Shares of SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report) traded up 3.8% during trading on Friday . The company traded as high as $5.49 and last traded at $5.43. 6,944,965 shares were traded during trading, a decline of 80% from the average session volume of 34,244,023 shares. The stock had previously closed at $5.23.
Analysts Set New Price Targets
A number of research firms recently commented on SOUN. Northland Securities boosted their target price on shares of SoundHound AI from $5.50 to $6.00 and gave the stock a "market perform" rating in a report on Friday, August 9th. DA Davidson reiterated a "buy" rating and issued a $9.50 target price on shares of SoundHound AI in a report on Monday, September 30th. Wedbush reiterated an "outperform" rating and issued a $9.00 target price on shares of SoundHound AI in a report on Thursday, September 26th. HC Wainwright reiterated a "buy" rating and issued a $7.00 target price on shares of SoundHound AI in a report on Wednesday, September 18th. Finally, Cantor Fitzgerald upgraded shares of SoundHound AI from a "neutral" rating to an "overweight" rating and boosted their target price for the stock from $5.00 to $7.00 in a report on Friday, August 9th. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $7.08.
View Our Latest Analysis on SOUN
SoundHound AI Price Performance
The stock's fifty day moving average price is $4.88 and its 200-day moving average price is $4.74. The firm has a market cap of $1.81 billion, a price-to-earnings ratio of -14.47 and a beta of 2.73.
SoundHound AI (NASDAQ:SOUN - Get Free Report) last released its quarterly earnings results on Thursday, August 8th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing analysts' consensus estimates 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 firm had revenue of $13.46 million for the quarter, compared to analyst estimates of $13.09 million. During the same quarter in the prior year, the firm earned ($0.10) EPS. The firm's revenue was up 53.8% compared to the same quarter last year. As a group, equities research analysts predict that SoundHound AI, Inc. will post -0.36 EPS for the current fiscal year.
Insider Activity at SoundHound AI
In related news, CEO Keyvan Mohajer sold 90,641 shares of the business's stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $4.88, for a total transaction of $442,328.08. Following the transaction, the chief executive officer now directly owns 2,362,692 shares of the company's stock, valued at approximately $11,529,936.96. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, CEO Keyvan Mohajer sold 90,641 shares of the business's stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $4.88, for a total transaction of $442,328.08. Following the transaction, the chief executive officer now directly owns 2,362,692 shares of the company's stock, valued at approximately $11,529,936.96. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Lawrence Marcus sold 50,000 shares of the business's stock in a transaction that occurred on Tuesday, August 20th. The shares were sold at an average price of $5.02, for a total transaction of $251,000.00. Following the transaction, the director now directly owns 74,038 shares in the company, valued at $371,670.76. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 327,275 shares of company stock valued at $1,606,644. Corporate insiders own 21.30% of the company's stock.
Institutional Trading of SoundHound AI
Several large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. grew its position in SoundHound AI by 16.1% in the first quarter. Vanguard Group Inc. now owns 16,070,453 shares of the company's stock worth $94,655,000 after acquiring an additional 2,226,471 shares in the last quarter. Baupost Group LLC MA bought a new stake in SoundHound AI in the first quarter worth approximately $6,659,000. Bank of New York Mellon Corp grew its position in SoundHound AI by 92.7% in the second quarter. Bank of New York Mellon Corp now owns 997,543 shares of the company's stock worth $3,940,000 after acquiring an additional 479,912 shares in the last quarter. Carnegie Investment Counsel bought a new stake in SoundHound AI in the third quarter worth approximately $4,193,000. Finally, Janus Henderson Group PLC grew its position in SoundHound AI by 563.0% in the first quarter. Janus Henderson Group PLC now owns 482,731 shares of the company's stock worth $2,843,000 after acquiring an additional 409,917 shares in the last quarter. 19.28% of the stock is owned by institutional investors.
About SoundHound AI
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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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