SoundHound AI (NASDAQ:SOUN) Stock Price Up 1.2% – What’s Next?

SoundHound AI, Inc. (NASDAQ:SOUN)’s share price was up 1.2% on Tuesday . The company traded as high as $8.54 and last traded at $8.45. Approximately 20,086,136 shares changed hands during trading, a decline of 27% from the average daily volume of 27,582,773 shares. The stock had previously closed at $8.35.

Analyst Ratings Changes

A number of research analysts have weighed in on SOUN shares. HC Wainwright cut their target price on shares of SoundHound AI from $26.00 to $20.00 and set a “buy” rating for the company in a research report on Monday, March 2nd. Piper Sandler reissued a “neutral” rating and set a $9.00 target price (down from $11.00) on shares of SoundHound AI in a research report on Friday, February 27th. LADENBURG THALM/SH SH raised shares of SoundHound AI to a “strong-buy” rating in a research report on Wednesday, May 6th. Zacks Research raised shares of SoundHound AI from a “strong sell” rating to a “hold” rating in a research report on Monday, February 9th. Finally, DA Davidson reissued a “buy” rating and set a $14.00 target price on shares of SoundHound AI in a research report on Wednesday, April 22nd. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, SoundHound AI has a consensus rating of “Moderate Buy” and a consensus target price of $14.93.

SoundHound AI Stock Performance

The stock has a market cap of $3.57 billion, a price-to-earnings ratio of -17.98 and a beta of 2.58. The stock’s 50-day simple moving average is $7.56 and its two-hundred day simple moving average is $9.70.

SoundHound AI (NASDAQ:SOUN) last announced its quarterly earnings data on Thursday, May 7th. The company reported ($0.06) EPS for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.01). The company had revenue of $44.20 million for the quarter, compared to analyst estimates of $42.56 million. SoundHound AI had a negative net margin of 91.84% and a negative return on equity of 40.15%. The firm’s quarterly revenue was up 51.7% on a year-over-year basis. During the same period in the prior year, the company posted ($0.06) EPS. As a group, research analysts predict that SoundHound AI, Inc. will post -0.34 earnings per share for the current year.

Insider Buying and Selling at SoundHound AI

In other news, insider James Ming Hom sold 31,019 shares of the company’s stock in a transaction dated Friday, March 20th. The shares were sold at an average price of $6.79, for a total transaction of $210,619.01. Following the completion of the transaction, the insider owned 772,364 shares of the company’s stock, valued at approximately $5,244,351.56. This represents a 3.86% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Nitesh Sharan sold 44,027 shares of the company’s stock in a transaction dated Friday, March 20th. The shares were sold at an average price of $6.79, for a total transaction of $298,943.33. Following the transaction, the chief financial officer directly owned 1,661,121 shares of the company’s stock, valued at $11,279,011.59. This represents a 2.58% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 307,973 shares of company stock valued at $2,091,110 in the last three months. Company insiders own 8.84% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in SOUN. Vanguard Group Inc. raised its position in shares of SoundHound AI by 16.4% during the third quarter. Vanguard Group Inc. now owns 43,457,569 shares of the company’s stock valued at $698,798,000 after buying an additional 6,132,648 shares during the last quarter. Morgan Stanley raised its position in shares of SoundHound AI by 48.1% during the fourth quarter. Morgan Stanley now owns 8,987,522 shares of the company’s stock valued at $89,606,000 after buying an additional 2,917,280 shares during the last quarter. UBS Group AG raised 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 increased its stake in SoundHound AI by 2,259.7% in the fourth quarter. Voloridge Investment Management LLC now owns 2,199,511 shares of the company’s stock valued at $21,929,000 after acquiring an additional 2,106,298 shares during the period. Finally, Jump Financial LLC bought a new stake in SoundHound AI in the third quarter valued at about $21,679,000. 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.