SoundHound AI (NASDAQ:SOUN) Stock Price Up 1.3% - Here's What Happened

SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report) traded up 1.3% during mid-day trading on Tuesday . The company traded as high as $6.25 and last traded at $6.20. 15,597,997 shares were traded during mid-day trading, a decline of 54% from the average session volume of 33,969,375 shares. The stock had previously closed at $6.12.

Wall Street Analyst Weigh In

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

SoundHound AI Stock Performance

The company has a 50 day moving average of $4.94 and a two-hundred day moving average of $4.77. The stock has a market capitalization of $1.98 billion, a PE ratio of -15.82 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) EPS for the quarter, missing analysts' consensus estimates of ($0.09) by ($0.02). SoundHound AI had a negative return on equity of 93.28% and a negative net margin of 195.65%. The firm had revenue of $13.46 million for the quarter, compared to analyst estimates of $13.09 million. During the same period in the prior year, the firm posted ($0.10) EPS. The business's revenue was up 53.8% compared to the same quarter last year. As a group, research analysts predict that SoundHound AI, Inc. will post -0.36 EPS for the current fiscal year.

Insider Buying and Selling at SoundHound AI

In related news, CTO Timothy Stonehocker sold 20,337 shares of the firm's stock in a transaction on Friday, September 20th. The shares were sold at an average price of $4.88, for a total transaction of $99,244.56. Following the completion of the transaction, the chief technology officer now owns 1,039,194 shares of the company's stock, valued at $5,071,266.72. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. In other SoundHound AI news, CFO Nitesh Sharan sold 39,728 shares of the company'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 $193,872.64. Following the completion of the transaction, the chief financial officer now owns 1,560,411 shares in the company, valued at approximately $7,614,805.68. 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 accessible through this link. Also, CTO Timothy Stonehocker sold 20,337 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 $99,244.56. Following the sale, the chief technology officer now owns 1,039,194 shares in the company, valued at $5,071,266.72. This trade represents 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. Company insiders own 21.30% of the company's stock.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. Ameritas Investment Partners Inc. increased its stake in SoundHound AI by 17.3% during the 1st quarter. Ameritas Investment Partners Inc. now owns 13,561 shares of the company's stock worth $80,000 after buying an additional 2,000 shares in the last quarter. Genesee Capital Advisors LLC boosted its stake in SoundHound AI by 11.4% during the 2nd quarter. Genesee Capital Advisors LLC now owns 19,468 shares of the company's stock worth $77,000 after purchasing an additional 2,000 shares during the last quarter. Signaturefd LLC grew its holdings in shares of SoundHound AI by 19.5% during the third quarter. Signaturefd LLC now owns 12,255 shares of the company's stock worth $57,000 after buying an additional 2,000 shares in the last quarter. Newbridge Financial Services Group Inc. raised its position in shares of SoundHound AI by 24.7% in the second quarter. Newbridge Financial Services Group Inc. now owns 11,720 shares of the company's stock valued at $46,000 after buying an additional 2,320 shares during the last quarter. Finally, Sequoia Financial Advisors LLC boosted its position in SoundHound AI by 13.7% during the second quarter. Sequoia Financial Advisors LLC now owns 20,683 shares of the company's stock worth $82,000 after acquiring an additional 2,500 shares during the last quarter. 19.28% of the stock is owned by institutional investors and hedge funds.

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.