SoundHound AI, Inc. (NASDAQ:SOUN – Get Free Report) shares rose 7.7% during mid-day trading on Thursday . The stock traded as high as $6.19 and last traded at $6.14. Approximately 26,536,704 shares traded hands during trading, a decline of 6% from the average session volume of 28,348,666 shares. The stock had previously closed at $5.70.
Wall Street Analysts Forecast Growth
SOUN has been the topic of several research analyst reports. DA Davidson reiterated a “buy” rating and issued a $14.00 target price on shares of SoundHound AI in a research report on Wednesday, April 22nd. LADENBURG THALM/SH SH raised shares of SoundHound AI to a “strong-buy” rating in a research note on Wednesday, May 6th. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of SoundHound AI in a report on Monday, June 15th. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $14.93.
View Our Latest Analysis on SOUN
SoundHound AI Price Performance
SoundHound AI (NASDAQ:SOUN – Get Free Report) last posted its quarterly earnings results on Thursday, May 7th. The company reported ($0.06) earnings per share for the quarter, missing the consensus estimate of ($0.05) by ($0.01). The business had revenue of $44.20 million during the quarter, compared to analysts’ expectations of $42.56 million. SoundHound AI had a negative return on equity of 40.15% and a negative net margin of 91.84%.The business’s quarterly revenue was up 51.7% on a year-over-year basis. During the same period in the prior year, the business posted ($0.06) earnings per share. On average, sell-side analysts anticipate that SoundHound AI, Inc. will post -0.45 earnings per share for the current fiscal year.
Insider Buying and Selling
In other news, CTO Timothy Stonehocker sold 18,802 shares of the business’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 $140,262.92. Following the transaction, the chief technology officer directly owned 502,290 shares in the company, valued at $3,747,083.40. The trade was a 3.61% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO Michael Zagorsek sold 64,994 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 $484,855.24. Following the completion of the sale, the chief operating officer owned 1,669,497 shares of the company’s stock, valued at $12,454,447.62. This trade represents a 3.75% 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. Insiders have sold 268,022 shares of company stock worth $1,999,444 in the last 90 days. Corporate insiders own 8.84% of the company’s stock.
Hedge Funds Weigh In On SoundHound AI
A number of institutional investors and hedge funds have recently added to or reduced their stakes in SOUN. Handelsbanken Fonder AB increased its stake in shares of SoundHound AI by 17.4% in the 2nd quarter. Handelsbanken Fonder AB now owns 124,000 shares of the company’s stock worth $802,000 after acquiring an additional 18,400 shares during the last quarter. Focus Financial Network Inc. raised its holdings in shares of SoundHound AI by 21.4% during the 2nd quarter. Focus Financial Network Inc. now owns 48,229 shares of the company’s stock worth $312,000 after acquiring an additional 8,516 shares during the period. IFC & Insurance Marketing Inc. boosted its position in shares of SoundHound AI by 17.9% during the 2nd quarter. IFC & Insurance Marketing Inc. now owns 42,255 shares of the company’s stock valued at $273,000 after acquiring an additional 6,427 shares during the last quarter. Hennion & Walsh Asset Management Inc. grew its holdings in shares of SoundHound AI by 19.2% in the second quarter. Hennion & Walsh Asset Management Inc. now owns 118,662 shares of the company’s stock valued at $768,000 after purchasing an additional 19,133 shares during the period. Finally, Empowered Funds LLC grew its holdings 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 valued at $95,000 after purchasing an additional 2,277 shares during the period. Institutional investors and hedge funds own 19.28% of the company’s stock.
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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