SoundHound AI (NASDAQ:SOUN) Shares Gap Up to $3.78

SoundHound AI, Inc. (NASDAQ:SOUN)’s stock price gapped up before the market opened on Tuesday . The stock had previously closed at $3.78, but opened at $3.91. SoundHound AI shares last traded at $4.08, with a volume of 10,249,554 shares changing hands.

Analyst Ratings Changes

Several equities analysts recently commented on the stock. 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 note on Thursday, April 11th. Northland Securities reiterated a “market perform” rating on shares of SoundHound AI in a research note on Wednesday, February 28th. LADENBURG THALM/SH SH assumed coverage on shares of SoundHound AI in a research note on Tuesday, January 30th. They set a “buy” rating and a $4.00 target price for the company. Wedbush upped their target price on shares of SoundHound AI from $5.00 to $9.00 and gave the company an “outperform” rating in a research note on Friday, March 1st. Finally, DA Davidson upped their target price on shares of SoundHound AI from $7.50 to $9.50 and gave the company a “buy” rating in a research note on Friday, March 15th. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, SoundHound AI has a consensus rating of “Moderate Buy” and an average target price of $6.88.

SoundHound AI Price Performance

The stock has a market cap of $1.30 billion, a P/E ratio of -10.56 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. The company’s fifty day simple moving average is $5.39 and its 200-day simple moving average is $3.17.

SoundHound AI (NASDAQ:SOUN) last announced its quarterly 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 business had revenue of $17.10 million during the quarter, compared to the consensus estimate of $17.75 million. SoundHound AI had a negative net margin of 188.57% and a negative return on equity of 1,955.68%. The company’s quarterly revenue was up 80.0% compared to the same quarter last year. During the same period last year, the firm earned ($0.15) EPS. As a group, sell-side analysts forecast that SoundHound AI, Inc. will post -0.3 EPS for the current year.

Insider Transactions at SoundHound AI

In other news, CEO Keyvan Mohajer sold 31,665 shares of the company’s stock in a transaction dated Friday, March 22nd. The shares were sold at an average price of $6.08, for a total value of $192,523.20. Following the sale, the chief executive officer now owns 1,137,831 shares of the company’s stock, valued at approximately $6,918,012.48. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, CEO Keyvan Mohajer sold 31,665 shares of the company’s stock in a transaction dated Friday, March 22nd. The shares were sold at an average price of $6.08, for a total value of $192,523.20. Following the sale, the chief executive officer now owns 1,137,831 shares of the company’s stock, valued at approximately $6,918,012.48. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CTO Timothy Stonehocker sold 5,276 shares of the company’s stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of $7.70, for a total transaction of $40,625.20. Following the completion of the sale, the chief technology officer now directly owns 982,584 shares in the company, valued at approximately $7,565,896.80. The disclosure for this sale can be found here. In the last quarter, insiders have sold 405,057 shares of company stock valued at $2,587,804. 21.30% of the stock is owned by insiders.

Institutional Investors Weigh In On SoundHound AI

A number of hedge funds have recently added to or reduced their stakes in the stock. Hexagon Capital Partners LLC bought a new stake in SoundHound AI during the 1st quarter worth about $29,000. Victory Capital Management Inc. grew its holdings in SoundHound AI by 45.0% during the 3rd quarter. Victory Capital Management Inc. now owns 21,658 shares of the company’s stock worth $44,000 after acquiring an additional 6,717 shares during the last quarter. Prosperity Wealth Management Inc. grew its holdings 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 acquiring an additional 7,900 shares during the last quarter. Wesbanco Bank Inc. bought a new stake in SoundHound AI during the 1st quarter worth about $59,000. Finally, Ballew Advisors Inc acquired a new position in SoundHound AI during the 1st quarter valued at about $59,000. Institutional investors 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.