraded SoundHound AI from a “neutral” rating to an “overweight” rating and boosted their price target for the company from $13.00 to $15.00 in a research report on Friday, December 12th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $17.07.

SoundHound AI Price Performance

The stock has a 50 day moving average of $14.43 and a two-hundred day moving average of $13.37. The stock has a market capitalization of $4.63 billion, a PE ratio of -13.12 and a beta of 2.63.

SoundHound AI (NASDAQ:SOUN) last issued its earnings results on Thursday, November 6th. The company reported ($0.03) EPS for the quarter, topping the consensus estimate of ($0.09) by $0.06. The company had revenue of $42.05 million for the quarter, compared to analyst estimates of $40.48 million. SoundHound AI had a negative net margin of 211.16% and a negative return on equity of 93.64%. The business’s revenue was up 67.6% on a year-over-year basis. During the same period in the previous year, the firm earned ($0.04) EPS. As a group, research analysts predict that SoundHound AI, Inc. will post -0.38 earnings per share for the current fiscal year.

Insider Activity at SoundHound AI

In other news, COO Michael Zagorsek sold 69,837 shares of SoundHound AI stock in a transaction that occurred on Monday, September 22nd. The shares were sold at an average price of $16.00, for a total transaction of $1,117,392.00. Following the completion of the sale, the chief operating officer directly owned 1,860,790 shares in the company, valued at approximately $29,772,640. This trade represents a 3.62% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Keyvan Mohajer sold 118,654 shares of the business’s stock in a transaction on Wednesday, October 8th. The stock was sold at an average price of $20.00, for a total value of $2,373,080.00. Following the sale, the chief executive officer owned 2,342,613 shares in the company, valued at approximately $46,852,260. The trade was a 4.82% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 787,260 shares of company stock worth $13,973,056. 9.17% of the stock is currently owned by company insiders.

Institutional Trading of SoundHound AI

Several large investors have recently modified their holdings of SOUN. Northern Trust Corp increased its position in SoundHound AI by 2.5% during the first quarter. Northern Trust Corp now owns 2,979,011 shares of the company’s stock worth $24,190,000 after purchasing an additional 72,766 shares during the last quarter. Y Intercept Hong Kong Ltd purchased a new position in shares of SoundHound AI in the 2nd quarter valued at $3,696,000. First Manhattan CO. LLC. acquired a new position in shares of SoundHound AI during the 1st quarter valued at $985,000. Driehaus Capital Management LLC boosted its position in SoundHound AI by 20.6% during the 1st quarter. Driehaus Capital Management LLC now owns 998,481 shares of the company’s stock worth $8,108,000 after purchasing an additional 170,786 shares during the period. Finally, Nuveen LLC acquired a new stake in SoundHound AI in the 1st quarter valued at $7,406,000. 19.28% of the stock is currently owned by institutional investors and hedge funds.

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.