SoundHound AI (NASDAQ:SOUN) Trading 1.6% Higher – Here’s Why

SoundHound AI, Inc. (NASDAQ:SOUN)’s share price traded up 1.6% during trading on Wednesday . The stock traded as high as $10.79 and last traded at $10.62. 24,935,416 shares traded hands during mid-day trading, a decline of 12% from the average session volume of 28,333,615 shares. The stock had previously closed at $10.45.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on SOUN. LADENBURG THALM/SH SH raised shares of SoundHound AI to a “strong-buy” rating in a report on Thursday, December 18th. Zacks Research downgraded SoundHound AI from a “hold” rating to a “strong sell” rating in a research report on Monday, January 12th. Piper Sandler dropped 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 report on Monday, January 5th. Weiss Ratings restated a “sell (d-)” rating on shares of SoundHound AI in a report on Friday, January 9th. Finally, HC Wainwright lifted their price target on shares of SoundHound AI from $18.00 to $26.00 and gave the stock a “buy” rating in a research report on Thursday, October 16th. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, two have assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, SoundHound AI presently has a consensus rating of “Moderate Buy” and a consensus price target of $16.07.

SoundHound AI Stock Up 1.6%

The stock has a market cap of $4.46 billion, a P/E ratio of -12.64 and a beta of 2.65. The firm’s 50-day moving average is $11.39 and its two-hundred day moving average is $13.57.

SoundHound AI (NASDAQ:SOUN) last announced its quarterly earnings results on Thursday, November 6th. The company reported ($0.03) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.06. SoundHound AI had a negative return on equity of 93.64% and a negative net margin of 211.16%.The company had revenue of $42.05 million during the quarter, compared to analysts’ expectations of $40.48 million. During the same quarter in the previous year, the firm earned ($0.04) earnings per share. The business’s quarterly revenue was up 67.6% 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, CTO Timothy Stonehocker sold 29,676 shares of the business’s stock in a transaction on Friday, January 9th. The shares were sold at an average price of $12.00, for a total value of $356,112.00. Following the sale, the chief technology officer owned 544,179 shares of the company’s stock, valued at $6,530,148. The trade was a 5.17% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Nitesh Sharan sold 60,780 shares of the stock in a transaction dated Monday, December 22nd. The stock was sold at an average price of $11.28, for a total transaction of $685,598.40. Following the completion of the transaction, the chief financial officer directly owned 1,705,148 shares of the company’s stock, valued at $19,234,069.44. This trade represents a 3.44% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 462,265 shares of company stock valued at $5,216,518 over the last quarter. Company insiders own 9.17% of the company’s stock.

Hedge Funds Weigh In On SoundHound AI

Institutional investors have recently bought and sold shares of the business. Royal Bank of Canada grew its stake in shares of SoundHound AI by 71.3% during the first quarter. Royal Bank of Canada now owns 160,299 shares of the company’s stock worth $1,301,000 after purchasing an additional 66,714 shares during the period. Integrated Wealth Concepts LLC raised its position in shares of SoundHound AI by 8.9% in the 1st quarter. Integrated Wealth Concepts LLC now owns 14,676 shares of the company’s stock valued at $119,000 after acquiring an additional 1,201 shares during the period. NewEdge Advisors LLC boosted its stake in SoundHound AI by 12.9% during the 1st quarter. NewEdge Advisors LLC now owns 41,030 shares of the company’s stock worth $333,000 after acquiring an additional 4,692 shares during the last quarter. Goldman Sachs Group Inc. increased its stake in SoundHound AI by 69.8% in the first quarter. Goldman Sachs Group Inc. now owns 2,639,689 shares of the company’s stock valued at $21,434,000 after purchasing an additional 1,085,473 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in SoundHound AI by 10.1% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 692,170 shares of the company’s stock worth $5,620,000 after purchasing an additional 63,398 shares during the period. Institutional investors own 19.28% of the company’s stock.

SoundHound AI Company Profile

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.