SoundHound AI (NASDAQ:SOUN) Trading Up 15.2%

SoundHound AI, Inc. (NASDAQ:SOUN) shares rose 15.2% during trading on Thursday . The company traded as high as $6.19 and last traded at $5.84. Approximately 75,320,359 shares changed hands during trading, an increase of 83% from the average daily volume of 41,245,438 shares. The stock had previously closed at $5.07.

Wall Street Analyst Weigh In

A number of research firms have issued reports on SOUN. DA Davidson raised their target price on SoundHound AI from $7.50 to $9.50 and gave the company a “buy” rating in a research note on Friday, March 15th. HC Wainwright reiterated a “buy” rating and issued a $7.00 price objective on shares of SoundHound AI in a research report on Monday, May 13th. Wedbush restated an “outperform” rating and issued a $9.00 target price on shares of SoundHound AI in a research report on Friday, May 10th. Finally, Cantor Fitzgerald upgraded shares of SoundHound AI from an “underweight” rating to a “neutral” rating and set a $4.90 price target on the stock in a research note on Thursday, April 11th. Two research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $6.88.

SoundHound AI Stock Performance

The company’s 50 day simple moving average is $4.63 and its 200 day simple moving average is $4.20. The stock has a market cap of $1.77 billion, a price-to-earnings ratio of -15.37 and a beta of 2.76. The company has a debt-to-equity ratio of 0.56, a quick ratio of 8.84 and a current ratio of 8.84.

SoundHound AI (NASDAQ:SOUN) last announced its earnings results on Thursday, May 9th. The company reported ($0.07) EPS for the quarter, topping the consensus estimate of ($0.09) by $0.02. The firm had revenue of $11.59 million for the quarter, compared to analysts’ expectations of $10.10 million. SoundHound AI had a negative return on equity of 163.00% and a negative net margin of 183.49%. The firm’s quarterly revenue was up 72.9% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.12) earnings per share. On average, equities research analysts anticipate that SoundHound AI, Inc. will post -0.33 earnings per share for the current year.

Insider Transactions at SoundHound AI

In other SoundHound AI news, CEO Keyvan Mohajer sold 116,504 shares of the business’s stock in a transaction dated Monday, June 24th. The shares were sold at an average price of $3.95, for a total value of $460,190.80. Following the sale, the chief executive officer now directly owns 953,333 shares in the company, valued at $3,765,665.35. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, insider James Ming Hom sold 16,716 shares of SoundHound AI stock in a transaction on Thursday, June 20th. The stock was sold at an average price of $4.04, for a total value of $67,532.64. Following the transaction, the insider now directly owns 486,989 shares in the company, valued at approximately $1,967,435.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Keyvan Mohajer sold 116,504 shares of the business’s stock in a transaction on Monday, June 24th. The stock was sold at an average price of $3.95, for a total value of $460,190.80. Following the sale, the chief executive officer now directly owns 953,333 shares in the company, valued at $3,765,665.35. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 417,728 shares of company stock valued at $1,815,476. Corporate insiders own 21.30% of the company’s stock.

Hedge Funds Weigh In On SoundHound AI

A number of institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its stake in SoundHound AI by 16.1% during the first quarter. Vanguard Group Inc. now owns 16,070,453 shares of the company’s stock valued at $94,655,000 after buying an additional 2,226,471 shares in the last quarter. Intrinsic Edge Capital Management LLC raised its position in SoundHound AI by 47.7% during the fourth quarter. Intrinsic Edge Capital Management LLC now owns 4,848,211 shares of the company’s stock valued at $10,278,000 after buying an additional 1,566,238 shares during the period. Baupost Group LLC MA acquired a new stake in SoundHound AI during the 1st quarter worth about $6,659,000. Janus Henderson Group PLC grew its stake in SoundHound AI by 563.0% during the 1st quarter. Janus Henderson Group PLC now owns 482,731 shares of the company’s stock valued at $2,843,000 after acquiring an additional 409,917 shares in the last quarter. Finally, Swiss National Bank increased its holdings in shares of SoundHound AI by 13.9% in the 4th quarter. Swiss National Bank now owns 400,500 shares of the company’s stock valued at $849,000 after purchasing an additional 49,000 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.