SoundHound AI (NASDAQ:SOUN) Shares Up 5.5%

SoundHound AI, Inc. (NASDAQ:SOUN) shot up 5.5% during trading on Wednesday . The stock 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.

Wall Street Analysts Forecast Growth

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

SoundHound AI Stock Down 3.8 %

The stock has a market cap of $1.24 billion, a P/E ratio of -11.28 and a beta of 2.75. The business has a 50-day simple moving average of $5.43 and a 200-day simple moving average of $3.18. The company has a quick ratio of 4.69, a current ratio of 4.69 and a debt-to-equity ratio of 6.03.

SoundHound AI (NASDAQ:SOUN) last issued its quarterly earnings results 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 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 analyst estimates of $17.75 million. During the same quarter last year, the firm earned ($0.15) earnings per share. The firm’s quarterly revenue was up 80.0% compared to the same quarter last year. Analysts expect 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 107,927 shares of the company’s stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $3.70, for a total transaction of $399,329.90. Following the completion of the transaction, the chief executive officer now directly owns 1,218,712 shares in the company, valued at $4,509,234.40. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In related news, CEO Keyvan Mohajer sold 107,927 shares of the company’s stock in a transaction on Thursday, February 15th. The stock was 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 directly owns 1,218,712 shares in the company, valued at $4,509,234.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Majid Emami sold 17,041 shares of the company’s stock in a transaction on Tuesday, March 19th. The shares were sold at an average price of $8.37, for a total value 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 $3,912,908.04. The disclosure for this sale can be found here. Insiders sold a total of 405,057 shares of company stock worth $2,587,804 over the last three months. 21.30% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of SOUN. Independent Advisor Alliance acquired a new position in shares of SoundHound AI in the fourth quarter valued at $28,000. IAM Advisory LLC acquired a new position in shares of SoundHound AI in the fourth quarter valued at $29,000. Hexagon Capital Partners LLC acquired a new position in shares of SoundHound AI in the first quarter valued at $29,000. HighPoint Advisor Group LLC acquired a new position in SoundHound AI during the fourth quarter worth $37,000. Finally, Great Valley Advisor Group Inc. acquired a new position in SoundHound AI during the fourth quarter worth $42,000. 19.28% of the stock is currently owned by institutional investors and hedge funds.

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.