By otakuyassine3@gmail.com 
Shares of SoundHound AI, Inc. (NASDAQ:SOUN – Get Free Report) saw strong trading volume on Wednesday . 26,469,053 shares were traded during mid-day 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.
Wall Street Analysts Forecast Growth
A number of equities analysts have commented on SOUN shares. LADENBURG THALM/SH SH restated a “neutral” rating and set a $7.00 price objective on shares of SoundHound AI in a research note on Wednesday, November 13th. DA Davidson reiterated a “buy” rating and set a $9.50 price objective on shares of SoundHound AI in a research note on Monday, September 30th. Barclays restated a “neutral” rating and issued a $7.00 target price on shares of SoundHound AI in a research report on Wednesday, November 13th. Wedbush increased their price target on shares of SoundHound AI from $10.00 to $22.00 and gave the stock an “outperform” rating in a research report on Monday. Finally, HC Wainwright boosted their price objective on shares of 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 assigned a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $9.50.
Read Our Latest Analysis on SOUN
SoundHound AI Trading Up 23.5 %
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 $8.07 and its 200 day moving average price is $5.90. The company has a market cap of $8.86 billion, a price-to-earnings ratio of -66.53 and a beta of 3.03.
SoundHound AI (NASDAQ:SOUN – Get Free Report) last released 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. 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 net margin of 163.58% and a negative return on equity of 55.58%. The business’s revenue was up 88.7% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.09) earnings per share. As a group, equities analysts expect that SoundHound AI, Inc. will post -0.38 EPS for the current year.
Insider Buying and Selling
In related news, COO Michael Zagorsek sold 42,001 shares of SoundHound AI 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 $204,964.88. Following the completion of the transaction, the chief operating officer now directly owns 1,473,322 shares in the company, valued at approximately $7,189,811.36. The trade was a 2.77 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Eric R. Ball sold 30,000 shares of the firm’s stock in a transaction on Monday, November 25th. The stock was sold at an average price of $8.03, for a total value of $240,900.00. Following the completion of the transaction, the director now directly owns 110,907 shares of the company’s stock, valued at $890,583.21. The trade was a 21.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 2,060,416 shares of company stock worth $26,684,544. 12.28% of the stock is owned by corporate insiders.
Institutional Investors Weigh In On SoundHound AI
A number of institutional investors and hedge funds have recently modified their holdings of the company. Franklin Resources Inc. purchased a new stake in SoundHound AI in the third quarter valued at approximately $177,000. Sanctuary Advisors LLC grew its position in SoundHound AI by 13.8% in the third quarter. Sanctuary Advisors LLC now owns 29,976 shares of the company’s stock worth $140,000 after acquiring an additional 3,642 shares in the last quarter. Geode Capital Management LLC increased its stake in SoundHound AI by 9.1% in the third quarter. Geode Capital Management LLC now owns 7,193,599 shares of the company’s stock valued at $33,529,000 after acquiring an additional 602,311 shares during the last quarter. MML Investors Services LLC purchased a new stake in SoundHound AI during the third quarter valued at about $86,000. Finally, State Street Corp lifted its stake in SoundHound AI by 0.6% during the third quarter. State Street Corp now owns 7,197,414 shares of the company’s stock worth $33,540,000 after purchasing an additional 42,869 shares during the last quarter. 19.28% of the stock is owned by hedge funds and other institutional investors.
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.
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