SoundHound AI (NASDAQ:SOUN) Stock Price Up 11.1% - What's Next?

SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report) shares were up 11.1% during mid-day trading on Tuesday . The company traded as high as $15.99 and last traded at $15.83. Approximately 27,466,838 shares traded hands during trading, a decline of 53% from the average daily volume of 58,197,988 shares. The stock had previously closed at $14.24.

Wall Street Analyst Weigh In

Several research firms have recently commented on SOUN. HC Wainwright reaffirmed a "buy" rating and issued a $26.00 price objective on shares of SoundHound AI in a report on Monday, January 13th. LADENBURG THALM/SH SH reaffirmed a "neutral" rating and set a $7.00 price target on shares of SoundHound AI in a research report on Wednesday, November 13th. Barclays reissued a "neutral" rating and issued a $7.00 price objective on shares of SoundHound AI in a report on Wednesday, November 13th. Northland Securities raised their target price on SoundHound AI from $6.00 to $8.00 and gave the stock a "market perform" rating in a report on Tuesday, January 14th. Finally, Wedbush boosted their price target on SoundHound AI from $10.00 to $22.00 and gave the company an "outperform" rating in a report on Monday, December 16th. Three analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $12.36.

SoundHound AI Price Performance

The firm has a market capitalization of $6.14 billion, a PE ratio of -43.33 and a beta of 2.56. The company has a quick ratio of 2.58, a current ratio of 2.58 and a debt-to-equity ratio of 0.13. The stock has a 50-day moving average price of $16.36 and a 200 day moving average price of $9.24.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last posted its quarterly earnings data on Tuesday, November 12th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating the consensus estimate 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 net margin of 163.58% and a negative return on equity of 55.58%. The company's revenue was up 88.7% compared to the same quarter last year. During the same period last year, the firm posted ($0.09) earnings per share. Equities analysts forecast that SoundHound AI, Inc. will post -0.38 EPS for the current fiscal year.

Insiders Place Their Bets

In other SoundHound AI news, Director Lawrence Marcus sold 30,000 shares of the business's stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $7.15, for a total transaction of $214,500.00. Following the transaction, the director now owns 178,117 shares of the company's stock, valued at approximately $1,273,536.55. The trade was a 14.41 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Keyvan Mohajer sold 465,394 shares of the company's stock in a transaction on Monday, December 9th. The shares were sold at an average price of $15.04, for a total value of $6,999,525.76. Following the completion of the sale, the chief executive officer now owns 2,299,148 shares of the company's stock, valued at approximately $34,579,185.92. The trade was a 16.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 2,782,918 shares of company stock worth $45,391,343. Corporate insiders own 12.28% of the company's stock.

Institutional Investors Weigh In On SoundHound AI

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Carnegie Investment Counsel purchased a new stake in shares of SoundHound AI during the 3rd quarter valued at approximately $4,193,000. Geode Capital Management LLC increased its stake in SoundHound AI by 9.1% during the third quarter. Geode Capital Management LLC now owns 7,193,599 shares of the company's stock worth $33,529,000 after acquiring an additional 602,311 shares during the last quarter. Oriental Harbor Investment Fund purchased a new stake in SoundHound AI in the fourth quarter valued at $8,964,000. Raymond James Financial Inc. purchased a new position in shares of SoundHound AI during the 4th quarter worth $6,830,000. Finally, UNICOM Systems Inc. acquired a new stake in shares of SoundHound AI during the 4th quarter worth about $4,662,000. 19.28% of the stock is currently owned by institutional investors and hedge funds.

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.