SoundHound AI (NASDAQ:SOUN) Sets New 1-Year High – Here’s Why

SoundHound AI, Inc. (NASDAQ:SOUN)’s stock price reached a new 52-week high on Thursday . The company traded as high as $24.08 and last traded at $20.84, with a volume of 156047484 shares. The stock had previously closed at $19.39.

Analyst Ratings Changes

Several equities analysts have recently weighed in on SOUN shares. Barclays reaffirmed a “neutral” rating and set a $7.00 price target on shares of SoundHound AI in a research note on Wednesday, November 13th. DA Davidson reaffirmed a “buy” rating and issued a $9.50 target price on shares of SoundHound AI in a research report on Monday, September 30th. LADENBURG THALM/SH SH reissued a “neutral” rating and set a $7.00 price target on shares of SoundHound AI in a research report on Wednesday, November 13th. Wedbush increased their price objective on shares of SoundHound AI from $10.00 to $22.00 and gave the stock an “outperform” rating in a research note on Monday. Finally, HC Wainwright lifted their target price on SoundHound AI from $7.00 to $8.00 and gave the company a “buy” rating in a research report on Thursday, November 14th. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $9.50.

SoundHound AI Stock Up 7.5 %

The company has a current ratio of 2.58, a quick ratio of 2.58 and a debt-to-equity ratio of 0.13. The firm’s 50 day moving average price is $8.39 and its two-hundred day moving average price is $6.00. The company has a market capitalization of $7.71 billion, a price-to-earnings ratio of -57.89 and a beta of 3.03.

SoundHound AI (NASDAQ:SOUN) last announced its quarterly earnings results on Tuesday, November 12th. The company reported ($0.06) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.01. The firm had revenue of $25.10 million for the quarter, compared to the consensus estimate of $23.02 million. SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. The business’s revenue was up 88.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.09) earnings per share. Sell-side analysts anticipate that SoundHound AI, Inc. will post -0.38 earnings per share for the current fiscal year.

Insider Activity at SoundHound AI

In other news, VP Majid Emami sold 94,067 shares of the business’s stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $9.05, for a total transaction of $851,306.35. Following the completion of the sale, the vice president now owns 735,685 shares in the company, valued at $6,657,949.25. The trade was a 11.34 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CTO Timothy Stonehocker sold 20,337 shares of the company’s stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $4.88, for a total value of $99,244.56. Following the completion of the transaction, the chief technology officer now directly owns 1,039,194 shares in the company, valued at $5,071,266.72. The trade was a 1.92 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 2,535,517 shares of company stock worth $36,108,293. Company insiders own 12.28% of the company’s stock.

Institutional Trading of SoundHound AI

Several hedge funds have recently added to or reduced their stakes in SOUN. Oppenheimer & Co. Inc. increased its position in SoundHound AI by 11.0% during the 3rd quarter. Oppenheimer & Co. Inc. now owns 19,000 shares of the company’s stock worth $89,000 after buying an additional 1,887 shares during the period. Integrated Wealth Concepts LLC boosted its position in shares of SoundHound AI by 13.0% in the third quarter. Integrated Wealth Concepts LLC now owns 17,150 shares of the company’s stock valued at $80,000 after acquiring an additional 1,975 shares during the period. Signaturefd LLC grew its stake in shares of SoundHound AI by 19.5% in the third quarter. Signaturefd LLC now owns 12,255 shares of the company’s stock valued at $57,000 after acquiring an additional 2,000 shares in the last quarter. Newbridge Financial Services Group Inc. increased its position in SoundHound AI by 24.7% during the second quarter. Newbridge Financial Services Group Inc. now owns 11,720 shares of the company’s stock worth $46,000 after acquiring an additional 2,320 shares during the period. Finally, Wolverine Asset Management LLC raised its stake in SoundHound AI by 7.7% in the 3rd quarter. Wolverine Asset Management LLC now owns 35,102 shares of the company’s stock worth $164,000 after purchasing an additional 2,522 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.