SoundHound AI (NASDAQ:SOUN) Stock Price Up 2.8%

SoundHound AI, Inc. (NASDAQ:SOUN) rose 2.8% during trading on Monday . The company traded as high as $3.72 and last traded at $3.65. Approximately 7,937,286 shares changed hands during mid-day trading, a decline of 85% from the average daily volume of 53,061,680 shares. The stock had previously closed at $3.55.

Analysts Set New Price Targets

SOUN has been the subject of a number of recent research reports. HC Wainwright upped their target price on SoundHound AI from $5.00 to $7.00 and gave the company a “buy” rating in a research note on Monday, March 4th. Cantor Fitzgerald raised SoundHound AI from an “underweight” rating to a “neutral” rating and set a $4.90 price objective for the company in a report on Thursday, April 11th. LADENBURG THALM/SH SH assumed coverage on SoundHound AI in a report on Tuesday, January 30th. They issued a “buy” rating and a $4.00 price target for the company. Wedbush lifted their price target on SoundHound AI from $5.00 to $9.00 and gave the company an “outperform” rating in a report on Friday, March 1st. Finally, Northland Securities reaffirmed a “market perform” rating on shares of SoundHound AI in a report on Wednesday, February 28th. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $6.88.

SoundHound AI Stock Performance

The stock has a 50-day moving average of $5.37 and a 200 day moving average of $3.15. The company has a debt-to-equity ratio of 6.03, a current ratio of 4.69 and a quick ratio of 4.69. The stock has a market capitalization of $1.14 billion, a price-to-earnings ratio of -9.36 and a beta of 2.75.

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

Insider Transactions at SoundHound AI

In other news, Director Eric R. Ball sold 40,000 shares of the business’s stock in a transaction dated Thursday, March 14th. The stock was sold at an average price of $9.55, for a total transaction of $382,000.00. Following the completion of the transaction, the director now directly owns 450,250 shares in the company, valued at approximately $4,299,887.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, Director Eric R. Ball sold 40,000 shares of the business’s stock in a transaction that occurred 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 transaction, the director now directly owns 450,250 shares in the company, valued at approximately $4,299,887.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Eric R. Ball sold 50,000 shares of the business’s stock in a transaction that occurred on Monday, February 26th. The shares were sold at an average price of $5.00, for a total value of $250,000.00. Following the completion of the transaction, the director now owns 530,250 shares of the company’s stock, valued at $2,651,250. The disclosure for this sale can be found here. In the last ninety days, insiders sold 405,057 shares of company stock worth $2,587,804. 21.30% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On SoundHound AI

Institutional investors have recently bought and sold shares of the company. Good Life Advisors LLC bought a new stake in SoundHound AI in the 4th quarter valued at approximately $174,000. Raymond James & Associates lifted its stake in SoundHound AI by 221.1% in the 3rd quarter. Raymond James & Associates now owns 982,948 shares of the company’s stock valued at $1,976,000 after acquiring an additional 676,799 shares in the last quarter. Vanguard Group Inc. lifted its stake in SoundHound AI by 18.6% in the 3rd quarter. Vanguard Group Inc. now owns 13,166,989 shares of the company’s stock valued at $26,466,000 after acquiring an additional 2,064,340 shares in the last quarter. Quadrature Capital Ltd bought a new stake in SoundHound AI in the 3rd quarter valued at approximately $457,000. Finally, Victory Capital Management Inc. lifted 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 acquiring an additional 6,717 shares in the last quarter. 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.