SoundHound AI (NASDAQ:SOUN) Trading 11.2% Higher - What's Next?

SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report) rose 11.2% on Wednesday . The company traded as high as $22.44 and last traded at $21.56. Approximately 44,238,677 shares were traded during mid-day trading, an increase of 13% from the average daily volume of 39,280,723 shares. The stock had previously closed at $19.39.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on SOUN shares. 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 research report on Thursday, November 14th. Wedbush increased their target price on shares of SoundHound AI from $10.00 to $22.00 and gave the stock an "outperform" rating in a report on Monday. DA Davidson reissued a "buy" rating and issued a $9.50 target price on shares of SoundHound AI in a research note on Monday, September 30th. Barclays reaffirmed a "neutral" rating and set a $7.00 price target on shares of SoundHound AI in a research report on Wednesday, November 13th. Finally, LADENBURG THALM/SH SH reiterated a "neutral" rating and issued a $7.00 price objective on shares of SoundHound AI in a research report on Wednesday, November 13th. Three equities research analysts have rated the stock with a hold rating and four have given 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 Up 7.5 %

The company's fifty day simple moving average is $8.07 and its 200 day simple moving average is $5.90. 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 firm has a market capitalization of $7.71 billion, a PE ratio of -57.89 and a beta of 3.03.

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

Insider Buying and Selling at SoundHound AI

In other SoundHound AI news, COO Michael Zagorsek sold 42,001 shares of the business's stock in a transaction on Friday, September 20th. The stock was sold at an average price of $4.88, for a total value of $204,964.88. Following the sale, the chief operating officer now directly owns 1,473,322 shares of the company's stock, valued at approximately $7,189,811.36. The trade was a 2.77 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Keyvan Mohajer sold 90,641 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 value of $442,328.08. Following the transaction, the chief executive officer now owns 2,362,692 shares of the company's stock, valued at $11,529,936.96. The trade was a 3.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 2,535,517 shares of company stock valued at $36,108,293. 12.28% of the stock is currently owned by company insiders.

Institutional Trading of SoundHound AI

Several institutional investors have recently bought and sold shares of SOUN. Oppenheimer & Co. Inc. lifted its stake in shares of SoundHound AI by 11.0% in the third quarter. Oppenheimer & Co. Inc. now owns 19,000 shares of the company's stock worth $89,000 after buying an additional 1,887 shares in the last quarter. Integrated Wealth Concepts LLC raised its holdings in SoundHound AI by 13.0% in the 3rd quarter. Integrated Wealth Concepts LLC now owns 17,150 shares of the company's stock worth $80,000 after acquiring an additional 1,975 shares during the last quarter. Signaturefd LLC lifted its position in SoundHound AI by 19.5% in the 3rd quarter. Signaturefd LLC now owns 12,255 shares of the company's stock valued at $57,000 after acquiring an additional 2,000 shares in the last quarter. Newbridge Financial Services Group Inc. boosted its stake in SoundHound AI by 24.7% during the 2nd quarter. Newbridge Financial Services Group Inc. now owns 11,720 shares of the company's stock valued at $46,000 after purchasing an additional 2,320 shares during the last quarter. Finally, Wolverine Asset Management LLC increased its holdings in shares of SoundHound AI by 7.7% in the 3rd quarter. Wolverine Asset Management LLC now owns 35,102 shares of the company's stock worth $164,000 after purchasing an additional 2,522 shares in the last quarter. 19.28% of the stock is owned by hedge funds and other institutional investors.

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.