SoundHound AI (NASDAQ:SOUN) Stock Price Up 1.6% – Here’s Why

SoundHound AI, Inc. (NASDAQ:SOUN)’s share price was up 1.6% during mid-day trading on Friday . The company traded as high as $11.48 and last traded at $11.10. Approximately 24,398,384 shares were traded during mid-day trading, a decline of 15% from the average daily volume of 28,871,336 shares. The stock had previously closed at $10.92.

Analyst Ratings Changes

SOUN has been the subject of several research reports. Zacks Research cut shares of SoundHound AI from a “hold” rating to a “strong sell” rating in a research note on Monday. Weiss Ratings restated a “sell (d-)” rating on shares of SoundHound AI in a report on Friday, January 9th. DA Davidson set a $14.00 target price on shares of SoundHound AI in a research report on Thursday, January 8th. Piper Sandler lowered their price target on shares of SoundHound AI from $15.00 to $11.00 and set a “neutral” rating on the stock in a research note on Monday, January 5th. Finally, HC Wainwright increased their price objective on shares of SoundHound AI from $18.00 to $26.00 and gave the stock a “buy” rating in a research note on Thursday, October 16th. Two research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, two have assigned a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, SoundHound AI currently has an average rating of “Moderate Buy” and an average target price of $16.07.

SoundHound AI Stock Up 1.6%

The stock’s fifty day moving average is $11.57 and its two-hundred day moving average is $13.54. The firm has a market capitalization of $4.66 billion, a price-to-earnings ratio of -13.21 and a beta of 2.65.

SoundHound AI (NASDAQ:SOUN) last announced its quarterly earnings data on Thursday, November 6th. The company reported ($0.03) EPS for the quarter, beating analysts’ consensus estimates of ($0.09) by $0.06. The company had revenue of $42.05 million during the quarter, compared to the consensus estimate of $40.48 million. SoundHound AI had a negative net margin of 211.16% and a negative return on equity of 93.64%. The company’s quarterly revenue was up 67.6% on a year-over-year basis. During the same quarter last year, the firm posted ($0.04) EPS. As a group, analysts anticipate that SoundHound AI, Inc. will post -0.38 EPS for the current year.

Insider Activity

In other SoundHound AI news, CFO Nitesh Sharan sold 60,780 shares of the company’s stock in a transaction that occurred on Monday, December 22nd. The stock was sold at an average price of $11.28, for a total value of $685,598.40. Following the sale, the chief financial officer owned 1,705,148 shares in the company, valued at $19,234,069.44. This represents a 3.44% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, SVP Majid Emami sold 42,600 shares of SoundHound AI stock in a transaction that occurred on Monday, December 22nd. The stock was sold at an average price of $11.28, for a total value of $480,528.00. Following the transaction, the senior vice president owned 565,586 shares of the company’s stock, valued at $6,379,810.08. This represents a 7.00% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 462,265 shares of company stock valued at $5,216,518. 9.17% of the stock is owned by insiders.

Hedge Funds Weigh In On SoundHound AI

Several institutional investors and hedge funds have recently modified their holdings of the stock. Y Intercept Hong Kong Ltd acquired a new stake in shares of SoundHound AI in the 2nd quarter valued at $3,696,000. Kieckhefer Group LLC boosted its stake in SoundHound AI by 47.2% in the third quarter. Kieckhefer Group LLC now owns 259,000 shares of the company’s stock valued at $4,165,000 after buying an additional 83,000 shares in the last quarter. Osaic Holdings Inc. grew its position in SoundHound AI by 14.0% in the second quarter. Osaic Holdings Inc. now owns 498,691 shares of the company’s stock valued at $5,351,000 after acquiring an additional 61,212 shares during the last quarter. Sigma Planning Corp grew its position in SoundHound AI by 238.1% in the second quarter. Sigma Planning Corp now owns 106,661 shares of the company’s stock valued at $1,144,000 after acquiring an additional 75,113 shares during the last quarter. Finally, Fluent Financial LLC acquired a new position in SoundHound AI during the third quarter worth about $1,083,000. 19.28% of the stock is currently owned by institutional investors and hedge funds.

About SoundHound AI

SoundHound AI, Inc is a voice AI and conversational intelligence company specializing in speech recognition, natural language understanding and sound identification technologies. Founded in 2005 and headquartered in Santa Clara, California, the company initially gained recognition with its music discovery app before pivoting to enterprise-grade voice AI solutions. Over the years, SoundHound AI has built a comprehensive platform that enables developers and businesses to embed conversational intelligence into a wide range of products and services.

The company’s core offering is the Houndify voice AI platform, which provides customizable speech-to-meaning technology, domain-specific natural language understanding and text-to-speech capabilities.