SoundHound AI (NASDAQ:SOUN) Trading 6.1% Higher – Here’s What Happened

SoundHound AI, Inc. (NASDAQ:SOUN)’s stock price rose 6.1% on Tuesday . The stock traded as high as $10.17 and last traded at $10.07. Approximately 18,340,639 shares traded hands during trading, a decline of 53% from the average daily volume of 38,987,855 shares. The stock had previously closed at $9.49.

Analyst Ratings Changes

A number of research firms have issued reports on SOUN. Piper Sandler began coverage on shares of SoundHound AI in a research report on Tuesday, May 27th. They set an “overweight” rating and a $12.00 target price on the stock. Wedbush cut their price objective on shares of SoundHound AI from $22.00 to $15.00 and set an “outperform” rating on the stock in a report on Friday, May 9th. DA Davidson reduced their price objective on shares of SoundHound AI from $13.00 to $10.00 and set a “buy” rating on the stock in a research note on Monday, April 14th. Cantor Fitzgerald upgraded shares of SoundHound AI to a “hold” rating in a research report on Monday, February 24th. Finally, HC Wainwright reduced their price target on SoundHound AI from $26.00 to $18.00 and set a “buy” rating on the stock in a research report on Monday, May 12th. Four investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $10.50.

SoundHound AI Stock Up 5.4%

The stock has a market capitalization of $4.02 billion, a P/E ratio of -18.19 and a beta of 2.64. The company has a fifty day simple moving average of $9.61 and a two-hundred day simple moving average of $11.96.

SoundHound AI (NASDAQ:SOUN) last issued its quarterly earnings data on Thursday, May 8th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.09) by $0.03. SoundHound AI had a negative return on equity of 68.55% and a negative net margin of 184.34%. The business had revenue of $29.13 million during the quarter, compared to analyst estimates of $30.38 million. During the same period in the previous year, the firm earned ($0.07) EPS. SoundHound AI’s quarterly revenue was up 151.2% compared to the same quarter last year. As a group, equities analysts forecast that SoundHound AI, Inc. will post -0.38 earnings per share for the current year.

Insider Buying and Selling

In related news, VP Majid Emami sold 132,352 shares of the firm’s stock in a transaction on Tuesday, June 10th. The shares were sold at an average price of $10.04, for a total value of $1,328,814.08. Following the completion of the transaction, the vice president now owns 537,482 shares of the company’s stock, valued at approximately $5,396,319.28. This trade represents a 19.76% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider James Ming Hom sold 3,815 shares of SoundHound AI stock in a transaction on Monday, May 12th. The shares were sold at an average price of $10.00, for a total transaction of $38,150.00. Following the completion of the sale, the insider now owns 637,090 shares in the company, valued at $6,370,900. The trade was a 0.60% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 180,324 shares of company stock valued at $1,896,848. Company insiders own 9.17% of the company’s stock.

Hedge Funds Weigh In On SoundHound AI

Hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. raised its holdings in SoundHound AI by 35.6% during the fourth quarter. Vanguard Group Inc. now owns 32,031,662 shares of the company’s stock worth $635,508,000 after acquiring an additional 8,402,881 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in shares of SoundHound AI by 84.2% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 4,973,728 shares of the company’s stock valued at $40,390,000 after buying an additional 2,274,105 shares during the last quarter. Rockefeller Capital Management L.P. acquired a new stake in shares of SoundHound AI in the 4th quarter valued at approximately $41,595,000. Invesco Ltd. boosted its holdings in shares of SoundHound AI by 1,386.2% in the 4th quarter. Invesco Ltd. now owns 1,382,371 shares of the company’s stock valued at $27,426,000 after buying an additional 1,289,360 shares during the last quarter. Finally, Goldman Sachs Group Inc. grew its stake in shares of 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 buying an additional 1,085,473 shares in the last quarter. Institutional investors own 19.28% of the company’s stock.

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.