SoundHound AI (NASDAQ:SOUN) Trading 4% Higher – Here’s What Happened

SoundHound AI, Inc. (NASDAQ:SOUN) shares rose 4% during trading on Monday . The company traded as high as $6.22 and last traded at $6.17. Approximately 17,649,265 shares traded hands during trading, a decline of 37% from the average daily volume of 28,187,828 shares. The stock had previously closed at $5.93.

Analysts Set New Price Targets

Several research analysts recently weighed in on SOUN shares. Weiss Ratings reissued a “sell (e+)” rating on shares of SoundHound AI in a research note on Friday, September 11th. Wall Street Zen raised shares of SoundHound AI from a “strong sell” rating to a “sell” rating in a research report on Sunday, September 13th. DA Davidson reduced their price objective on shares of SoundHound AI from $12.00 to $10.00 and set a “buy” rating on the stock in a research note on Thursday, August 6th. Finally, Piper Sandler decreased their target price on shares of SoundHound AI from $7.00 to $6.00 and set a “neutral” rating on the stock in a research report on Tuesday. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $12.75.

SoundHound AI Price Performance

The company has a 50-day moving average of $6.66 and a two-hundred day moving average of $7.17. The stock has a market capitalization of $2.67 billion, a PE ratio of -15.88 and a beta of 2.66.

SoundHound AI (NASDAQ:SOUN) last posted its quarterly earnings data on Wednesday, August 5th. The company reported ($0.02) EPS for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.11. The company had revenue of $61.90 million during the quarter, compared to the consensus estimate of $52.38 million. SoundHound AI had a negative net margin of 67.45% and a negative return on equity of 30.22%. The company’s quarterly revenue was up 45.0% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.19) EPS. On average, research analysts forecast that SoundHound AI, Inc. will post -0.33 EPS for the current fiscal year.

Insider Activity at SoundHound AI

In other SoundHound AI news, CEO Keyvan Mohajer sold 137,290 shares of the stock in a transaction that occurred on Tuesday, September 15th. The shares were sold at an average price of $6.33, for a total transaction of $869,045.70. Following the transaction, the chief executive officer owned 3,684,947 shares of the company’s stock, valued at $23,325,714.51. This trade represents a 3.59% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO Michael Zagorsek sold 71,113 shares of SoundHound AI stock in a transaction on Tuesday, September 15th. The shares were sold at an average price of $6.33, for a total transaction of $450,145.29. Following the completion of the transaction, the chief operating officer owned 2,600,231 shares in the company, valued at approximately $16,459,462.23. This trade represents a 2.66% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders sold 288,758 shares of company stock worth $1,828,598. 8.84% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On SoundHound AI

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Geode Capital Management LLC grew its holdings in shares of SoundHound AI by 3.1% during the 4th quarter. Geode Capital Management LLC now owns 9,180,321 shares of the company’s stock worth $91,543,000 after purchasing an additional 273,097 shares during the period. Swiss National Bank boosted its stake in shares of SoundHound AI by 3.7% in the first quarter. Swiss National Bank now owns 767,100 shares of the company’s stock valued at $5,270,000 after purchasing an additional 27,300 shares during the period. California State Teachers Retirement System grew its holdings in SoundHound AI by 25.0% during the 1st quarter. California State Teachers Retirement System now owns 440,023 shares of the company’s stock valued at $3,023,000 after purchasing an additional 87,998 shares in the last quarter. Virtu Financial LLC grew its holdings in SoundHound AI by 43.9% during the 4th quarter. Virtu Financial LLC now owns 219,773 shares of the company’s stock valued at $2,191,000 after purchasing an additional 67,088 shares in the last quarter. Finally, Rockefeller Capital Management L.P. increased its stake in SoundHound AI by 3.5% during the 4th quarter. Rockefeller Capital Management L.P. now owns 179,327 shares of the company’s stock worth $1,788,000 after buying an additional 6,096 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 conversational artificial intelligence and voice-enabled technologies. Its platform is designed to let users interact with devices, applications and services through natural-language speech, supporting functions such as information retrieval, question answering and task completion.

The company’s offerings include the Houndify conversational AI platform, which businesses can use to build branded voice assistants, as well as SoundHound Chat AI, an in-car and consumer-oriented voice assistant that combines conversational capabilities with access to information and services.