SoundHound AI (NASDAQ:SOUN) Shares Up 11.2% – Here’s What Happened

Shares of SoundHound AI, Inc. (NASDAQ:SOUN) shot up 11.2% on Wednesday . The stock traded as high as $22.44 and last traded at $21.56. 44,238,677 shares traded hands during trading, an increase of 13% from the average session volume of 39,280,723 shares. The stock had previously closed at $19.39.

Wall Street Analyst Weigh In

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

SoundHound AI Stock Performance

The company’s 50-day simple moving average is $8.67 and its 200-day simple moving average is $6.09. The stock has a market capitalization of $6.97 billion, a price-to-earnings 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.

SoundHound AI (NASDAQ:SOUN) last posted its quarterly earnings data on Tuesday, November 12th. The company reported ($0.06) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.01. The business had revenue of $25.10 million during 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%. SoundHound AI’s quarterly revenue was up 88.7% on a year-over-year basis. During the same period in the prior year, the business posted ($0.09) earnings per share. On average, analysts expect that SoundHound AI, Inc. will post -0.38 EPS for the current year.

Insider Activity

In other news, Director Eric R. Ball sold 30,000 shares of the company’s stock in a transaction on Monday, November 25th. The shares were sold at an average price of $8.03, for a total value of $240,900.00. Following the sale, the director now directly owns 110,907 shares of the company’s stock, valued at approximately $890,583.21. This represents a 21.29 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Lawrence Marcus sold 25,000 shares of SoundHound AI stock in a transaction on Thursday, December 12th. The stock was sold at an average price of $14.00, for a total transaction of $350,000.00. Following the transaction, the director now directly owns 128,117 shares of the company’s stock, valued at $1,793,638. This represents a 16.33 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 2,321,786 shares of company stock valued at $35,065,286. Company insiders own 12.28% of the company’s stock.

Institutional Investors Weigh In On SoundHound AI

Several institutional investors and hedge funds have recently made changes to their positions in the business. Planning Alternatives Ltd. ADV acquired a new position in SoundHound AI in the second quarter valued at approximately $129,000. Clear Creek Financial Management LLC increased its stake in shares of SoundHound AI by 41.4% in the 2nd quarter. Clear Creek Financial Management LLC now owns 71,874 shares of the company’s stock valued at $284,000 after acquiring an additional 21,042 shares in the last quarter. Bank of New York Mellon Corp lifted its position in shares of SoundHound AI by 92.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 997,543 shares of the company’s stock valued at $3,940,000 after acquiring an additional 479,912 shares during the period. Harbour Investments Inc. boosted its stake in SoundHound AI by 5.1% during the second quarter. Harbour Investments Inc. now owns 59,746 shares of the company’s stock worth $236,000 after acquiring an additional 2,923 shares in the last quarter. Finally, Principal Financial Group Inc. grew its holdings in SoundHound AI by 106.6% in the second quarter. Principal Financial Group Inc. now owns 38,340 shares of the company’s stock worth $151,000 after purchasing an additional 19,780 shares during the period. Institutional investors own 19.28% of the company’s stock.

About SoundHound AI

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.