SoundHound AI (NASDAQ:SOUN) Trading Up 3.9% – Here’s What Happened

Shares of SoundHound AI, Inc. (NASDAQ:SOUN) were up 3.9% during mid-day trading on Wednesday . The company traded as high as $15.72 and last traded at $15.72. Approximately 27,786,510 shares were traded during mid-day trading, a decline of 40% from the average daily volume of 46,023,832 shares. The stock had previously closed at $15.13.

Analysts Set New Price Targets

Several research analysts recently weighed in on the company. Weiss Ratings reiterated a “sell (d-)” rating on shares of SoundHound AI in a research report on Tuesday, October 14th. DA Davidson increased their price objective on SoundHound AI from $15.00 to $17.00 and gave the stock a “buy” rating in a research report on Wednesday, September 10th. Wedbush reiterated an “outperform” rating and issued a $16.00 price objective on shares of SoundHound AI in a research report on Thursday, September 11th. Oppenheimer assumed coverage on SoundHound AI in a research report on Thursday, September 11th. They issued a “market perform” rating for the company. Finally, LADENBURG THALM/SH SH upgraded SoundHound AI from a “neutral” rating to a “buy” rating and increased their price objective for the stock from $9.00 to $16.00 in a research report on Monday, August 11th. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, four have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $15.50.

SoundHound AI Stock Up 3.9%

The firm has a market capitalization of $6.41 billion, a PE ratio of -24.95 and a beta of 2.60. The firm has a 50-day moving average price of $16.53 and a 200 day moving average price of $12.88.

SoundHound AI (NASDAQ:SOUN) last announced its quarterly earnings data on Thursday, August 7th. The company reported ($0.19) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.06) by ($0.13). The company had revenue of $42.68 million during the quarter, compared to analyst estimates of $32.88 million. SoundHound AI had a negative net margin of 171.81% and a negative return on equity of 73.13%. The firm’s revenue was up 216.3% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.11) earnings per share. SoundHound AI has set its FY 2025 guidance at EPS. Equities research analysts expect that SoundHound AI, Inc. will post -0.38 earnings per share for the current year.

Insiders Place Their Bets

In other news, CFO Nitesh Sharan sold 60,376 shares of the stock in a transaction on Tuesday, October 14th. The stock was sold at an average price of $21.21, for a total value of $1,280,574.96. Following the sale, the chief financial officer directly owned 1,765,928 shares in the company, valued at approximately $37,455,332.88. This trade represents a 3.31% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Majid Emami sold 41,167 shares of the stock in a transaction on Wednesday, October 8th. The shares were sold at an average price of $20.00, for a total value of $823,340.00. Following the completion of the sale, the vice president owned 608,186 shares in the company, valued at approximately $12,163,720. The trade was a 6.34% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 785,917 shares of company stock valued at $13,955,610. 9.17% of the stock is owned by company insiders.

Institutional Trading of SoundHound AI

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Sound Income Strategies LLC raised its stake in SoundHound AI by 37.3% in the third quarter. Sound Income Strategies LLC now owns 2,116 shares of the company’s stock valued at $34,000 after buying an additional 575 shares in the last quarter. Investors Research Corp raised its stake in SoundHound AI by 62.4% in the third quarter. Investors Research Corp now owns 1,822 shares of the company’s stock valued at $29,000 after buying an additional 700 shares in the last quarter. EP Wealth Advisors LLC raised its stake in SoundHound AI by 5.3% in the second quarter. EP Wealth Advisors LLC now owns 14,100 shares of the company’s stock valued at $151,000 after buying an additional 706 shares in the last quarter. Janney Montgomery Scott LLC raised its stake in SoundHound AI by 4.0% in the second quarter. Janney Montgomery Scott LLC now owns 23,073 shares of the company’s stock valued at $248,000 after buying an additional 880 shares in the last quarter. Finally, Apexium Financial LP raised its stake in SoundHound AI by 2.8% in the second quarter. Apexium Financial LP now owns 36,698 shares of the company’s stock valued at $394,000 after buying an additional 1,000 shares in the last quarter. 19.28% of the stock is currently owned by institutional investors and hedge funds.

SoundHound AI Company Profile

SoundHound AI, Inc develops independent voice artificial intelligence (AI) solutions that enables businesses across automotive, TV, and IoT, and to customer service industries to deliver high-quality conversational experiences to their customers. Its products include Houndify platform that offers a suite of Houndify tools to help brands build conversational voice assistants, such as Application Programming Interfaces (API) for text and voice queries, support for custom commands, extensive library of content domains, inclusive software development kit platforms, collaboration capabilities, diagnostic tools, and built-in analytics; SoundHound Chat AI that integrates with knowledge domains, pulling real-time data like weather, sports, stocks, flight status, and restaurants; and SoundHound Smart Answering is built to offer customer establishments custom AI-powered voice assistant.