SoundHound AI (NASDAQ:SOUN) Trading 2.2% Higher – Here’s What Happened

SoundHound AI, Inc. (NASDAQ:SOUN)’s stock price was up 2.2% during mid-day trading on Monday . The company traded as high as $6.13 and last traded at $6.03. Approximately 19,120,077 shares traded hands during trading, a decline of 29% from the average daily volume of 26,869,816 shares. The stock had previously closed at $5.90.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the stock. Weiss Ratings restated a “sell (d-)” rating on shares of SoundHound AI in a research note on Friday, January 9th. Zacks Research upgraded shares of SoundHound AI from a “strong sell” rating to a “hold” rating in a research report on Monday, February 9th. Cantor Fitzgerald upgraded shares of SoundHound AI from a “neutral” rating to an “overweight” rating and raised their price objective for the company from $13.00 to $15.00 in a research report on Friday, December 12th. HC Wainwright lowered their target price on shares of SoundHound AI from $26.00 to $20.00 and set a “buy” rating on the stock in a research note on Monday, March 2nd. Finally, DA Davidson set a $14.00 target price on shares of SoundHound AI in a report on Thursday, January 8th. One equities research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $14.93.

SoundHound AI Trading Down 2.8%

The firm has a 50 day moving average of $8.02 and a 200-day moving average of $11.91. The company has a market cap of $2.82 billion, a P/E ratio of -133.57 and a beta of 2.65.

SoundHound AI (NASDAQ:SOUN) last posted its quarterly earnings results on Thursday, February 26th. The company reported ($0.02) EPS for the quarter, hitting analysts’ consensus estimates of ($0.02). SoundHound AI had a negative return on equity of 3.63% and a negative net margin of 8.71%.The company had revenue of $55.06 million for the quarter, compared to analysts’ expectations of $53.88 million. During the same period in the previous year, the firm earned ($0.05) EPS. The firm’s revenue was up 59.4% compared to the same quarter last year. Equities analysts predict that SoundHound AI, Inc. will post -0.38 EPS for the current fiscal year.

Insider Transactions at SoundHound AI

In other SoundHound AI news, CFO Nitesh Sharan sold 44,027 shares of the business’s stock in a transaction on Friday, March 20th. The shares were sold at an average price of $6.79, for a total value of $298,943.33. Following the sale, the chief financial officer owned 1,661,121 shares in the company, valued at $11,279,011.59. The trade was a 2.58% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Keyvan Mohajer sold 124,510 shares of the stock in a transaction dated Friday, March 20th. The shares were sold at an average price of $6.79, for a total transaction of $845,422.90. Following the transaction, the chief executive officer directly owned 2,073,777 shares of the company’s stock, valued at $14,080,945.83. This trade represents a 5.66% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 337,649 shares of company stock valued at $2,447,222. 9.17% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On SoundHound AI

Hedge funds have recently made changes to their positions in the company. Royal Bank of Canada boosted its stake in SoundHound AI by 71.3% during the first quarter. Royal Bank of Canada now owns 160,299 shares of the company’s stock valued at $1,301,000 after buying an additional 66,714 shares during the last quarter. Integrated Wealth Concepts LLC raised its holdings in shares of SoundHound AI by 8.9% during the 1st quarter. Integrated Wealth Concepts LLC now owns 14,676 shares of the company’s stock worth $119,000 after acquiring an additional 1,201 shares in the last quarter. NewEdge Advisors LLC boosted its position in shares of SoundHound AI by 12.9% during the 1st quarter. NewEdge Advisors LLC now owns 41,030 shares of the company’s stock valued at $333,000 after acquiring an additional 4,692 shares during the last quarter. Goldman Sachs Group Inc. grew its holdings 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 purchasing an additional 1,085,473 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in SoundHound AI by 10.1% in 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 worth $5,620,000 after purchasing an additional 63,398 shares during the last quarter. 19.28% of the stock is currently 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.