SoundHound AI Inc (NASDAQ: SOUN) stock jumped 5.69% on Friday to $2.23 against a previous-day closing price of $2.11. With 9.17 million shares changed hands, the volume of the stock remained lighter than its average volume of 9.2 million shares. During the session, the Software – Application company that operates in wider Technology sector, reached to the highest price of $2.2700 whereas the lowest price it dropped to was $2.0700. The 52-week range on SOUN shows that it touched its highest point at $5.11 and its lowest point at $0.93 during that stretch. It currently has a 1-year price target of $4.52. Beta for the stock currently stands at 0.98.
Price Performance and Earnings:
Stock performance is one of the indicators that investors use to determine whether they will profit from a stock. The price performance of SOUN was up-trending over the past week, with a rise of 24.58%, but this was up by 25.99% over a month. Three-month performance dropped to -5.51% while six-month performance fell -18.32%. The stock gained 16.75% in the past year, while it has gained 25.99% so far this year. A look at the trailing 12-month EPS for SOUN yields -0.47 with Next year EPS estimates of -0.24. For the next quarter, that number is -0.07. This implies an EPS growth rate of 49.32% for this year and 34.46% for next year.
Float and Shares Shorts:
On Oct 30, 2023, short shares totaled 24.24 million, which was 10.07% higher than short shares on Sep 28, 2023. In addition to Dr. Keyvan Mohajer as the firm’s CEO, President & Director, Mr. Nitesh Sharan serves as its Chief Financial Officer.
Institutional Ownership:
Through their ownership of 15.77% of SOUN’s outstanding shares, institutional investors have minority control over the company. Other institutions hold 17.37% of SOUN, in contrast to 14.58% held by mutual funds. Shares owned by individuals account for 12.75%. As the largest shareholder in SOUN with 6.28% of the stake, The Vanguard Group, Inc. holds 12,752,816 shares worth 12,752,816. A second-largest stockholder of SOUN, BlackRock Fund Advisors, holds 10,414,517 shares, controlling over 5.13% of the firm’s shares. SSgA Funds Management, Inc. is the third largest shareholder in SOUN, holding 3,937,555 shares or 1.94% stake. With a 3.01% stake in SOUN, the Vanguard Total Stock Market ETF is the largest stakeholder. A total of 6,118,998 shares are owned by the mutual fund manager. The Vanguard Information Technology I, which owns about 1.65% of SOUN stock, is the second-largest Mutual Fund holder. It holds 3,353,606 shares valued at 5.33 million. iShares Russell 2000 ETF holds 1.60% of the stake in SOUN, owning 3,253,281 shares worth 5.17 million.
Analysts Ratings:
Reading analyst opinions is an effective way to decide where to invest, and there are several opinions available for SOUN since 0 analysts follow the stock currently. In the same way, a target price assigned to a stock can also reveal much about its potential. With SOUN analysts setting a high price target of $5.00 and a low target of $3.60, the average target price over the next 12 months is $4.52. Based on these targets, SOUN could surge 124.22% to reach the target high and rise by 61.43% to reach the target low. Reaching the average price target will result in a growth of 102.69% from current levels.
Summary of Insider Activity:
Insiders traded SOUN stock several times over the past three months with 5 Buys and 7 Sells. In these transactions, 115,142 shares were bought while 164,366 shares were sold. The number of buy transactions has increased to 14 while that of sell transactions has risen to 42 over the past year. The total number of shares bought during that period was 2,159,475 while 21,132,488 shares were sold.
