SoundHound AI (NASDAQ:SOUN) Trading Up 2.2% – What’s Next?

SoundHound AI, Inc. (NASDAQ:SOUN)’s stock price shot up 2.2% during mid-day trading on Friday . The stock traded as high as $12.14 and last traded at $12.0750. 11,072,641 shares changed hands during trading, a decline of 75% from the average session volume of 45,133,629 shares. The stock had previously closed at $11.82.

Wall Street Analysts Forecast Growth

SOUN has been the subject of a number of research analyst reports. Wedbush restated an “outperform” rating and issued a $16.00 target price on shares of SoundHound AI in a report on Thursday, September 11th. Northland Capmk upgraded SoundHound AI from a “hold” rating to a “strong-buy” rating in a research report on Friday, August 8th. Oppenheimer initiated coverage on SoundHound AI in a research note on Thursday, September 11th. They set a “market perform” rating on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of SoundHound AI in a report on Tuesday, October 14th. Finally, LADENBURG THALM/SH SH upgraded shares of SoundHound AI from a “neutral” rating to a “buy” rating and increased their target price for the stock from $9.00 to $16.00 in a research report on Monday, August 11th. One 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 assigned a Sell rating to the stock. According to MarketBeat, SoundHound AI presently has a consensus rating of “Moderate Buy” and a consensus target price of $17.42.

SoundHound AI Price Performance

The stock has a market capitalization of $5.07 billion, a price-to-earnings ratio of -14.37 and a beta of 2.60. The stock’s 50 day simple moving average is $16.08 and its 200-day simple moving average is $13.24.

SoundHound AI (NASDAQ:SOUN) last released its quarterly earnings results on Thursday, November 6th. The company reported ($0.03) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.09) by $0.06. The business had revenue of $42.05 million for the quarter, compared to the consensus estimate of $40.48 million. SoundHound AI had a negative net margin of 211.16% and a negative return on equity of 93.64%. SoundHound AI’s revenue for the quarter was up 67.6% on a year-over-year basis. During the same quarter last year, the firm earned ($0.04) EPS. SoundHound AI has set its FY 2025 guidance at EPS. As a group, equities research analysts anticipate that SoundHound AI, Inc. will post -0.38 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CFO Nitesh Sharan sold 60,376 shares of the company’s stock in a transaction dated Tuesday, October 14th. The stock was sold at an average price of $21.21, for a total transaction of $1,280,574.96. Following the completion of the sale, the chief financial officer owned 1,765,928 shares in the company, valued at approximately $37,455,332.88. This represents a 3.31% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CTO Timothy Stonehocker sold 70,524 shares of the stock in a transaction dated Wednesday, October 8th. The shares were sold at an average price of $20.00, for a total value of $1,410,480.00. Following the transaction, the chief technology officer directly owned 606,525 shares in the company, valued at approximately $12,130,500. This represents a 10.42% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 787,260 shares of company stock valued at $13,973,056. 9.17% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On SoundHound AI

Institutional investors have recently modified their holdings of the company. Victory Capital Management Inc. boosted its holdings in shares of SoundHound AI by 308.4% during the 1st quarter. Victory Capital Management Inc. now owns 163,713 shares of the company’s stock worth $1,329,000 after buying an additional 123,623 shares during the period. Skandinaviska Enskilda Banken AB publ lifted its position in SoundHound AI by 16.8% during the 1st quarter. Skandinaviska Enskilda Banken AB publ now owns 23,948 shares of the company’s stock worth $194,000 after acquiring an additional 3,440 shares during the last quarter. LPL Financial LLC boosted its holdings in SoundHound AI by 7.5% during the first quarter. LPL Financial LLC now owns 1,346,805 shares of the company’s stock valued at $10,936,000 after acquiring an additional 93,833 shares during the period. Mesirow Financial Investment Management Inc. acquired a new stake in shares of SoundHound AI in the first quarter valued at about $162,000. Finally, MASO CAPITAL PARTNERS Ltd bought a new position in shares of SoundHound AI in the first quarter worth about $555,000. Institutional investors own 19.28% of the company’s stock.

SoundHound AI Company Profile

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.