SoundHound AI (NASDAQ:SOUN) Shares Up 1.4%

SoundHound AI, Inc. (NASDAQ:SOUN) rose 1.4% during mid-day trading on Monday . The company traded as high as $4.49 and last traded at $4.49. Approximately 5,145,068 shares traded hands during mid-day trading, a decline of 88% from the average daily volume of 43,791,199 shares. The stock had previously closed at $4.43.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on SOUN shares. HC Wainwright restated a “buy” rating and set a $7.00 target price on shares of SoundHound AI in a research note on Monday, May 13th. DA Davidson boosted their price objective on SoundHound AI from $7.50 to $9.50 and gave the company a “buy” rating in a research report on Friday, March 15th. Northland Securities reiterated a “market perform” rating on shares of SoundHound AI in a research report on Wednesday, February 28th. Cantor Fitzgerald raised SoundHound AI from an “underweight” rating to a “neutral” rating and set a $4.90 price target on the stock in a report on Thursday, April 11th. Finally, Wedbush restated an “outperform” rating and issued a $9.00 price target on shares of SoundHound AI in a research note on Friday, May 10th. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $6.88.

SoundHound AI Stock Down 1.4 %

The company has a market capitalization of $1.44 billion, a PE ratio of -11.50 and a beta of 2.87. The business has a 50-day moving average of $4.69 and a 200 day moving average of $3.95. The company has a debt-to-equity ratio of 0.56, a current ratio of 8.84 and a quick ratio of 8.84.

SoundHound AI (NASDAQ:SOUN) last issued its quarterly earnings data on Thursday, May 9th. The company reported ($0.07) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.09) by $0.02. SoundHound AI had a negative return on equity of 163.00% and a negative net margin of 183.49%. The business had revenue of $11.59 million for the quarter, compared to analysts’ expectations of $10.10 million. During the same period in the prior year, the firm earned ($0.12) EPS. The company’s revenue for the quarter was up 72.9% on a year-over-year basis. Equities research analysts predict that SoundHound AI, Inc. will post -0.33 earnings per share for the current year.

Insiders Place Their Bets

In other news, CEO Keyvan Mohajer sold 48,837 shares of the company’s stock in a transaction dated Tuesday, March 19th. The shares were sold at an average price of $8.37, for a total transaction of $408,765.69. Following the sale, the chief executive officer now directly owns 1,169,496 shares in the company, valued at approximately $9,788,681.52. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director Lawrence Marcus sold 50,000 shares of SoundHound AI stock in a transaction that occurred on Monday, June 10th. The stock was sold at an average price of $4.81, for a total value of $240,500.00. Following the completion of the transaction, the director now owns 208,117 shares in the company, valued at approximately $1,001,042.77. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Keyvan Mohajer sold 48,837 shares of the stock in a transaction on Tuesday, March 19th. The shares were sold at an average price of $8.37, for a total value of $408,765.69. Following the sale, the chief executive officer now owns 1,169,496 shares in the company, valued at approximately $9,788,681.52. The disclosure for this sale can be found here. Insiders sold 304,136 shares of company stock valued at $1,941,091 in the last three months. Corporate insiders own 21.30% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Cetera Advisors LLC purchased a new position in shares of SoundHound AI during the 1st quarter worth about $327,000. Strategic Wealth Partners Ltd. purchased a new position in shares of SoundHound AI during the first quarter valued at approximately $73,000. Janus Henderson Group PLC grew its stake in shares of SoundHound AI by 563.0% during the first quarter. Janus Henderson Group PLC now owns 482,731 shares of the company’s stock valued at $2,843,000 after buying an additional 409,917 shares during the last quarter. Bayesian Capital Management LP purchased a new stake in shares of SoundHound AI in the first quarter worth approximately $162,000. Finally, Gendell Jeffrey L bought a new stake in shares of SoundHound AI during the 1st quarter worth approximately $589,000. 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.