SoundHound AI (NASDAQ:SOUN) Trading Up 3.4%

SoundHound AI, Inc. (NASDAQ:SOUN) shares were up 3.4% during trading on Thursday . The company traded as high as $6.32 and last traded at $6.13. Approximately 19,998,674 shares traded hands during trading, a decline of 67% from the average daily volume of 59,928,191 shares. The stock had previously closed at $5.93.

Analyst Ratings Changes

A number of analysts have commented on SOUN shares. DA Davidson boosted their price objective on SoundHound AI from $7.50 to $9.50 and gave the stock a “buy” rating in a report on Friday, March 15th. LADENBURG THALM/SH SH initiated coverage on SoundHound AI in a report on Tuesday, January 30th. They issued a “buy” rating and a $4.00 target price for the company. Cantor Fitzgerald restated an “underweight” rating and set a $4.90 target price (down previously from $5.80) on shares of SoundHound AI in a research report on Wednesday, March 20th. Wedbush increased their price objective on SoundHound AI from $5.00 to $9.00 and gave the stock an “outperform” rating in a research report on Friday, March 1st. Finally, HC Wainwright raised their price target on SoundHound AI from $5.00 to $7.00 and gave the company a “buy” rating in a research report on Monday, March 4th. One research analyst has rated the stock with a sell rating, one has given a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, SoundHound AI has an average rating of “Moderate Buy” and a consensus price target of $6.88.

SoundHound AI Price Performance

The company has a current ratio of 4.69, a quick ratio of 4.69 and a debt-to-equity ratio of 6.03. The company has a market capitalization of $1.82 billion, a PE ratio of -15.72 and a beta of 2.84. The stock’s 50-day moving average is $4.37 and its two-hundred day moving average is $2.82.

SoundHound AI (NASDAQ:SOUN) last issued its quarterly earnings data on Thursday, February 29th. The company reported ($0.06) earnings per share (EPS) for the quarter, missing the consensus estimate 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 for the quarter, compared to analysts’ expectations of $17.75 million. During the same period in the previous year, the business earned ($0.15) earnings per share. The business’s quarterly revenue was up 80.0% compared to the same quarter last year. On average, equities analysts predict that SoundHound AI, Inc. will post -0.29 EPS for the current year.

Insider Transactions at SoundHound AI

In other SoundHound AI news, CEO Keyvan Mohajer sold 31,665 shares of the business’s stock in a transaction dated Friday, March 22nd. The shares were sold at an average price of $6.08, for a total value of $192,523.20. Following the transaction, the chief executive officer now directly owns 1,137,831 shares in the company, valued at approximately $6,918,012.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other SoundHound AI news, CEO Keyvan Mohajer sold 31,665 shares of the stock in a transaction that occurred on Friday, March 22nd. The shares were sold at an average price of $6.08, for a total value 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 approximately $6,918,012.48. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, VP Majid Emami sold 17,041 shares of the stock in a transaction 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 sale, the vice president now owns 467,492 shares of the company’s stock, valued at approximately $3,912,908.04. The disclosure for this sale can be found here. Insiders sold 410,714 shares of company stock valued at $2,598,723 over the last 90 days. Corporate insiders own 21.30% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of SOUN. Nuveen Asset Management LLC grew its position in SoundHound AI by 1.1% in the 4th quarter. Nuveen Asset Management LLC now owns 392,943 shares of the company’s stock valued at $833,000 after buying an additional 4,145 shares in the last quarter. Victory Capital Management Inc. boosted its stake in SoundHound AI by 45.0% during the third quarter. Victory Capital Management Inc. now owns 21,658 shares of the company’s stock worth $44,000 after buying an additional 6,717 shares in the last quarter. Rhumbline Advisers lifted its holdings in shares of SoundHound AI by 4.4% during the third quarter. Rhumbline Advisers now owns 168,025 shares of the company’s stock valued at $338,000 after acquiring an additional 7,069 shares during the period. Royal Bank of Canada lifted its holdings in shares of SoundHound AI by 520.7% during the second quarter. Royal Bank of Canada now owns 8,690 shares of the company’s stock valued at $40,000 after acquiring an additional 7,290 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its holdings in shares of SoundHound AI by 1.3% in the first quarter. Charles Schwab Investment Management Inc. now owns 582,633 shares of the company’s stock valued at $1,608,000 after buying an additional 7,414 shares during the last quarter. 19.28% of the stock is owned by institutional investors and hedge funds.

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.