SoundHound AI (NASDAQ:SOUN) Trading Up 2.5%

Shares of SoundHound AI, Inc. (NASDAQ:SOUN) were up 2.5% during mid-day trading on Thursday . The stock traded as high as $4.60 and last traded at $4.52. Approximately 5,746,828 shares were traded during mid-day trading, a decline of 89% from the average daily volume of 50,634,742 shares. The stock had previously closed at $4.41.

Analyst Upgrades and Downgrades

SOUN has been the topic of several analyst reports. DA Davidson increased their target price on shares of SoundHound AI from $7.50 to $9.50 and gave the stock a “buy” rating in a research report on Friday, March 15th. HC Wainwright raised their price objective on SoundHound AI from $5.00 to $7.00 and gave the company a “buy” rating in a research note on Monday, March 4th. LADENBURG THALM/SH SH began coverage on SoundHound AI in a research report on Tuesday, January 30th. They set a “buy” rating and a $4.00 target price for the company. Wedbush increased their price target on SoundHound AI from $5.00 to $9.00 and gave the company an “outperform” rating in a report on Friday, March 1st. Finally, Northland Securities reaffirmed a “market perform” rating on shares of SoundHound AI in a report on Wednesday, February 28th. Two research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, SoundHound AI currently has a consensus rating of “Moderate Buy” and an average target price of $6.88.

SoundHound AI Stock Up 0.2 %

The firm has a 50 day moving average of $5.54 and a two-hundred day moving average of $3.30. The company has a debt-to-equity ratio of 6.03, a quick ratio of 4.69 and a current ratio of 4.69.

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

Insider Activity at SoundHound AI

In related news, CEO Keyvan Mohajer sold 31,665 shares of SoundHound AI stock in a transaction dated Friday, March 22nd. The stock was sold at an average price of $6.08, for a total transaction of $192,523.20. Following the sale, the chief executive officer now directly owns 1,137,831 shares of the company’s stock, valued at $6,918,012.48. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In other news, CTO Timothy Stonehocker sold 5,276 shares of the stock in a transaction on Thursday, March 21st. The shares were sold at an average price of $7.70, for a total value of $40,625.20. Following the completion of the transaction, the chief technology officer now owns 982,584 shares in the company, valued at approximately $7,565,896.80. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Keyvan Mohajer sold 31,665 shares of the firm’s stock in a transaction dated Friday, March 22nd. The stock was sold at an average price of $6.08, for a total transaction of $192,523.20. Following the transaction, the chief executive officer now directly owns 1,137,831 shares of the company’s stock, valued at $6,918,012.48. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 405,057 shares of company stock worth $2,587,804. Company insiders own 21.30% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its holdings in SoundHound AI by 18.6% during the third quarter. Vanguard Group Inc. now owns 13,166,989 shares of the company’s stock valued at $26,466,000 after purchasing an additional 2,064,340 shares in the last quarter. Intrinsic Edge Capital Management LLC lifted its position in shares of SoundHound AI by 47.7% during the 4th quarter. Intrinsic Edge Capital Management LLC now owns 4,848,211 shares of the company’s stock worth $10,278,000 after buying an additional 1,566,238 shares during the period. Raymond James & Associates boosted its stake in SoundHound AI by 221.1% in the 3rd quarter. Raymond James & Associates now owns 982,948 shares of the company’s stock valued at $1,976,000 after buying an additional 676,799 shares in the last quarter. Quadrature Capital Ltd bought a new stake in SoundHound AI in the third quarter valued at $457,000. Finally, PFG Investments LLC acquired a new position in SoundHound AI during the first quarter worth $1,335,000. Institutional investors and hedge funds 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.