SoundHound AI (NASDAQ:SOUN) Trading 4.6% Higher – What’s Next?

SoundHound AI, Inc. (NASDAQ:SOUN) shares were up 4.6% during mid-day trading on Monday . The stock traded as high as $10.52 and last traded at $10.32. Approximately 11,538,241 shares were traded during trading, a decline of 70% from the average daily volume of 38,546,275 shares. The stock had previously closed at $9.86.

Analyst Ratings Changes

Several analysts recently weighed in on SOUN shares. Cantor Fitzgerald upgraded shares of SoundHound AI to a “hold” rating in a report on Monday, February 24th. HC Wainwright reiterated a “buy” rating and set a $26.00 price target on shares of SoundHound AI in a research report on Monday, March 3rd. DA Davidson increased their price target on shares of SoundHound AI from $9.50 to $13.00 and gave the stock a “buy” rating in a research note on Friday, February 28th. Wedbush raised their target price on SoundHound AI from $10.00 to $22.00 and gave the company an “outperform” rating in a research note on Monday, December 16th. Finally, Northland Securities upped their price target on SoundHound AI from $6.00 to $8.00 and gave the stock a “market perform” rating in a research note on Tuesday, January 14th. Four investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, SoundHound AI has a consensus rating of “Hold” and a consensus price target of $12.86.

SoundHound AI Stock 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 business has a 50 day moving average of $12.09 and a 200 day moving average of $10.52. The company has a market capitalization of $4.01 billion, a P/E ratio of -28.33 and a beta of 2.62.

SoundHound AI (NASDAQ:SOUN) last posted its quarterly earnings data on Thursday, February 27th. The company reported ($0.69) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.58). SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. The firm had revenue of $34.54 million during the quarter, compared to analysts’ expectations of $33.70 million. On average, sell-side analysts predict that SoundHound AI, Inc. will post -0.38 earnings per share for the current year.

Insider Activity at SoundHound AI

In other news, VP Majid Emami sold 28,392 shares of SoundHound AI stock in a transaction on Thursday, March 20th. The stock was sold at an average price of $9.90, for a total transaction of $281,080.80. Following the completion of the sale, the vice president now directly owns 669,834 shares in the company, valued at approximately $6,631,356.60. This trade represents a 4.07 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider James Ming Hom sold 51,196 shares of the firm’s stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $10.25, for a total transaction of $524,759.00. Following the completion of the transaction, the insider now directly owns 638,456 shares in the company, valued at $6,544,174. This represents a 7.42 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 500,565 shares of company stock worth $4,999,726 in the last quarter. 12.28% of the stock is owned by company insiders.

Institutional Trading of SoundHound AI

Hedge funds have recently bought and sold shares of the stock. Blue Trust Inc. increased its holdings in shares of SoundHound AI by 197.6% in the 4th quarter. Blue Trust Inc. now owns 1,250 shares of the company’s stock valued at $25,000 after acquiring an additional 830 shares during the period. Sound Income Strategies LLC boosted its position in SoundHound AI by 2,542.0% during the fourth 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 in the last quarter. Orion Capital Management LLC purchased a new position in SoundHound AI in the fourth quarter valued at about $30,000. Future Financial Wealth Managment LLC bought a new position in SoundHound AI in the fourth quarter worth about $40,000. Finally, Compagnie Lombard Odier SCmA purchased a new stake in shares of SoundHound AI during the fourth quarter valued at about $40,000. 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.