SoundHound AI (NASDAQ:SOUN) Shares Up 4.1% – What’s Next?

SoundHound AI, Inc. (NASDAQ:SOUN) shares shot up 4.1% during mid-day trading on Thursday . The stock traded as high as $14.59 and last traded at $14.55. 11,040,248 shares traded hands during mid-day trading, a decline of 79% from the average session volume of 53,361,348 shares. The stock had previously closed at $13.97.

Analysts Set New Price Targets

Several brokerages have issued reports on SOUN. Wedbush upped their target price on SoundHound AI from $10.00 to $22.00 and gave the stock an “outperform” rating in a research note on Monday, December 16th. LADENBURG THALM/SH SH reaffirmed a “neutral” rating and issued a $7.00 target price on shares of SoundHound AI in a research note on Wednesday, November 13th. HC Wainwright reaffirmed a “buy” rating and issued a $26.00 target price on shares of SoundHound AI in a research note on Monday, January 13th. Barclays reaffirmed a “neutral” rating and issued a $7.00 target price on shares of SoundHound AI in a research note on Wednesday, November 13th. Finally, Northland Securities increased their price objective on SoundHound AI from $6.00 to $8.00 and gave the company a “market perform” rating in a research note on Tuesday, January 14th. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $12.36.

SoundHound AI Price Performance

The company has a quick ratio of 2.58, a current ratio of 2.58 and a debt-to-equity ratio of 0.13. The firm has a fifty day moving average price of $16.62 and a two-hundred day moving average price of $9.50. The stock has a market capitalization of $4.31 billion, a P/E ratio of -30.47 and a beta of 2.56.

SoundHound AI (NASDAQ:SOUN) last issued its quarterly earnings results on Tuesday, November 12th. The company reported ($0.06) earnings per share for the quarter, beating the consensus estimate of ($0.07) by $0.01. SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. The firm had revenue of $25.10 million during the quarter, compared to the consensus estimate of $23.02 million. During the same period last year, the company earned ($0.09) earnings per share. The company’s revenue was up 88.7% on a year-over-year basis. On average, analysts expect that SoundHound AI, Inc. will post -0.38 EPS for the current year.

Insider Activity

In related news, Director Lawrence Marcus sold 30,000 shares of the stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $7.15, for a total transaction of $214,500.00. Following the sale, the director now directly owns 178,117 shares of the company’s stock, valued at $1,273,536.55. This trade represents a 14.41 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CTO Timothy Stonehocker sold 34,407 shares of the stock in a transaction on Friday, December 20th. The shares were sold at an average price of $20.30, for a total value of $698,462.10. Following the sale, the chief technology officer now directly owns 796,581 shares in the company, valued at $16,170,594.30. This trade represents a 4.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 2,782,918 shares of company stock worth $45,391,343 over the last three months. 12.28% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Blue Trust Inc. lifted its position in shares of SoundHound AI by 197.6% during the 4th quarter. Blue Trust Inc. now owns 1,250 shares of the company’s stock valued at $25,000 after buying an additional 830 shares in the last quarter. Sound Income Strategies LLC raised its stake in SoundHound AI by 2,542.0% during the 4th quarter. Sound Income Strategies LLC now owns 1,321 shares of the company’s stock valued at $26,000 after purchasing an additional 1,271 shares during the period. Future Financial Wealth Managment LLC bought a new stake in SoundHound AI during the 4th quarter valued at approximately $40,000. Compagnie Lombard Odier SCmA bought a new stake in SoundHound AI during the 4th quarter valued at approximately $40,000. Finally, Golden State Wealth Management LLC bought a new stake in SoundHound AI during the 4th quarter valued at approximately $42,000. 19.28% of the stock is owned by hedge funds and other institutional investors.

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.