SoundHound AI (NASDAQ:SOUN) Trading 9% Higher

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

Wall Street Analyst Weigh In

Several research analysts have weighed in on the stock. Northland Securities restated a “market perform” rating on shares of SoundHound AI in a report on Wednesday, February 28th. Cantor Fitzgerald upgraded shares of SoundHound AI from an “underweight” rating to a “neutral” rating and set a $4.90 target price for the company in a report on Thursday, April 11th. Wedbush increased their price target on shares of SoundHound AI from $5.00 to $9.00 and gave the company an “outperform” rating in a research report on Friday, March 1st. HC Wainwright increased their price target on shares of SoundHound AI from $5.00 to $7.00 and gave the company a “buy” rating in a research report on Monday, March 4th. Finally, LADENBURG THALM/SH SH started coverage on shares of SoundHound AI in a research report on Tuesday, January 30th. They set a “buy” rating and a $4.00 price target for the company. Two investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $6.88.

SoundHound AI Stock Performance

The company has a market cap of $1.28 billion, a P/E ratio of -10.56 and a beta of 2.75. The company’s 50-day moving average is $5.39 and its two-hundred day moving average is $3.17. The company has a quick ratio of 4.69, a current ratio of 4.69 and a debt-to-equity ratio of 6.03.

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 for 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%. SoundHound AI’s revenue for the quarter was up 80.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.15) EPS. Equities analysts predict that SoundHound AI, Inc. will post -0.3 EPS for the current year.

Insiders Place Their Bets

In other SoundHound AI news, CEO Keyvan Mohajer sold 107,927 shares of the stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $3.70, for a total transaction of $399,329.90. Following the completion of the transaction, the chief executive officer now owns 1,218,712 shares in the company, valued at $4,509,234.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other SoundHound AI news, CEO Keyvan Mohajer sold 107,927 shares of the stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $3.70, for a total transaction of $399,329.90. Following the completion of the transaction, the chief executive officer now owns 1,218,712 shares in the company, valued at $4,509,234.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Majid Emami sold 17,041 shares of the firm’s stock in a transaction that occurred on Tuesday, March 19th. The shares were sold at an average price of $8.37, for a total transaction of $142,633.17. Following the completion of the transaction, the vice president now owns 467,492 shares of the company’s stock, valued at $3,912,908.04. The disclosure for this sale can be found here. Insiders sold 405,057 shares of company stock worth $2,587,804 over the last quarter. 21.30% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On SoundHound AI

Large investors have recently modified their holdings of the company. Vanguard Group Inc. lifted 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 acquiring an additional 2,064,340 shares during the last quarter. Intrinsic Edge Capital Management LLC raised its holdings in 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 valued at $10,278,000 after buying an additional 1,566,238 shares during the last quarter. Raymond James & Associates increased its position in 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. Quadrature Capital Ltd purchased a new position in SoundHound AI during the 3rd quarter valued at $457,000. Finally, PFG Investments LLC purchased a new position in SoundHound AI during the 1st quarter valued at $1,335,000. 19.28% of the stock is currently owned by institutional investors.

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.