SoundHound AI (NASDAQ:SOUN) Stock Price Up 3.6% - Here's Why

SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report)'s share price shot up 3.6% during trading on Thursday . The stock traded as high as $5.18 and last traded at $5.16. 5,819,697 shares changed hands during trading, a decline of 83% from the average session volume of 34,026,414 shares. The stock had previously closed at $4.98.

Analyst Ratings Changes

Several brokerages have commented on SOUN. Wedbush reissued an "outperform" rating and set a $9.00 price objective on shares of SoundHound AI in a research report on Thursday, September 26th. DA Davidson reissued a "buy" rating and set a $9.50 price objective on shares of SoundHound AI in a research report on Monday, September 30th. HC Wainwright reissued a "buy" rating and set a $7.00 price objective on shares of SoundHound AI in a research report on Wednesday, September 18th. Northland Securities raised their price objective on SoundHound AI from $5.50 to $6.00 and gave the company a "market perform" rating in a research report on Friday, August 9th. Finally, Cantor Fitzgerald raised SoundHound AI from a "neutral" rating to an "overweight" rating and raised their price objective for the company from $5.00 to $7.00 in a research report on Friday, August 9th. One analyst has rated the stock with a hold rating and five have issued a buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $7.08.

SoundHound AI Stock Up 6.0 %

The firm has a fifty day moving average price of $4.89 and a two-hundred day moving average price of $4.74. The stock has a market capitalization of $1.74 billion, a P/E ratio of -13.89 and a beta of 2.73.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last issued its quarterly earnings results on Thursday, August 8th. The company reported ($0.11) earnings per share 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 company had revenue of $13.46 million for the quarter, compared to the consensus estimate of $13.09 million. During the same quarter in the previous year, the business earned ($0.10) earnings per share. SoundHound AI's revenue was up 53.8% compared to the same quarter last year. Sell-side analysts anticipate that SoundHound AI, Inc. will post -0.36 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO Keyvan Mohajer sold 90,641 shares of SoundHound AI stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $4.88, for a total value of $442,328.08. Following the completion of the sale, the chief executive officer now directly owns 2,362,692 shares in the company, valued at approximately $11,529,936.96. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CEO Keyvan Mohajer sold 90,641 shares of SoundHound AI stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $4.88, for a total value of $442,328.08. Following the completion of the sale, the chief executive officer now directly owns 2,362,692 shares in the company, valued at approximately $11,529,936.96. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a 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 value of $193,872.64. Following the completion of the transaction, the chief financial officer now directly owns 1,560,411 shares in the company, valued at $7,614,805.68. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 327,275 shares of company stock worth $1,606,644. 21.30% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Kings Path Partners LLC purchased a new position in SoundHound AI in the second quarter worth about $28,000. Hexagon Capital Partners LLC purchased a new position in SoundHound AI in the first quarter worth about $29,000. International Assets Investment Management LLC purchased a new position in SoundHound AI in the second quarter worth about $31,000. NBC Securities Inc. lifted its position in shares of SoundHound AI by 97.8% during the 3rd quarter. NBC Securities Inc. now owns 7,720 shares of the company's stock valued at $35,000 after buying an additional 3,818 shares in the last quarter. Finally, Amalgamated Bank lifted its position in shares of SoundHound AI by 108.0% during the 2nd quarter. Amalgamated Bank now owns 9,819 shares of the company's stock valued at $39,000 after buying an additional 5,099 shares in the last quarter. 19.28% of the stock is owned by hedge funds and other institutional investors.

About SoundHound AI

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.