SoundHound AI (NASDAQ:SOUN) Shares Up 0.7% - Here's What Happened

SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report) shares were up 0.7% during trading on Monday . The company traded as high as $7.56 and last traded at $7.25. Approximately 30,885,498 shares changed hands during mid-day trading, a decline of 9% from the average daily volume of 33,915,832 shares. The stock had previously closed at $7.20.

Wall Street Analysts Forecast Growth

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

SoundHound AI Trading Up 3.7 %

The company has a market capitalization of $2.68 billion, a price-to-earnings ratio of -18.59 and a beta of 2.71. The stock's fifty day simple moving average is $5.06 and its 200-day simple moving average is $4.87.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last announced its quarterly earnings data on Thursday, August 8th. The company reported ($0.11) earnings per share (EPS) 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 during the quarter, compared to analyst estimates of $13.09 million. During the same quarter in the previous year, the business posted ($0.10) earnings per share. The firm's revenue was up 53.8% on a year-over-year basis. On average, analysts anticipate that SoundHound AI, Inc. will post -0.36 EPS for the current fiscal year.

Insider Buying and Selling at SoundHound AI

In other news, CTO Timothy Stonehocker sold 20,337 shares of the business's stock in a transaction dated Friday, September 20th. The stock was 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 directly owns 1,039,194 shares of the company's stock, valued at approximately $5,071,266.72. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, CTO Timothy Stonehocker sold 20,337 shares of the business'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 in the company, valued at approximately $5,071,266.72. 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, CEO Keyvan Mohajer sold 63,544 shares of SoundHound AI stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $4.92, for a total value of $312,636.48. Following the sale, the chief executive officer now directly owns 2,299,148 shares of the company's stock, valued at $11,311,808.16. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 327,275 shares of company stock valued at $1,606,644 in the last quarter. Corporate insiders own 12.28% of the company's stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Janney Montgomery Scott LLC acquired a new position in SoundHound AI in the first quarter valued at $109,000. Concurrent Investment Advisors LLC purchased a new stake in SoundHound AI in the first quarter valued at approximately $199,000. Thoroughbred Financial Services LLC acquired a new stake in shares of SoundHound AI in the first quarter valued at approximately $183,000. Avantax Advisory Services Inc. acquired a new position in shares of SoundHound AI in the 1st quarter valued at $63,000. Finally, ARK & TLK Investments LLC purchased a new stake in SoundHound AI in the 1st quarter valued at $74,000. Institutional investors and hedge funds 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.

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