Shares of SoundHound AI, Inc. (NASDAQ:SOUN – Get Free Report) rose 4% during mid-day trading on Tuesday . The stock traded as high as $6.60 and last traded at $6.56. Approximately 38,051,882 shares were traded during mid-day trading, an increase of 37% from the average daily volume of 27,761,260 shares. The stock had previously closed at $6.31.
Analyst Ratings Changes
A number of analysts have weighed in on SOUN shares. LADENBURG THALM/SH SH upgraded SoundHound AI to a “strong-buy” rating in a report on Wednesday, May 6th. Weiss Ratings reissued a “sell (e+)” rating on shares of SoundHound AI in a research note on Monday, June 15th. Finally, DA Davidson restated a “buy” rating and set a $14.00 target price on shares of SoundHound AI in a research report on Wednesday, April 22nd. One investment 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 issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $14.93.
Get Our Latest Stock Report on SOUN
SoundHound AI Trading Up 3.8%
SoundHound AI (NASDAQ:SOUN – Get Free Report) last posted its quarterly earnings results on Thursday, May 7th. The company reported ($0.06) EPS for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.01). SoundHound AI had a negative return on equity of 40.15% and a negative net margin of 91.84%.The company had revenue of $44.20 million during the quarter, compared to analyst estimates of $42.56 million. During the same quarter in the previous year, the business posted ($0.06) earnings per share. The company’s revenue for the quarter was up 51.7% compared to the same quarter last year. As a group, analysts predict that SoundHound AI, Inc. will post -0.45 EPS for the current year.
Insider Buying and Selling
In related news, insider James Ming Hom sold 28,843 shares of the company’s 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 $215,168.78. Following the transaction, the insider directly owned 743,521 shares of the company’s stock, valued at approximately $5,546,666.66. This represents a 3.73% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Keyvan Mohajer sold 126,540 shares of the stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $7.46, for a total value of $943,988.40. Following the completion of the transaction, the chief executive officer owned 1,947,237 shares in the company, valued at approximately $14,526,388.02. The trade was a 6.10% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 268,022 shares of company stock worth $1,999,444 over the last 90 days. 8.84% of the stock is owned by company insiders.
Hedge Funds Weigh In On SoundHound AI
A number of institutional investors have recently modified their holdings of the company. Royal Bank of Canada grew its position in SoundHound AI by 71.3% in the 1st quarter. Royal Bank of Canada now owns 160,299 shares of the company’s stock valued at $1,301,000 after purchasing an additional 66,714 shares during the period. Integrated Wealth Concepts LLC raised its holdings in SoundHound AI by 8.9% during the first quarter. Integrated Wealth Concepts LLC now owns 14,676 shares of the company’s stock worth $119,000 after buying an additional 1,201 shares during the last quarter. NewEdge Advisors LLC lifted its stake in shares of SoundHound AI by 12.9% in the first quarter. NewEdge Advisors LLC now owns 41,030 shares of the company’s stock valued at $333,000 after buying an additional 4,692 shares in the last quarter. Goldman Sachs Group Inc. lifted 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. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in shares of SoundHound AI by 10.1% during 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 valued at $5,620,000 after buying an additional 63,398 shares during the last quarter. 19.28% of the stock is 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.
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