SoundHound AI (NASDAQ:SOUN) Stock Price Up 9.7% - Here's Why

SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report) rose 9.7% during mid-day trading on Monday . The company traded as high as $5.72 and last traded at $5.68. Approximately 14,928,371 shares were traded during mid-day trading, a decline of 56% from the average daily volume of 33,881,766 shares. The stock had previously closed at $5.18.

Analyst Ratings Changes

Several brokerages have recently commented on SOUN. DA Davidson reaffirmed a "buy" rating and set a $9.50 target price on shares of SoundHound AI in a report on Monday, September 30th. Northland Securities upped their target price 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. Cantor Fitzgerald upgraded SoundHound AI from a "neutral" rating to an "overweight" rating and raised their price target for the stock from $5.00 to $7.00 in a research report on Friday, August 9th. HC Wainwright reaffirmed a "buy" rating and set a $7.00 price objective on shares of SoundHound AI in a research report on Wednesday, September 18th. Finally, Wedbush reiterated an "outperform" rating and set a $9.00 price objective on shares of SoundHound AI in a research note on Thursday, September 26th. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat.com, SoundHound AI presently has an average rating of "Moderate Buy" and an average price target of $7.08.

SoundHound AI Stock Performance

The business has a fifty day moving average price of $4.92 and a 200 day moving average price of $4.75. The company has a market cap of $2.01 billion, a price-to-earnings ratio of -16.11 and a beta of 2.73.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last posted its earnings results on Thursday, August 8th. The company reported ($0.11) EPS for the quarter, missing analysts' consensus estimates of ($0.09) by ($0.02). The company had revenue of $13.46 million during the quarter, compared to the consensus estimate of $13.09 million. SoundHound AI had a negative return on equity of 93.28% and a negative net margin of 195.65%. The firm's revenue was up 53.8% compared to the same quarter last year. During the same period last year, the company posted ($0.10) EPS. As a group, equities analysts anticipate that SoundHound AI, Inc. will post -0.36 EPS for the current year.

Insider Transactions at SoundHound AI

In related news, Director Lawrence Marcus sold 50,000 shares of the company's stock in a transaction that occurred on Tuesday, August 20th. The stock was sold at an average price of $5.02, for a total value of $251,000.00. Following the sale, the director now directly owns 74,038 shares in the company, valued at $371,670.76. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, CEO Keyvan Mohajer sold 63,544 shares of SoundHound AI stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $4.92, for a total value of $312,636.48. Following the completion of the sale, the chief executive officer now owns 2,299,148 shares in the company, valued at $11,311,808.16. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Lawrence Marcus sold 50,000 shares of the stock in a transaction on Tuesday, August 20th. The stock was 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 approximately $371,670.76. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 327,275 shares of company stock worth $1,606,644. Company insiders own 21.30% of the company's stock.

Hedge Funds Weigh In On SoundHound AI

A number of institutional investors and hedge funds have recently made changes to their positions in SOUN. Hexagon Capital Partners LLC acquired a new position in SoundHound AI during the 1st quarter worth approximately $29,000. DecisionPoint Financial LLC bought a new position in shares of SoundHound AI in the 1st quarter worth $40,000. Kings Path Partners LLC acquired a new stake in SoundHound AI in the 2nd quarter valued at $28,000. NBC Securities Inc. increased its stake in 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 purchasing an additional 3,818 shares in the last quarter. Finally, International Assets Investment Management LLC acquired a new position in SoundHound AI during the second quarter worth $31,000. Institutional investors own 19.28% of the company's stock.

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.