SoundHound AI (NASDAQ:SOUN) Trading Up 6.5% – Here’s What Happened

SoundHound AI, Inc. (NASDAQ:SOUN)’s share price traded up 6.5% on Monday . The company traded as high as $11.99 and last traded at $11.95. 23,756,859 shares were traded during trading, a decline of 48% from the average session volume of 45,507,918 shares. The stock had previously closed at $11.22.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on SOUN shares. LADENBURG THALM/SH SH upgraded SoundHound AI from a “neutral” rating to a “buy” rating and increased their target price for the company from $9.00 to $16.00 in a research note on Monday, August 11th. DA Davidson reiterated a “buy” rating and set a $17.00 price objective on shares of SoundHound AI in a research note on Tuesday, November 18th. HC Wainwright upped their price objective on shares of SoundHound AI from $18.00 to $26.00 and gave the company a “buy” rating in a research report on Thursday, October 16th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of SoundHound AI in a research report on Tuesday, October 14th. Finally, Northland Securities raised SoundHound AI from a “market perform” rating to an “outperform” rating and set a $14.50 price target for the company in a report on Friday, August 8th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $17.42.

SoundHound AI Trading Down 1.0%

The company has a 50 day simple moving average of $16.22 and a 200-day simple moving average of $13.26.

SoundHound AI (NASDAQ:SOUN) last issued its quarterly earnings results on Thursday, November 6th. The company reported ($0.03) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.09) by $0.06. The business had revenue of $42.05 million during the quarter, compared to the consensus estimate of $40.48 million. SoundHound AI had a negative return on equity of 93.64% and a negative net margin of 211.16%.The business’s quarterly revenue was up 67.6% on a year-over-year basis. During the same period in the previous year, the business earned ($0.04) EPS. SoundHound AI has set its FY 2025 guidance at EPS. Equities research analysts expect that SoundHound AI, Inc. will post -0.38 EPS for the current fiscal year.

Insider Buying and Selling at SoundHound AI

In other SoundHound AI news, VP Majid Emami sold 41,167 shares of the firm’s stock in a transaction dated Wednesday, October 8th. The shares were sold at an average price of $20.00, for a total value of $823,340.00. Following the transaction, the vice president owned 608,186 shares of the company’s stock, valued at $12,163,720. This trade represents a 6.34% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, COO Michael Zagorsek sold 69,837 shares of the stock in a transaction that occurred on Monday, September 22nd. The stock was sold at an average price of $16.00, for a total value of $1,117,392.00. Following the sale, the chief operating officer owned 1,860,790 shares in the company, valued at $29,772,640. The trade was a 3.62% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 787,260 shares of company stock worth $13,973,056. 9.17% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. CWM LLC increased its stake in shares of SoundHound AI by 60.6% in the first quarter. CWM LLC now owns 21,458 shares of the company’s stock valued at $174,000 after purchasing an additional 8,098 shares during the period. Victory Capital Management Inc. increased its position in SoundHound AI by 308.4% in the 1st quarter. Victory Capital Management Inc. now owns 163,713 shares of the company’s stock valued at $1,329,000 after acquiring an additional 123,623 shares during the period. Kestra Private Wealth Services LLC raised its stake in SoundHound AI by 27.5% during the 1st quarter. Kestra Private Wealth Services LLC now owns 16,975 shares of the company’s stock valued at $138,000 after acquiring an additional 3,665 shares in the last quarter. Skandinaviska Enskilda Banken AB publ boosted its position in SoundHound AI by 16.8% during the 1st quarter. Skandinaviska Enskilda Banken AB publ now owns 23,948 shares of the company’s stock worth $194,000 after acquiring an additional 3,440 shares during the period. Finally, LPL Financial LLC grew its stake in shares of SoundHound AI by 7.5% in the first quarter. LPL Financial LLC now owns 1,346,805 shares of the company’s stock worth $10,936,000 after purchasing an additional 93,833 shares in the last quarter. 19.28% of the stock is 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.