SoundHound AI (NASDAQ:SOUN) Shares Up 1.2%

SoundHound AI, Inc. (NASDAQ:SOUN) shares were up 1.2% on Wednesday . The company traded as high as $5.18 and last traded at $5.05. Approximately 7,711,067 shares were traded during trading, a decline of 81% from the average daily volume of 39,861,016 shares. The stock had previously closed at $4.99.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the stock. Northland Securities upped their price objective on shares of SoundHound AI from $5.50 to $6.00 and gave the stock a “market perform” rating in a report on Friday, August 9th. Cantor Fitzgerald upgraded SoundHound AI from a “neutral” rating to an “overweight” rating and raised their price target for the stock from $5.00 to $7.00 in a research report on Friday, August 9th. HC Wainwright reissued a “buy” rating and set a $7.00 target price on shares of SoundHound AI in a research note on Monday. Finally, Wedbush restated an “outperform” rating and set a $9.00 target price on shares of SoundHound AI in a report on Friday, August 9th. One analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $7.08.

SoundHound AI Stock Performance

The firm has a market capitalization of $1.63 billion, a price-to-earnings ratio of -13.03 and a beta of 2.77. The firm has a 50 day moving average price of $4.63 and a 200-day moving average price of $4.73. The company has a debt-to-equity ratio of 0.56, a current ratio of 8.84 and a quick ratio of 8.84.

SoundHound AI (NASDAQ:SOUN) last posted its quarterly earnings results on Thursday, August 8th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.02). SoundHound AI had a negative net margin of 183.49% and a negative return on equity of 163.00%. The company had revenue of $13.46 million during the quarter, compared to analyst estimates of $13.09 million. During the same period in the prior year, the business earned ($0.10) EPS. SoundHound AI’s revenue for the quarter was up 53.8% on a year-over-year basis. As a group, sell-side analysts expect that SoundHound AI, Inc. will post -0.3 earnings per share for the current fiscal year.

Insider Buying and Selling at SoundHound AI

In related news, CTO Timothy Stonehocker sold 16,039 shares of the stock in a transaction on Thursday, June 20th. The stock was sold at an average price of $4.04, for a total value of $64,797.56. Following the transaction, the chief technology officer now owns 867,531 shares of the company’s stock, valued at $3,504,825.24. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other news, insider James Ming Hom sold 16,716 shares of the business’s stock in a transaction dated Thursday, June 20th. The stock was sold at an average price of $4.04, for a total value of $67,532.64. Following the completion of the sale, the insider now directly owns 486,989 shares of the company’s stock, valued at approximately $1,967,435.56. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CTO Timothy Stonehocker sold 16,039 shares of the firm’s stock in a transaction that occurred on Thursday, June 20th. The stock was sold at an average price of $4.04, for a total value of $64,797.56. Following the transaction, the chief technology officer now owns 867,531 shares in the company, valued at approximately $3,504,825.24. The disclosure for this sale can be found here. In the last three months, insiders have sold 625,728 shares of company stock valued at $3,011,476. Insiders own 21.30% of the company’s stock.

Institutional Investors Weigh In On SoundHound AI

Several large investors have recently modified their holdings of SOUN. Hexagon Capital Partners LLC acquired a new stake in shares of SoundHound AI in the 1st quarter valued at approximately $29,000. DecisionPoint Financial LLC acquired a new stake in SoundHound AI in the first quarter valued at $40,000. Kings Path Partners LLC acquired a new stake in SoundHound AI in the second quarter valued at $28,000. International Assets Investment Management LLC purchased a new stake in shares of SoundHound AI during the 2nd quarter worth $31,000. Finally, Newbridge Financial Services Group Inc. acquired a new position in shares of SoundHound AI during the 1st quarter worth $55,000. 19.28% of the stock is owned by institutional investors and hedge funds.

About SoundHound AI

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.