SoundHound AI (NASDAQ:SOUN) Stock Price Up 4.7% – Here’s What Happened

SoundHound AI, Inc. (NASDAQ:SOUN)’s stock price rose 4.7% during mid-day trading on Thursday . The stock traded as high as $10.16 and last traded at $10.02. Approximately 19,326,581 shares traded hands during mid-day trading, a decline of 65% from the average daily volume of 54,636,348 shares. The stock had previously closed at $9.57.

Analyst Ratings Changes

SOUN has been the subject of several analyst reports. Northland Securities raised 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. DA Davidson increased their price target on SoundHound AI from $9.50 to $13.00 and gave the stock a “buy” rating in a report on Friday. HC Wainwright reiterated a “buy” rating and issued a $26.00 price target on shares of SoundHound AI in a report on Monday, January 13th. Cantor Fitzgerald upgraded SoundHound AI to a “hold” rating in a report on Monday, February 24th. Finally, Barclays reiterated a “neutral” rating and issued a $7.00 price target on shares of SoundHound AI in a report on Wednesday, November 13th. Four investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $12.86.

SoundHound AI Price Performance

The firm has a fifty day simple moving average of $15.19 and a 200 day simple moving average of $9.88. The company has a market capitalization of $4.26 billion, a PE ratio of -30.10 and a beta of 2.56. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.58 and a current ratio of 2.58.

SoundHound AI (NASDAQ:SOUN) last released its quarterly earnings data on Thursday, February 27th. The company reported ($0.69) EPS for the quarter, missing the consensus estimate 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 for the quarter, compared to analysts’ expectations of $33.70 million. Equities analysts anticipate that SoundHound AI, Inc. will post -0.38 EPS for the current year.

Insider Buying and Selling

In other news, VP Majid Emami sold 94,067 shares of the firm’s stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $9.05, for a total value of $851,306.35. Following the sale, the vice president now directly owns 735,685 shares in the company, valued at approximately $6,657,949.25. This trade represents a 11.34 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Keyvan Mohajer sold 156,288 shares of the stock in a transaction on Tuesday, December 24th. The shares were sold at an average price of $20.20, for a total transaction of $3,157,017.60. Following the completion of the transaction, the chief executive officer now directly owns 2,021,666 shares in the company, valued at $40,837,653.20. This trade represents a 7.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 2,722,918 shares of company stock valued at $44,935,943. 12.28% of the stock is owned by company insiders.

Institutional Inflows and Outflows

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