SoundHound AI (NASDAQ:SOUN) Sees Large Volume Increase – Here’s Why

SoundHound AI, Inc. (NASDAQ:SOUN) saw an uptick in trading volume on Wednesday . 26,469,053 shares changed hands 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

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

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 business has a 50 day moving average of $8.07 and a 200-day moving average of $5.90. The firm has a market capitalization of $8.86 billion, a P/E ratio of -66.53 and a beta of 3.03.

SoundHound AI (NASDAQ:SOUN) last released 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. SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. The firm had revenue of $25.10 million during the quarter, compared to the consensus estimate of $23.02 million. During the same quarter in the prior year, the firm posted ($0.09) EPS. The business’s revenue was up 88.7% on a year-over-year basis. Analysts anticipate that SoundHound AI, Inc. will post -0.38 EPS for the current fiscal year.

Insider Activity at SoundHound AI

In related news, CTO Timothy Stonehocker sold 20,337 shares of the stock in a transaction on Friday, September 20th. The stock was sold at an average price of $4.88, for a total value of $99,244.56. Following the sale, the chief technology officer now owns 1,039,194 shares in the company, valued at approximately $5,071,266.72. This represents a 1.92 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible 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 approximately $1,793,638. This trade represents a 16.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 2,060,416 shares of company stock valued at $26,684,544. 12.28% of the stock is owned by insiders.

Hedge Funds Weigh In On SoundHound AI

Several large investors have recently modified their holdings of the stock. State Street Corp raised its holdings in SoundHound AI by 0.6% in the 3rd quarter. State Street Corp now owns 7,197,414 shares of the company’s stock valued at $33,540,000 after acquiring an additional 42,869 shares during the period. Geode Capital Management LLC boosted its stake in SoundHound AI by 9.1% in the 3rd quarter. Geode Capital Management LLC now owns 7,193,599 shares of the company’s stock valued at $33,529,000 after purchasing an additional 602,311 shares during the period. Charles Schwab Investment Management Inc. increased its position in SoundHound AI by 7.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,582,206 shares of the company’s stock worth $12,033,000 after buying an additional 189,109 shares during the period. Bank of New York Mellon Corp lifted its holdings in shares of SoundHound AI by 92.7% during the second quarter. Bank of New York Mellon Corp now owns 997,543 shares of the company’s stock worth $3,940,000 after buying an additional 479,912 shares in the last quarter. Finally, Carnegie Investment Counsel bought a new stake in shares of SoundHound AI in the third quarter valued at about $4,193,000. 19.28% of the stock is owned by institutional investors.

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.