SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report) shot up 0.6% during mid-day trading on Tuesday . The company traded as high as $5.45 and last traded at $5.22. 11,398,922 shares were traded during mid-day trading, a decline of 67% from the average session volume of 34,408,371 shares. The stock had previously closed at $5.19.
Wall Street Analyst Weigh In
A number of brokerages have recently issued reports on SOUN. HC Wainwright reissued a "buy" rating and issued a $7.00 price objective on shares of SoundHound AI in a research note on Wednesday, September 18th. DA Davidson reissued a "buy" rating and issued a $9.50 price objective on shares of SoundHound AI in a research note on Monday, September 30th. Northland Securities upped their target price on shares of SoundHound AI from $5.50 to $6.00 and gave the stock a "market perform" rating in a research report on Friday, August 9th. Wedbush restated an "outperform" rating and set a $9.00 target price on shares of SoundHound AI in a research report on Thursday, September 26th. Finally, Cantor Fitzgerald upgraded shares of SoundHound AI from a "neutral" rating to an "overweight" rating and upped their target price for the stock from $5.00 to $7.00 in a research report on Friday, August 9th. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $7.08.
Check Out Our Latest Stock Report on SoundHound AI
SoundHound AI Price Performance
The company's 50-day simple moving average is $4.85 and its 200 day simple moving average is $4.74. The firm has a market cap of $1.75 billion, a P/E ratio of -13.97 and a beta of 2.73.
SoundHound AI (NASDAQ:SOUN - Get Free Report) last released its quarterly earnings data on Thursday, August 8th. The company reported ($0.11) EPS for the quarter, missing the consensus estimate of ($0.09) by ($0.02). SoundHound AI had a negative net margin of 195.65% and a negative return on equity of 93.28%. The business had revenue of $13.46 million for the quarter, compared to the consensus estimate of $13.09 million. During the same quarter last year, the business earned ($0.10) EPS. SoundHound AI's revenue for the quarter was up 53.8% compared to the same quarter last year. Analysts anticipate that SoundHound AI, Inc. will post -0.36 EPS for the current fiscal year.
Insider Buying and Selling at SoundHound AI
In other news, insider James Ming Hom sold 21,024 shares of the firm's stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $4.88, for a total value of $102,597.12. Following the completion of the sale, the insider now owns 865,965 shares in the company, valued at approximately $4,225,909.20. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, insider James Ming Hom sold 21,024 shares of the firm's stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $4.88, for a total value of $102,597.12. Following the completion of the sale, the insider now owns 865,965 shares in the company, valued at approximately $4,225,909.20. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Nitesh Sharan sold 39,728 shares of the firm's stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $4.88, for a total transaction of $193,872.64. Following the completion of the sale, the chief financial officer now owns 1,560,411 shares of the company's stock, valued at $7,614,805.68. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 327,275 shares of company stock worth $1,606,644 over the last 90 days. 21.30% of the stock is owned by insiders.
Institutional Inflows and Outflows
Institutional investors have recently added to or reduced their stakes in the stock. Carnegie Investment Counsel purchased a new position in SoundHound AI in the 3rd quarter worth about $4,193,000. Principal Financial Group Inc. increased its stake in SoundHound AI by 16.5% in the 1st quarter. Principal Financial Group Inc. now owns 18,560 shares of the company's stock worth $109,000 after buying an additional 2,629 shares during the period. Vanguard Group Inc. increased its stake in SoundHound AI by 16.1% in the 1st quarter. Vanguard Group Inc. now owns 16,070,453 shares of the company's stock worth $94,655,000 after buying an additional 2,226,471 shares during the period. Commonwealth Equity Services LLC increased its position in SoundHound AI by 239.7% during the 1st quarter. Commonwealth Equity Services LLC now owns 296,428 shares of the company's stock valued at $1,746,000 after purchasing an additional 209,154 shares during the period. Finally, Bank of New York Mellon Corp increased its position in SoundHound AI by 92.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 997,543 shares of the company's stock valued at $3,940,000 after purchasing an additional 479,912 shares during the period. Hedge funds and other institutional investors own 19.28% of the company's stock.
SoundHound AI Company Profile
(
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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.
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