SoundHound AI (NASDAQ:SOUN) Sees Unusually-High Trading Volume - Here's What Happened

SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report) shares saw an uptick in trading volume on Wednesday . 26,469,053 shares traded hands during trading, a decline of 32% from the previous session's volume of 39,189,992 shares.The stock last traded at $21.05 and had previously closed at $19.39.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the stock. DA Davidson reaffirmed a "buy" rating and set a $9.50 price objective on shares of SoundHound AI in a research report on Monday, September 30th. LADENBURG THALM/SH SH reiterated a "neutral" rating and issued a $7.00 price target on shares of SoundHound AI in a research note on Wednesday, November 13th. HC Wainwright increased their price target on shares of SoundHound AI from $7.00 to $8.00 and gave the company a "buy" rating in a report on Thursday, November 14th. Wedbush boosted their price objective on SoundHound AI from $10.00 to $22.00 and gave the stock an "outperform" rating in a report on Monday. Finally, Barclays reiterated a "neutral" rating and set a $7.00 target price on shares of SoundHound AI in a research note on Wednesday, November 13th. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. According to data from MarketBeat.com, SoundHound AI presently has an average rating of "Moderate Buy" and a consensus target price of $9.50.

SoundHound AI Stock Performance

The stock's 50-day simple moving average is $8.07 and its 200-day simple moving average is $5.90. The stock has a market cap of $7.71 billion, a price-to-earnings ratio of -57.89 and a beta of 3.03. The company has a current ratio of 2.58, a quick ratio of 2.58 and a debt-to-equity ratio of 0.13.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last issued its quarterly earnings results on Tuesday, November 12th. The company reported ($0.06) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.07) by $0.01. The business had revenue of $25.10 million for the quarter, compared to the consensus estimate of $23.02 million. SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. The firm's quarterly revenue was up 88.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted ($0.09) earnings per share. Analysts forecast that SoundHound AI, Inc. will post -0.38 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, COO Michael Zagorsek sold 42,001 shares of SoundHound AI stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $4.88, for a total value of $204,964.88. Following the transaction, the chief operating officer now directly owns 1,473,322 shares of the company's stock, valued at $7,189,811.36. This trade represents a 2.77 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Lawrence Marcus sold 25,000 shares of the company's stock in a transaction on Thursday, December 12th. The stock was sold at an average price of $14.00, for a total value of $350,000.00. Following the sale, the director now owns 128,117 shares of the company's stock, valued at $1,793,638. The trade was a 16.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 2,060,416 shares of company stock worth $26,684,544. Company insiders own 12.28% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of SOUN. State Street Corp boosted its stake in shares of SoundHound AI by 0.6% in the 3rd quarter. State Street Corp now owns 7,197,414 shares of the company's stock valued at $33,540,000 after purchasing an additional 42,869 shares in the last quarter. Geode Capital Management LLC lifted its stake in SoundHound AI by 9.1% in the 3rd quarter. Geode Capital Management LLC now owns 7,193,599 shares of the company's stock valued at $33,529,000 after purchasing an additional 602,311 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its position in SoundHound AI by 7.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,582,206 shares of the company's stock valued at $12,033,000 after buying an additional 189,109 shares in the last quarter. Bank of New York Mellon Corp grew its stake in shares of SoundHound AI by 92.7% during the second quarter. Bank of New York Mellon Corp now owns 997,543 shares of the company's stock worth $3,940,000 after buying an additional 479,912 shares during the last quarter. Finally, Carnegie Investment Counsel acquired a new position in shares of SoundHound AI during the third quarter worth $4,193,000. Institutional investors own 19.28% of the company's stock.

SoundHound AI Company Profile

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.