SoundHound AI (NASDAQ:SOUN) Sees Large Volume Increase – What’s Next?

Shares of SoundHound AI, Inc. (NASDAQ:SOUN) saw an uptick in trading volume on Wednesday . 26,469,053 shares changed hands during trading, a decline of 32% from the previous session’s volume of 39,189,992 shares.The stock last traded at $21.05 and had previously closed at $19.39.

Analysts Set New Price Targets

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

SoundHound AI Trading Down 9.5 %

The firm has a market cap of $6.97 billion, a P/E ratio of -52.36 and a beta of 3.03. 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 company’s fifty day moving average price is $8.67 and its two-hundred day moving average price is $6.09.

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

Insider Buying and Selling at SoundHound AI

In related news, Director Lawrence Marcus sold 30,000 shares of the firm’s stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $7.15, for a total value of $214,500.00. Following the transaction, the director now owns 178,117 shares in the company, valued at $1,273,536.55. This trade represents a 14.41 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Keyvan Mohajer sold 63,544 shares of SoundHound AI stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $4.92, for a total value of $312,636.48. Following the completion of the sale, the chief executive officer now owns 2,299,148 shares of the company’s stock, valued at approximately $11,311,808.16. The trade was a 2.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 2,321,786 shares of company stock worth $35,065,286. 12.28% of the stock is currently owned by insiders.

Hedge Funds Weigh In On SoundHound AI

Several hedge funds have recently added to or reduced their stakes in the stock. Oppenheimer & Co. Inc. grew its position in shares of SoundHound AI by 11.0% in the 3rd quarter. Oppenheimer & Co. Inc. now owns 19,000 shares of the company’s stock valued at $89,000 after purchasing an additional 1,887 shares during the period. Integrated Wealth Concepts LLC raised its holdings in shares of SoundHound AI by 13.0% during the third quarter. Integrated Wealth Concepts LLC now owns 17,150 shares of the company’s stock worth $80,000 after acquiring an additional 1,975 shares during the period. Signaturefd LLC boosted its stake in SoundHound AI by 19.5% in the 3rd quarter. Signaturefd LLC now owns 12,255 shares of the company’s stock worth $57,000 after purchasing an additional 2,000 shares during the period. Newbridge Financial Services Group Inc. increased its holdings in SoundHound AI by 24.7% during the 2nd quarter. Newbridge Financial Services Group Inc. now owns 11,720 shares of the company’s stock worth $46,000 after purchasing an additional 2,320 shares in the last quarter. Finally, Wolverine Asset Management LLC boosted its position in shares of SoundHound AI by 7.7% during the third quarter. Wolverine Asset Management LLC now owns 35,102 shares of the company’s stock worth $164,000 after buying an additional 2,522 shares during the period. Institutional investors and hedge funds own 19.28% of the company’s stock.

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.