SoundHound AI (NASDAQ:SOUN) Trading 2.5% Higher

SoundHound AI, Inc. (NASDAQ:SOUN) shot up 2.5% during mid-day trading on Thursday . The company traded as high as $4.60 and last traded at $4.52. 5,746,828 shares traded hands during trading, a decline of 89% from the average session volume of 50,634,742 shares. The stock had previously closed at $4.41.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the stock. LADENBURG THALM/SH SH initiated coverage on shares of SoundHound AI in a research note on Tuesday, January 30th. They issued a “buy” rating and a $4.00 price target on the stock. HC Wainwright lifted their price objective on SoundHound AI from $5.00 to $7.00 and gave the company a “buy” rating in a report on Monday, March 4th. Northland Securities reiterated a “market perform” rating on shares of SoundHound AI in a report on Wednesday, February 28th. Cantor Fitzgerald upgraded shares of SoundHound AI from an “underweight” rating to a “neutral” rating and set a $4.90 target price for the company in a research report on Thursday, April 11th. Finally, DA Davidson increased their price objective on shares of SoundHound AI from $7.50 to $9.50 and gave the company a “buy” rating in a report on Friday, March 15th. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $6.88.

SoundHound AI Price Performance

The company’s 50 day moving average price is $5.51 and its 200-day moving average price is $3.27. The company has a market capitalization of $1.40 billion, a PE ratio of -11.59 and a beta of 2.87. The company has a current ratio of 4.69, a quick ratio of 4.69 and a debt-to-equity ratio of 6.03.

SoundHound AI (NASDAQ:SOUN) last issued its quarterly earnings data on Thursday, February 29th. The company reported ($0.06) EPS for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.01). SoundHound AI had a negative return on equity of 1,955.68% and a negative net margin of 188.57%. The firm had revenue of $17.10 million during the quarter, compared to analyst estimates of $17.75 million. During the same quarter in the prior year, the firm earned ($0.15) EPS. The business’s quarterly revenue was up 80.0% compared to the same quarter last year. On average, sell-side analysts forecast that SoundHound AI, Inc. will post -0.3 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, Director Eric R. Ball sold 40,000 shares of the stock in a transaction on Thursday, March 14th. The stock was sold at an average price of $9.55, for a total value of $382,000.00. Following the completion of the sale, the director now owns 450,250 shares in the company, valued at $4,299,887.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CEO Keyvan Mohajer sold 31,665 shares of SoundHound AI stock in a transaction dated Friday, March 22nd. The stock was sold at an average price of $6.08, for a total transaction of $192,523.20. Following the completion of the sale, the chief executive officer now directly owns 1,137,831 shares in the company, valued at approximately $6,918,012.48. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Eric R. Ball sold 40,000 shares of the business’s stock in a transaction that occurred on Thursday, March 14th. The shares were sold at an average price of $9.55, for a total value of $382,000.00. Following the completion of the sale, the director now directly owns 450,250 shares of the company’s stock, valued at approximately $4,299,887.50. The disclosure for this sale can be found here. Insiders have sold a total of 405,057 shares of company stock valued at $2,587,804 over the last three months. Company insiders own 21.30% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Principal Financial Group Inc. grew its position in shares of SoundHound AI by 16.5% in the first quarter. Principal Financial Group Inc. now owns 18,560 shares of the company’s stock valued at $109,000 after purchasing an additional 2,629 shares during the last quarter. Hexagon Capital Partners LLC acquired a new stake in SoundHound AI in the 1st quarter valued at $29,000. Victory Capital Management Inc. boosted its stake in SoundHound AI by 45.0% in the 3rd quarter. Victory Capital Management Inc. now owns 21,658 shares of the company’s stock valued at $44,000 after buying an additional 6,717 shares in the last quarter. DecisionPoint Financial LLC bought a new position in SoundHound AI in the 1st quarter valued at $40,000. Finally, Prosperity Wealth Management Inc. lifted its position in SoundHound AI by 18.5% during the 4th quarter. Prosperity Wealth Management Inc. now owns 50,600 shares of the company’s stock worth $107,000 after buying an additional 7,900 shares in the last quarter. Institutional investors and hedge funds own 19.28% of the company’s stock.

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.