SoundHound AI (NASDAQ:SOUN) Trading Up 5.5%

SoundHound AI, Inc. (NASDAQ:SOUN)’s stock price traded up 5.5% on Wednesday . The company traded as high as $4.59 and last traded at $4.40. 20,650,020 shares were traded during mid-day trading, a decline of 61% from the average session volume of 52,649,457 shares. The stock had previously closed at $4.17.

Analyst Ratings Changes

A number of analysts have recently issued reports on SOUN shares. HC Wainwright lifted their target price on SoundHound AI from $5.00 to $7.00 and gave the stock a “buy” rating in a research report on Monday, March 4th. Cantor Fitzgerald upgraded SoundHound AI from an “underweight” rating to a “neutral” rating and set a $4.90 price objective on the stock in a research note on Thursday, April 11th. Wedbush lifted their price objective on shares of SoundHound AI from $5.00 to $9.00 and gave the stock an “outperform” rating in a report on Friday, March 1st. Northland Securities reaffirmed a “market perform” rating on shares of SoundHound AI in a report on Wednesday, February 28th. Finally, DA Davidson increased their target price on SoundHound AI from $7.50 to $9.50 and gave the stock a “buy” rating in a research report on Friday, March 15th. Two research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $6.88.

SoundHound AI Price Performance

The company has a debt-to-equity ratio of 6.03, a quick ratio of 4.69 and a current ratio of 4.69. The firm has a market capitalization of $1.29 billion, a P/E ratio of -10.67 and a beta of 2.75. The business has a fifty day moving average of $5.48 and a 200-day moving average of $3.19.

SoundHound AI (NASDAQ:SOUN) last posted 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 net margin of 188.57% and a negative return on equity of 1,955.68%. The company had revenue of $17.10 million for the quarter, compared to analyst estimates of $17.75 million. During the same quarter in the prior year, the business earned ($0.15) EPS. SoundHound AI’s 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 EPS for the current fiscal year.

Insider Transactions at SoundHound AI

In other news, CEO Keyvan Mohajer sold 107,927 shares of SoundHound AI 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 transaction, the chief executive officer now directly owns 1,218,712 shares of the company’s stock, valued at $4,509,234.40. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, CTO Timothy Stonehocker sold 5,276 shares of the business’s stock in a transaction that occurred on Thursday, March 21st. The shares were sold at an average price of $7.70, for a total transaction of $40,625.20. Following the transaction, the chief technology officer now directly owns 982,584 shares of the company’s stock, valued at $7,565,896.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Keyvan Mohajer sold 107,927 shares of the business’s stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $3.70, for a total transaction of $399,329.90. Following the transaction, the chief executive officer now owns 1,218,712 shares in the company, valued at $4,509,234.40. The disclosure for this sale can be found here. Insiders sold a total of 405,057 shares of company stock valued at $2,587,804 in the last three months. 21.30% of the stock is currently owned by corporate insiders.

Institutional Trading of SoundHound AI

Institutional investors have recently added to or reduced their stakes in the business. Independent Advisor Alliance bought a new position in shares of SoundHound AI during the 4th quarter valued at $28,000. IAM Advisory LLC bought a new stake in shares of SoundHound AI during the 4th quarter worth about $29,000. Hexagon Capital Partners LLC acquired a new position in shares of SoundHound AI during the 1st quarter valued at about $29,000. HighPoint Advisor Group LLC bought a new position in shares of SoundHound AI in the 4th quarter valued at approximately $37,000. Finally, Great Valley Advisor Group Inc. bought a new position in shares of SoundHound AI in the 4th quarter valued at approximately $42,000. 19.28% of the stock is currently owned by institutional investors and hedge funds.

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.