SoundHound AI (NASDAQ:SOUN) Trading 4.4% Higher

Shares of SoundHound AI, Inc. (NASDAQ:SOUN) traded up 4.4% during trading on Tuesday . The stock traded as high as $5.14 and last traded at $4.99. 10,326,215 shares traded hands during mid-day trading, a decline of 75% from the average session volume of 40,666,609 shares. The stock had previously closed at $4.78.

Analysts Set New Price Targets

Several research analysts recently weighed in on the stock. Cantor Fitzgerald upgraded shares of 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. HC Wainwright reaffirmed a “buy” rating and set a $7.00 price target on shares of SoundHound AI in a research report on Monday. Finally, Wedbush reiterated an “outperform” rating and set a $9.00 price target on shares of SoundHound AI in a report on Friday, May 10th. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $6.88.

SoundHound AI Stock Up 3.8 %

The company has a quick ratio of 8.84, a current ratio of 8.84 and a debt-to-equity ratio of 0.56. The stock has a 50-day simple moving average of $4.67 and a 200-day simple moving average of $4.50. The firm has a market capitalization of $1.63 billion, a PE ratio of -13.13 and a beta of 2.77.

SoundHound AI (NASDAQ:SOUN) last released its quarterly earnings data on Thursday, May 9th. The company reported ($0.07) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.09) by $0.02. SoundHound AI had a negative net margin of 183.49% and a negative return on equity of 163.00%. The business had revenue of $11.59 million during the quarter, compared to analyst estimates of $10.10 million. During the same period in the previous year, the business earned ($0.12) EPS. SoundHound AI’s revenue was up 72.9% compared to the same quarter last year. Analysts forecast that SoundHound AI, Inc. will post -0.33 EPS for the current year.

Insider Buying and Selling at SoundHound AI

In other news, CTO Timothy Stonehocker sold 208,000 shares of the firm’s stock in a transaction that occurred on Thursday, July 11th. The shares were sold at an average price of $5.75, for a total value of $1,196,000.00. Following the completion of the transaction, the chief technology officer now directly owns 659,531 shares in the company, valued at $3,792,303.25. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CTO Timothy Stonehocker sold 208,000 shares of the business’s stock in a transaction dated Thursday, July 11th. The stock was sold at an average price of $5.75, for a total transaction of $1,196,000.00. Following the completion of the transaction, the chief technology officer now owns 659,531 shares of the company’s stock, valued at $3,792,303.25. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider James Ming Hom sold 16,716 shares of the firm’s stock in a transaction that occurred on Thursday, June 20th. The shares were sold at an average price of $4.04, for a total transaction of $67,532.64. Following the completion of the sale, the insider now directly owns 486,989 shares in the company, valued at $1,967,435.56. The disclosure for this sale can be found here. Insiders sold 625,728 shares of company stock valued at $3,011,476 in the last quarter. 21.30% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On SoundHound AI

A number of hedge funds have recently made changes to their positions in the business. Independent Advisor Alliance bought a new position in shares of SoundHound AI during the fourth quarter valued at about $28,000. Hexagon Capital Partners LLC purchased a new position in SoundHound AI in the 1st quarter worth approximately $29,000. International Assets Investment Management LLC bought a new stake in SoundHound AI in the second quarter valued at approximately $31,000. HighPoint Advisor Group LLC purchased a new stake in shares of SoundHound AI during the fourth quarter valued at approximately $37,000. Finally, DecisionPoint Financial LLC bought a new position in shares of SoundHound AI in the first quarter worth approximately $40,000. 19.28% of the stock is currently owned by institutional investors.

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.