SoundHound AI (NASDAQ:SOUN) Trading Up 5.3%

SoundHound AI, Inc. (NASDAQ:SOUN) shares were up 5.3% on Monday . The company traded as high as $5.12 and last traded at $4.74. Approximately 22,610,013 shares traded hands during trading, a decline of 55% from the average daily volume of 50,046,250 shares. The stock had previously closed at $4.50.

Analyst Upgrades and Downgrades

Several brokerages recently commented on SOUN. Wedbush boosted 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. HC Wainwright lifted their price objective on shares of SoundHound AI from $5.00 to $7.00 and gave the company a “buy” rating in a research note on Monday, March 4th. 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. Cantor Fitzgerald raised SoundHound AI from an “underweight” rating to a “neutral” rating and set a $4.90 price target for the company in a research report on Thursday, April 11th. Finally, LADENBURG THALM/SH SH started coverage on SoundHound AI in a report on Tuesday, January 30th. They set a “buy” rating and a $4.00 price objective on the stock. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat, SoundHound AI presently has an average rating of “Moderate Buy” and a consensus target price of $6.88.

SoundHound AI Price Performance

The company has a market capitalization of $1.49 billion, a P/E ratio of -12.33 and a beta of 2.87. The stock’s fifty day simple moving average is $5.49 and its 200-day simple moving average is $3.37. The company has a debt-to-equity ratio of 6.03, a current ratio of 4.69 and a quick ratio of 4.69.

SoundHound AI (NASDAQ:SOUN) last released 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 net margin of 188.57% and a negative return on equity of 1,955.68%. The business had revenue of $17.10 million during the quarter, compared to analyst estimates of $17.75 million. During the same period last year, the business earned ($0.15) EPS. The business’s quarterly revenue was up 80.0% compared to the same quarter last year. On average, equities 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, Director Eric R. Ball sold 40,000 shares of the stock in a transaction dated Thursday, March 14th. The shares were sold at an average price of $9.55, for a total value of $382,000.00. Following the completion of the sale, the director now owns 450,250 shares in the company, valued at $4,299,887.50. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In related news, Director Eric R. Ball sold 40,000 shares of the firm’s stock in a transaction on Thursday, March 14th. The stock was sold at an average price of $9.55, for a total value of $382,000.00. Following the completion of the transaction, the director now directly owns 450,250 shares of the company’s stock, valued at $4,299,887.50. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Keyvan Mohajer sold 107,927 shares of SoundHound AI stock in a transaction 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 sale, the chief executive officer now owns 1,218,712 shares in the company, valued at approximately $4,509,234.40. The disclosure for this sale can be found here. Insiders sold a total of 405,057 shares of company stock worth $2,587,804 in the last ninety days. 21.30% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its holdings in shares of SoundHound AI by 18.6% in the 3rd quarter. Vanguard Group Inc. now owns 13,166,989 shares of the company’s stock worth $26,466,000 after buying an additional 2,064,340 shares in the last quarter. Intrinsic Edge Capital Management LLC grew its position in SoundHound AI by 47.7% in 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 acquiring an additional 1,566,238 shares during the period. Mirae Asset Global Investments Co. Ltd. raised its stake in SoundHound AI by 1.1% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,734,252 shares of the company’s stock worth $3,486,000 after acquiring an additional 18,301 shares in the last quarter. Raymond James & Associates lifted its holdings in shares of SoundHound AI by 221.1% during the third quarter. Raymond James & Associates now owns 982,948 shares of the company’s stock valued at $1,976,000 after acquiring an additional 676,799 shares during the period. Finally, Bank of New York Mellon Corp boosted its stake in shares of SoundHound AI by 9.4% in 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 in the last quarter. 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.