SoundHound AI (NASDAQ:SOUN) Shares Up 8.7%

SoundHound AI shares rose 8.7% due to positive analyst ratings and strong quarterly earnings. Analysts upgraded the stock, raising target prices, while the company reported better-than-expected earnings and revenue growth. Insider trading activity included significant stock sales by executives. Institutional investors showed increased interest, with several buying new stakes. The stock's rise reflects market optimism despite insider sales and a negative net margin.

SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report)'s share price shot up 8.7% during trading on Thursday . The company traded as high as $12.98 and last traded at $12.80. 29,587,469 shares were traded during trading, a decline of 34% from the average session volume of 44,763,914 shares. The stock had previously closed at $11.78.

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Analyst Upgrades and Downgrades

SoundHound Beat Earnings & Dropped—Here's What Wall Street Missed

Several research analysts have issued reports on the company. LADENBURG THALM/SH SH raised SoundHound AI from a "neutral" rating to a "buy" rating and raised their target price for the stock from $9.00 to $16.00 in a research report on Monday, August 11th. Wall Street Zen cut shares of SoundHound AI from a "hold" rating to a "sell" rating in a research note on Saturday, August 9th. DA Davidson restated a "buy" rating and set a $17.00 target price on shares of SoundHound AI in a research report on Tuesday, November 18th. Northland Securities upgraded shares of SoundHound AI from a "market perform" rating to an "outperform" rating and set a $14.50 price target on the stock in a research report on Friday, August 8th. Finally, HC Wainwright lifted their price target on shares of SoundHound AI from $18.00 to $26.00 and gave the stock a "buy" rating in a research note on Thursday, October 16th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $17.42.

View Our Latest Report on SoundHound AI

SoundHound AI Trading Up 8.7%

The Best AI for Picking Stocks, Ranked by Performance

The company has a market cap of $5.38 billion, a P/E ratio of -15.24 and a beta of 2.63. The business's 50 day simple moving average is $15.63 and its 200 day simple moving average is $13.26.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last announced its quarterly earnings data on Thursday, November 6th. The company reported ($0.03) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.09) by $0.06. SoundHound AI had a negative net margin of 211.16% and a negative return on equity of 93.64%. The firm had revenue of $42.05 million during the quarter, compared to analysts' expectations of $40.48 million. During the same period in the prior year, the company posted ($0.04) earnings per share. The company's revenue for the quarter was up 67.6% compared to the same quarter last year. Sell-side analysts anticipate that SoundHound AI, Inc. will post -0.38 EPS for the current year.

Insider Buying and Selling at SoundHound AI

The Melt-Up in SoundHound AI Isn’t Over By a Long Shot

In other SoundHound AI news, CTO Timothy Stonehocker sold 70,524 shares of the company's stock in a transaction that occurred on Wednesday, October 8th. The stock was sold at an average price of $20.00, for a total value of $1,410,480.00. Following the completion of the transaction, the chief technology officer directly owned 606,525 shares in the company, valued at $12,130,500. This represents a 10.42% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Majid Emami sold 41,167 shares of SoundHound AI stock in a transaction that occurred on Wednesday, October 8th. The shares were sold at an average price of $20.00, for a total transaction of $823,340.00. Following the sale, the vice president owned 608,186 shares in the company, valued at approximately $12,163,720. The trade was a 6.34% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders sold 787,260 shares of company stock valued at $13,973,056. 9.17% of the stock is currently owned by corporate insiders.

Institutional Trading of SoundHound AI

A number of institutional investors and hedge funds have recently bought and sold shares of SOUN. Swiss Life Asset Management Ltd lifted its stake in SoundHound AI by 67.9% in the 3rd quarter. Swiss Life Asset Management Ltd now owns 17,001 shares of the company's stock worth $273,000 after purchasing an additional 6,878 shares in the last quarter. KERR FINANCIAL PLANNING Corp bought a new stake in shares of SoundHound AI in the third quarter worth about $354,000. CIBC Bancorp USA Inc. purchased a new stake in shares of SoundHound AI in the third quarter worth about $628,000. WBI Investments LLC bought a new position in SoundHound AI during the third quarter valued at approximately $887,000. Finally, Captrust Financial Advisors grew its holdings in SoundHound AI by 136.0% during the 3rd quarter. Captrust Financial Advisors now owns 215,091 shares of the company's stock valued at $3,459,000 after buying an additional 123,960 shares in the last quarter. 19.28% of the stock is currently owned by institutional investors.

About SoundHound AI

(Get Free Report)

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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SoundHound AI (NASDAQ:SOUN) Shares Up 8.7% - Here's Why