SoundHound AI (NASDAQ:SOUN) Stock Price Up 0.5% - What's Next?

Shares of SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report) were up 0.5% during mid-day trading on Thursday . The company traded as high as $16.59 and last traded at $15.88. Approximately 20,087,378 shares traded hands during mid-day trading, a decline of 65% from the average daily volume of 57,205,223 shares. The stock had previously closed at $15.81.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on SOUN shares. Wedbush increased their target price on SoundHound AI from $10.00 to $22.00 and gave the company an "outperform" rating in a research note on Monday, December 16th. Northland Securities lifted their price objective on SoundHound AI from $6.00 to $8.00 and gave the stock a "market perform" rating in a report on Tuesday, January 14th. Barclays restated a "neutral" rating and set a $7.00 price objective on shares of SoundHound AI in a report on Wednesday, November 13th. HC Wainwright restated a "buy" rating and set a $26.00 price objective on shares of SoundHound AI in a report on Monday, January 13th. Finally, LADENBURG THALM/SH SH restated a "neutral" rating and set a $7.00 price objective on shares of SoundHound AI in a report on Wednesday, November 13th. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $12.36.

SoundHound AI Trading Up 0.7 %

The company has a market cap of $5.89 billion, a price-to-earnings ratio of -44.46 and a beta of 2.56. The firm has a 50-day moving average price of $16.08 and a 200 day moving average price of $9.06. 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 earnings results on Tuesday, November 12th. The company reported ($0.06) EPS for the quarter, topping the consensus estimate of ($0.07) by $0.01. The company had revenue of $25.10 million during the quarter, compared to analyst estimates of $23.02 million. SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. The business's revenue was up 88.7% on a year-over-year basis. During the same quarter last year, the firm earned ($0.09) EPS. As a group, sell-side analysts forecast that SoundHound AI, Inc. will post -0.38 EPS for the current year.

Insider Activity at SoundHound AI

In related news, VP Majid Emami sold 94,067 shares of the business's stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $9.05, for a total transaction of $851,306.35. Following the completion of the transaction, the vice president now owns 735,685 shares in the company, valued at $6,657,949.25. The trade was a 11.34 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Keyvan Mohajer sold 156,288 shares of the business's stock in a transaction on Tuesday, December 24th. The stock was sold at an average price of $20.20, for a total value of $3,157,017.60. Following the transaction, the chief executive officer now owns 2,021,666 shares of the company's stock, valued at $40,837,653.20. This trade represents a 7.18 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 2,782,918 shares of company stock worth $45,391,343 in the last 90 days. 12.28% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Kieckhefer Group LLC acquired a new position in SoundHound AI during the 4th quarter worth $3,432,000. Charles Schwab Investment Management Inc. boosted its position in SoundHound AI by 7.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,582,206 shares of the company's stock worth $12,033,000 after acquiring an additional 189,109 shares during the period. Carnegie Investment Counsel bought a new stake in shares of SoundHound AI in the 3rd quarter worth $4,193,000. Oriental Harbor Investment Fund bought a new stake in shares of SoundHound AI in the 4th quarter worth $8,964,000. Finally, Geode Capital Management LLC raised its stake in shares of SoundHound AI by 9.1% in the 3rd quarter. Geode Capital Management LLC now owns 7,193,599 shares of the company's stock worth $33,529,000 after buying an additional 602,311 shares in the last quarter. Institutional investors and hedge funds 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.

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