SoundHound AI (NASDAQ:SOUN) Trading 9% Higher

Shares of SoundHound AI, Inc. (NASDAQ:SOUN) rose 9% on Tuesday . The company traded as high as $4.17 and last traded at $4.12. Approximately 16,667,520 shares were traded during mid-day trading, a decline of 68% from the average daily volume of 52,711,961 shares. The stock had previously closed at $3.78.

Wall Street Analyst Weigh In

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

SoundHound AI Stock Performance

The firm has a market capitalization of $1.28 billion, a P/E ratio of -10.56 and a beta of 2.75. The firm has a 50-day moving average price of $5.39 and a two-hundred day moving average price of $3.17. The company has a debt-to-equity ratio of 6.03, a current ratio of 4.69 and a quick ratio of 4.69.

SoundHound AI (NASDAQ:SOUN) last released its earnings results on Thursday, February 29th. The company reported ($0.06) earnings per share for the quarter, missing the consensus estimate 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 business had revenue of $17.10 million for the quarter, compared to the consensus estimate of $17.75 million. During the same quarter last year, the business posted ($0.15) earnings per share. The firm’s revenue for the quarter was up 80.0% compared to the same quarter last year. On average, analysts forecast that SoundHound AI, Inc. will post -0.3 EPS for the current fiscal year.

Insider Transactions at SoundHound AI

In related 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 value 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 $6,918,012.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related 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 value 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 $6,918,012.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CTO Timothy Stonehocker sold 5,276 shares of SoundHound AI stock in a transaction dated Thursday, March 21st. The shares were sold at an average price of $7.70, for a total value of $40,625.20. Following the completion of the sale, the chief technology officer now owns 982,584 shares of the company’s stock, valued at $7,565,896.80. The disclosure for this sale can be found here. Over 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 insiders.

Hedge Funds Weigh In On SoundHound AI

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its stake in SoundHound AI by 18.6% in the third quarter. Vanguard Group Inc. now owns 13,166,989 shares of the company’s stock valued at $26,466,000 after purchasing an additional 2,064,340 shares during the last quarter. Intrinsic Edge Capital Management LLC grew its stake in SoundHound AI by 47.7% in the fourth quarter. Intrinsic Edge Capital Management LLC now owns 4,848,211 shares of the company’s stock valued at $10,278,000 after purchasing an additional 1,566,238 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. grew its stake in SoundHound AI by 1.1% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,734,252 shares of the company’s stock valued at $3,486,000 after purchasing an additional 18,301 shares during the last quarter. Raymond James & Associates grew its stake in SoundHound AI by 221.1% in the third quarter. Raymond James & Associates now owns 982,948 shares of the company’s stock valued at $1,976,000 after purchasing an additional 676,799 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its stake in SoundHound AI by 9.4% in the third quarter. Bank of New York Mellon Corp now owns 514,311 shares of the company’s stock valued at $1,034,000 after purchasing an additional 44,028 shares during the last quarter. Hedge funds and other 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.