SoundHound AI (NASDAQ:SOUN) Shares Up 9%

Shares of SoundHound AI, Inc. (NASDAQ:SOUN) rose 9% during trading on Tuesday . The company traded as high as $4.17 and last traded at $4.12. Approximately 16,667,520 shares changed hands during trading, a decline of 68% from the average daily volume of 52,711,961 shares. The stock had previously closed at $3.78.

Analyst Upgrades and Downgrades

SOUN has been the topic of a number of recent research reports. HC Wainwright lifted their price target on SoundHound AI from $5.00 to $7.00 and gave the company a “buy” rating in a research note on Monday, March 4th. Wedbush lifted their price target on SoundHound AI from $5.00 to $9.00 and gave the company an “outperform” rating in a research note on Friday, March 1st. DA Davidson lifted their price target on SoundHound AI from $7.50 to $9.50 and gave the company a “buy” rating in a research note on Friday, March 15th. LADENBURG THALM/SH SH initiated coverage on SoundHound AI in a research note on Tuesday, January 30th. They set a “buy” rating and a $4.00 price target on the stock. Finally, Northland Securities reissued a “market perform” rating on shares of SoundHound AI in a research note on Wednesday, February 28th. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $6.88.

SoundHound AI Stock Performance

The stock has a 50 day moving average of $5.47 and a 200 day moving average of $3.19. The company has a quick ratio of 4.69, a current ratio of 4.69 and a debt-to-equity ratio of 6.03. The company has a market capitalization of $1.24 billion, a price-to-earnings ratio of -10.28 and a beta of 2.75.

SoundHound AI (NASDAQ:SOUN) last issued its earnings results on Thursday, February 29th. The company reported ($0.06) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.01). The business had revenue of $17.10 million during the quarter, compared to the consensus estimate of $17.75 million. SoundHound AI had a negative return on equity of 1,955.68% and a negative net margin of 188.57%. The company’s revenue for the quarter was up 80.0% compared to the same quarter last year. During the same quarter in the previous year, the firm posted ($0.15) earnings per share. As a group, analysts predict that SoundHound AI, Inc. will post -0.3 EPS for the current year.

Insiders Place Their Bets

In other news, CEO Keyvan Mohajer sold 107,927 shares of the business’s stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $3.70, for a total transaction of $399,329.90. Following the completion of the sale, the chief executive officer now owns 1,218,712 shares in the company, valued at $4,509,234.40. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, VP Majid Emami sold 17,041 shares of SoundHound AI stock in a transaction that occurred on Tuesday, March 19th. The stock was sold at an average price of $8.37, for a total transaction of $142,633.17. Following the transaction, the vice president now owns 467,492 shares of the company’s stock, valued at $3,912,908.04. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Keyvan Mohajer sold 107,927 shares of SoundHound AI stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $3.70, for a total value of $399,329.90. Following the transaction, the chief executive officer now directly owns 1,218,712 shares in the company, valued at approximately $4,509,234.40. The disclosure for this sale can be found here. Over the last three months, insiders sold 405,057 shares of company stock worth $2,587,804. 21.30% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Meridian Wealth Management LLC bought a new stake in shares of SoundHound AI during the 3rd quarter valued at $140,000. Simplicity Solutions LLC bought a new stake in shares of SoundHound AI during the 3rd quarter valued at $71,000. Commonwealth Equity Services LLC raised its stake in shares of SoundHound AI by 30.0% during the 3rd quarter. Commonwealth Equity Services LLC now owns 72,853 shares of the company’s stock valued at $146,000 after purchasing an additional 16,801 shares during the period. Raymond James & Associates raised its stake in shares of SoundHound AI by 221.1% during the 3rd quarter. Raymond James & Associates now owns 982,948 shares of the company’s stock valued at $1,976,000 after purchasing an additional 676,799 shares during the period. Finally, Bank of New York Mellon Corp raised its stake in shares of SoundHound AI by 9.4% during the 3rd quarter. Bank of New York Mellon Corp now owns 514,311 shares of the company’s stock valued at $1,034,000 after purchasing an additional 44,028 shares during the period. 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.