SoundHound AI, Inc. (NASDAQ:SOUN – Get Free Report) shares traded up 8.4% on Monday . The company traded as high as $6.73 and last traded at $6.68. Approximately 3,450,997 shares changed hands during trading, a decline of 88% from the average session volume of 27,839,322 shares. The stock had previously closed at $6.16.
Analysts Set New Price Targets
SOUN has been the topic of several research analyst reports. LADENBURG THALM/SH SH upgraded shares of SoundHound AI to a “strong-buy” rating in a research report on Wednesday, May 6th. Weiss Ratings restated a “sell (e+)” rating on shares of SoundHound AI in a report on Monday, June 15th. Finally, DA Davidson reaffirmed a “buy” rating and set a $14.00 price objective 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 given a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $14.93.
Get Our Latest Analysis on SoundHound AI
SoundHound AI Stock Performance
SoundHound AI (NASDAQ:SOUN – Get Free Report) last announced 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). SoundHound AI had a negative return on equity of 40.15% and a negative net margin of 91.84%.The business had revenue of $44.20 million during the quarter, compared to analysts’ expectations of $42.56 million. During the same quarter last year, the company posted ($0.06) EPS. SoundHound AI’s revenue for the quarter was up 51.7% compared to the same quarter last year. Analysts expect that SoundHound AI, Inc. will post -0.45 EPS for the current year.
Insider Buying and Selling at SoundHound AI
In other SoundHound AI news, insider James Ming Hom sold 28,843 shares of the business’s stock in a transaction on Monday, June 15th. The stock was sold at an average price of $7.46, for a total value of $215,168.78. Following the sale, the insider directly owned 743,521 shares of the company’s stock, valued at approximately $5,546,666.66. The trade was a 3.73% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, SVP Majid Emami sold 28,843 shares of the business’s stock in a transaction on Monday, June 15th. The stock was sold at an average price of $7.46, for a total value of $215,168.78. Following the completion of the sale, the senior vice president directly owned 472,983 shares in the company, valued at $3,528,453.18. This trade represents a 5.75% decrease in their ownership of the stock. 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 have sold 268,022 shares of company stock valued at $1,999,444 in the last ninety days. Corporate insiders own 8.84% of the company’s stock.
Institutional Trading of SoundHound AI
Several institutional investors have recently bought and sold shares of the company. Morgan Stanley raised its stake in shares of SoundHound AI by 48.1% in the fourth quarter. Morgan Stanley now owns 8,987,522 shares of the company’s stock worth $89,606,000 after purchasing an additional 2,917,280 shares during the last quarter. UBS Group AG boosted its position in shares of SoundHound AI by 77.6% during the fourth quarter. UBS Group AG now owns 6,124,283 shares of the company’s stock valued at $61,059,000 after buying an additional 2,676,707 shares during the last quarter. Voloridge Investment Management LLC boosted its position in shares of SoundHound AI by 2,259.7% during the fourth quarter. Voloridge Investment Management LLC now owns 2,199,511 shares of the company’s stock valued at $21,929,000 after buying an additional 2,106,298 shares during the last quarter. Vanguard Group Inc. increased its holdings in SoundHound AI by 4.4% in the 4th quarter. Vanguard Group Inc. now owns 45,367,437 shares of the company’s stock worth $452,313,000 after buying an additional 1,909,868 shares in the last quarter. Finally, Jump Financial LLC purchased a new position in SoundHound AI in the 3rd quarter worth about $21,679,000. 19.28% of the stock is owned by hedge funds and other institutional investors.
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.
Featured Articles
- Five stocks we like better than SoundHound AI
- A $1.5 Billion Wake-Up Call for Every AI Company on Wall Street
- AMD’s AI Bubble Could Burst Into Explosive Upside
- Atlassian’s AI Pivot Is Starting to Challenge Wall Street’s Bear Case
- Apple’s Earnings Setup Puts Its Record Rally and AI Patience to the Test
Receive News & Ratings for SoundHound AI Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for SoundHound AI and related companies with MarketBeat.com's FREE daily email newsletter.
