SoundHound AI, Inc. (NASDAQ:SOUN – Get Free Report)’s stock price shot up 3.2% during trading on Friday . The stock traded as high as $6.55 and last traded at $6.41. Approximately 31,714,587 shares changed hands during mid-day trading, an increase of 16% from the average daily volume of 27,439,982 shares. The stock had previously closed at $6.21.
Analyst Ratings Changes
A number of research analysts have commented on SOUN shares. HC Wainwright reduced their price objective on SoundHound AI from $26.00 to $20.00 and set a “buy” rating on the stock in a research note on Monday, March 2nd. Weiss Ratings reiterated a “sell (e+)” rating on shares of SoundHound AI in a research note on Monday, June 15th. DA Davidson reiterated a “buy” rating and set a $14.00 target price on shares of SoundHound AI in a report on Wednesday, April 22nd. Finally, LADENBURG THALM/SH SH raised SoundHound AI to a “strong-buy” rating in a research report on Wednesday, May 6th. One analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, SoundHound AI presently has an average rating of “Moderate Buy” and an average target price of $14.93.
View Our Latest Research Report on SoundHound AI
SoundHound AI Trading Up 3.2%
SoundHound AI (NASDAQ:SOUN – Get Free Report) last posted its quarterly earnings data on Thursday, May 7th. The company reported ($0.06) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.01). The firm had revenue of $44.20 million during the quarter, compared to analysts’ expectations of $42.56 million. SoundHound AI had a negative net margin of 91.84% and a negative return on equity of 40.15%. The business’s quarterly revenue was up 51.7% on a year-over-year basis. During the same period in the previous year, the company earned ($0.06) earnings per share. As a group, analysts forecast that SoundHound AI, Inc. will post -0.45 EPS for the current year.
Insiders Place Their Bets
In other SoundHound AI news, COO Michael Zagorsek sold 64,994 shares of SoundHound AI stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $7.46, for a total transaction of $484,855.24. Following the sale, the chief operating officer directly owned 1,669,497 shares in the company, valued at $12,454,447.62. The trade was a 3.75% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider James Ming Hom sold 28,843 shares of the company’s stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of $7.46, for a total value of $215,168.78. Following the completion of the transaction, the insider directly owned 743,521 shares in the company, valued at approximately $5,546,666.66. The trade was a 3.73% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders have sold 268,022 shares of company stock valued at $1,999,444. Insiders own 8.84% of the company’s stock.
Institutional Trading of SoundHound AI
A number of hedge funds have recently made changes to their positions in the stock. Empowered Funds LLC increased its stake in shares of SoundHound AI by 19.6% in the first quarter. Empowered Funds LLC now owns 13,896 shares of the company’s stock worth $95,000 after buying an additional 2,277 shares during the last quarter. NewEdge Advisors LLC boosted its stake in SoundHound AI by 62.1% during the 1st quarter. NewEdge Advisors LLC now owns 95,657 shares of the company’s stock valued at $657,000 after acquiring an additional 36,644 shares during the last quarter. Verus Capital Partners LLC bought a new position in SoundHound AI during the 1st quarter valued at $71,000. Amundi boosted its stake in SoundHound AI by 112.4% during the 1st quarter. Amundi now owns 24,046 shares of the company’s stock valued at $165,000 after acquiring an additional 12,725 shares during the last quarter. Finally, 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 worth $3,023,000 after acquiring an additional 87,998 shares in the last quarter. Institutional investors and hedge funds 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.
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