SoundHound AI (NASDAQ:SOUN) Issues Earnings Results

SoundHound AI (NASDAQ:SOUN) announced its quarterly earnings results on Thursday. The company reported ($0.11) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.02), Zacks reports. The firm had revenue of $13.46 million during the quarter, compared to analysts’ expectations of $13.09 million. SoundHound AI had a negative return on equity of 163.00% and a negative net margin of 183.49%. The company’s quarterly revenue was up 53.8% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.10) earnings per share.

SoundHound AI Price Performance

SOUN traded down $0.34 during trading on Friday, reaching $4.87. The stock had a trading volume of 38,585,902 shares, compared to its average volume of 40,062,422. The business has a 50-day moving average of $4.62 and a 200-day moving average of $4.66. SoundHound AI has a one year low of $1.49 and a one year high of $10.25. The company has a debt-to-equity ratio of 0.56, a quick ratio of 8.84 and a current ratio of 8.84. The stock has a market cap of $1.60 billion, a PE ratio of -12.82 and a beta of 2.77.

Insiders Place Their Bets

In related news, insider James Ming Hom sold 16,716 shares of the firm’s stock in a transaction dated Thursday, June 20th. The stock was sold at an average price of $4.04, for a total transaction of $67,532.64. Following the transaction, the insider now directly owns 486,989 shares of the company’s stock, valued at approximately $1,967,435.56. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, insider James Ming Hom sold 16,716 shares of the firm’s stock in a transaction that occurred on Thursday, June 20th. The stock was sold at an average price of $4.04, for a total transaction of $67,532.64. Following the transaction, the insider now directly owns 486,989 shares in the company, valued at approximately $1,967,435.56. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CTO Timothy Stonehocker sold 104,000 shares of the business’s stock in a transaction on Wednesday, June 5th. The shares were sold at an average price of $5.00, for a total transaction of $520,000.00. Following the transaction, the chief technology officer now directly owns 883,570 shares in the company, valued at $4,417,850. The disclosure for this sale can be found here. Insiders sold a total of 625,728 shares of company stock valued at $3,011,476 over the last 90 days. Insiders own 21.30% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently weighed in on SOUN. HC Wainwright reiterated a “buy” rating and issued a $7.00 target price on shares of SoundHound AI in a research note on Monday, July 29th. Wedbush reiterated an “outperform” rating and issued a $9.00 price objective on shares of SoundHound AI in a research report on Friday. Cantor Fitzgerald upgraded SoundHound AI from a “neutral” rating to an “overweight” rating and boosted their target price for the stock from $5.00 to $7.00 in a research report on Friday. Finally, Northland Securities upped their target price on SoundHound AI from $5.50 to $6.00 and gave the stock a “market perform” rating in a research note on Friday. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat, SoundHound AI presently has an average rating of “Moderate Buy” and a consensus target price of $7.08.

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.