SoundHound AI (NASDAQ:SOUN) Stock Price Up 2.3% - Here's What Happened

SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report)'s stock price rose 2.3% on Friday . The stock traded as high as $15.35 and last traded at $14.29. Approximately 34,487,000 shares traded hands during trading, a decline of 47% from the average daily volume of 65,540,227 shares. The stock had previously closed at $13.97.

Analyst Upgrades and Downgrades

A number of brokerages have commented on SOUN. LADENBURG THALM/SH SH reaffirmed a "neutral" rating and issued a $7.00 price objective on shares of SoundHound AI in a report on Wednesday, November 13th. Wedbush upped their price target on shares of 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 shares of SoundHound AI from $6.00 to $8.00 and gave the stock a "market perform" rating in a research note on Tuesday. HC Wainwright restated a "buy" rating and set a $26.00 target price on shares of SoundHound AI in a research report on Monday. Finally, DA Davidson reiterated a "buy" rating and issued a $9.50 price target on shares of SoundHound AI in a research report on Monday, September 30th. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $12.36.

SoundHound AI Price Performance

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 market capitalization of $5.04 billion, a price-to-earnings ratio of -37.89 and a beta of 2.63. The business's 50 day simple moving average is $13.90 and its 200-day simple moving average is $8.05.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last posted its quarterly earnings results on Tuesday, November 12th. The company reported ($0.06) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.07) by $0.01. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. The business had revenue of $25.10 million for the quarter, compared to analyst estimates 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% on a year-over-year basis. On average, research analysts forecast that SoundHound AI, Inc. will post -0.38 earnings per share for the current year.

Insider Transactions at SoundHound AI

In other SoundHound AI news, CEO Keyvan Mohajer sold 156,288 shares of SoundHound AI stock in a transaction dated 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 in the company, valued at $40,837,653.20. The trade was a 7.18 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Majid Emami sold 37,459 shares of the stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $20.30, for a total transaction of $760,417.70. Following the completion of the transaction, the vice president now directly owns 698,226 shares of the company's stock, valued at $14,173,987.80. This trade represents a 5.09 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 2,782,918 shares of company stock valued at $45,391,343. Corporate insiders own 12.28% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Rhumbline Advisers boosted its holdings in shares of SoundHound AI by 106.6% during the 2nd quarter. Rhumbline Advisers now owns 360,167 shares of the company's stock valued at $1,423,000 after acquiring an additional 185,861 shares in the last quarter. Victory Capital Management Inc. boosted its stake in shares of SoundHound AI by 9.0% during the second quarter. Victory Capital Management Inc. now owns 36,511 shares of the company's stock valued at $144,000 after purchasing an additional 3,017 shares in the last quarter. Choreo LLC bought a new stake in shares of SoundHound AI during the second quarter worth about $49,000. Amalgamated Bank increased its stake in shares of SoundHound AI by 108.0% in the second quarter. Amalgamated Bank now owns 9,819 shares of the company's stock valued at $39,000 after buying an additional 5,099 shares during the period. Finally, Hsbc Holdings PLC increased its stake in shares of SoundHound AI by 928.9% in the second quarter. Hsbc Holdings PLC now owns 155,975 shares of the company's stock valued at $613,000 after buying an additional 140,815 shares during the period. 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.