SoundHound AI (NASDAQ:SOUN) Trading 1.9% Higher – What’s Next?

SoundHound AI, Inc. (NASDAQ:SOUN)’s stock price shot up 1.9% during mid-day trading on Monday . The stock traded as high as $8.24 and last traded at $8.22. 24,164,108 shares traded hands during mid-day trading, a decline of 11% from the average session volume of 27,015,930 shares. The stock had previously closed at $8.07.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on SOUN shares. Weiss Ratings reissued a “sell (d-)” rating on shares of SoundHound AI in a research report on Friday, January 9th. LADENBURG THALM/SH SH raised shares of SoundHound AI to a “strong-buy” rating in a research note on Thursday, December 18th. HC Wainwright reduced their price target on shares of SoundHound AI from $26.00 to $20.00 and set a “buy” rating on the stock in a research report on Monday, March 2nd. Cantor Fitzgerald upgraded SoundHound AI from a “neutral” rating to an “overweight” rating and upped their price objective for the company from $13.00 to $15.00 in a report on Friday, December 12th. Finally, DA Davidson set a $14.00 price objective on SoundHound AI in a research report on Thursday, January 8th. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, SoundHound AI has an average rating of “Moderate Buy” and a consensus price target of $14.93.

SoundHound AI Stock Performance

The stock’s 50-day moving average is $9.32 and its two-hundred day moving average is $12.66. The stock has a market cap of $3.45 billion, a PE ratio of -164.37 and a beta of 2.65.

SoundHound AI (NASDAQ:SOUN) last released 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 prior year, the firm earned ($0.05) earnings per share. The firm’s revenue was up 59.4% compared to the same quarter last year. Analysts forecast that SoundHound AI, Inc. will post -0.38 EPS for the current year.

Insiders Place Their Bets

In related news, SVP Majid Emami sold 42,600 shares of the firm’s stock in a transaction that occurred on Monday, December 22nd. The shares were sold at an average price of $11.28, for a total value of $480,528.00. Following the sale, the senior vice president owned 565,586 shares of the company’s stock, valued at $6,379,810.08. This trade represents a 7.00% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider James Ming Hom sold 42,600 shares of the business’s stock in a transaction that occurred on Monday, December 22nd. The stock was sold at an average price of $11.28, for a total transaction of $480,528.00. Following the transaction, the insider owned 803,383 shares of the company’s stock, valued at $9,062,160.24. This trade represents a 5.04% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 460,922 shares of company stock worth $5,199,073. Corporate insiders own 9.17% of the company’s stock.

Hedge Funds Weigh In On SoundHound AI

Several hedge funds have recently added to or reduced their stakes in SOUN. Northwestern Mutual Wealth Management Co. lifted its position in shares of SoundHound AI by 83.1% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 2,336 shares of the company’s stock worth $25,000 after buying an additional 1,060 shares during the last quarter. Dogwood Wealth Management LLC grew its position in SoundHound AI by 152.1% during the 4th quarter. Dogwood Wealth Management LLC now owns 2,559 shares of the company’s stock worth $26,000 after purchasing an additional 1,544 shares during the last quarter. Danske Bank A S acquired a new position in SoundHound AI in the 3rd quarter valued at about $26,000. Advisors Asset Management Inc. raised its stake in shares of SoundHound AI by 68.4% during the second quarter. Advisors Asset Management Inc. now owns 2,519 shares of the company’s stock worth $27,000 after purchasing an additional 1,023 shares during the last quarter. Finally, SHP Wealth Management purchased a new position in SoundHound AI in the 4th quarter valued at $27,000. 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.