SoundHound AI (NASDAQ:SOUN) Stock Price Up 1.3%

Shares of SoundHound AI, Inc. (NASDAQ:SOUN) rose 1.3% during trading on Thursday . The company traded as high as $4.03 and last traded at $4.01. Approximately 5,152,988 shares were traded during mid-day trading, a decline of 90% from the average daily volume of 53,949,531 shares. The stock had previously closed at $3.96.

Wall Street Analysts Forecast Growth

SOUN has been the subject of a number of recent research reports. Northland Securities reiterated a “market perform” rating on shares of SoundHound AI in a report on Wednesday, February 28th. HC Wainwright increased their price objective on shares of SoundHound AI from $5.00 to $7.00 and gave the company a “buy” rating in a report on Monday, March 4th. LADENBURG THALM/SH SH initiated coverage on shares of SoundHound AI in a report on Tuesday, January 30th. They issued a “buy” rating and a $4.00 price objective for the company. Wedbush increased their price objective on shares of SoundHound AI from $5.00 to $9.00 and gave the company an “outperform” rating in a report on Friday, March 1st. 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 investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, SoundHound AI has an average rating of “Moderate Buy” and an average target price of $6.88.

SoundHound AI Price Performance

The stock’s fifty day moving average price is $5.30 and its 200-day moving average price is $3.12. The firm has a market cap of $1.19 billion, a price-to-earnings ratio of -10.28 and a beta of 2.75. 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 posted its quarterly earnings data on Thursday, February 29th. The company reported ($0.06) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.01). The company had revenue of $17.10 million for the quarter, compared to analysts’ expectations of $17.75 million. SoundHound AI had a negative return on equity of 1,955.68% and a negative net margin of 188.57%. The business’s revenue for the quarter was up 80.0% on a year-over-year basis. During the same period in the previous year, the business posted ($0.15) EPS. As a group, equities research analysts forecast that SoundHound AI, Inc. will post -0.3 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, VP Majid Emami sold 17,041 shares of the stock in a transaction that occurred on Tuesday, March 19th. The shares were sold at an average price of $8.37, for a total transaction of $142,633.17. Following the completion of the transaction, the vice president now owns 467,492 shares of the company’s stock, valued at approximately $3,912,908.04. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other SoundHound AI news, CEO Keyvan Mohajer sold 107,927 shares of the firm’s stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $3.70, for a total value of $399,329.90. Following the completion of the transaction, the chief executive officer now owns 1,218,712 shares of the company’s stock, valued at approximately $4,509,234.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Majid Emami sold 17,041 shares of the firm’s stock in a transaction that occurred on Tuesday, March 19th. The shares were sold at an average price of $8.37, for a total transaction of $142,633.17. Following the completion of the transaction, the vice president now directly owns 467,492 shares of the company’s stock, valued at approximately $3,912,908.04. The disclosure for this sale can be found here. In the last quarter, insiders sold 410,714 shares of company stock valued at $2,598,723. Company insiders own 21.30% of the company’s stock.

Hedge Funds Weigh In On SoundHound AI

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Bank of America Corp DE boosted its position in SoundHound AI by 1,238.7% in the 4th quarter. Bank of America Corp DE now owns 14,726 shares of the company’s stock valued at $26,000 after buying an additional 13,626 shares during the period. Independent Advisor Alliance purchased a new position in SoundHound AI in the 4th quarter valued at approximately $28,000. Two Sigma Securities LLC purchased a new position in SoundHound AI in the 1st quarter valued at approximately $28,000. IAM Advisory LLC acquired a new stake in shares of SoundHound AI in the 4th quarter valued at $29,000. Finally, Hexagon Capital Partners LLC acquired a new stake in shares of SoundHound AI in the 1st quarter valued at $29,000. Hedge funds and other institutional investors own 19.28% of the company’s stock.

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.