SoundHound AI (NASDAQ:SOUN) Trading Up 1.3%

SoundHound AI, Inc. (NASDAQ:SOUN) shares were up 1.3% during mid-day trading on Thursday . The company traded as high as $4.03 and last traded at $4.01. Approximately 5,152,988 shares changed hands during trading, a decline of 90% from the average daily volume of 53,949,531 shares. The stock had previously closed at $3.96.

Analyst Upgrades and Downgrades

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

SoundHound AI Price Performance

The firm has a market capitalization of $1.10 billion, a P/E ratio of -9.10 and a beta of 2.75. The business’s 50-day simple moving average is $5.37 and its 200 day simple moving average is $3.14. 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 announced its quarterly earnings data 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). The business had revenue of $17.10 million during the quarter, compared to analysts’ expectations of $17.75 million. SoundHound AI had a negative net margin of 188.57% and a negative return on equity of 1,955.68%. SoundHound AI’s revenue for the quarter was up 80.0% on a year-over-year basis. During the same period last year, the company posted ($0.15) EPS. Sell-side analysts forecast that SoundHound AI, Inc. will post -0.3 earnings per share for the current year.

Insider Activity

In related news, CEO Keyvan Mohajer sold 107,927 shares of the stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $3.70, for a total transaction of $399,329.90. Following the completion of the sale, the chief executive officer now directly owns 1,218,712 shares in the company, valued at approximately $4,509,234.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CTO Timothy Stonehocker sold 5,276 shares of the firm’s stock in a transaction that occurred 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 transaction, the chief technology officer now owns 982,584 shares in the company, valued at $7,565,896.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, 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 completion of the transaction, the chief executive officer now directly owns 1,218,712 shares in the company, valued at $4,509,234.40. The disclosure for this sale can be found here. Over the last three months, insiders have sold 410,714 shares of company stock valued at $2,598,723. 21.30% of the stock is currently owned by insiders.

Institutional Investors Weigh In On SoundHound AI

Several institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in shares of SoundHound AI by 5.1% during the fourth quarter. Vanguard Group Inc. now owns 13,843,982 shares of the company’s stock valued at $29,349,000 after acquiring an additional 676,993 shares during the last quarter. BlackRock Inc. raised its position in SoundHound AI by 415.4% during the 2nd quarter. BlackRock Inc. now owns 9,515,845 shares of the company’s stock valued at $43,297,000 after purchasing an additional 7,669,606 shares during the last quarter. Intrinsic Edge Capital Management LLC raised its position 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 purchasing an additional 1,566,238 shares during the last quarter. Geode Capital Management LLC lifted its holdings in SoundHound AI by 145.7% in the 2nd quarter. Geode Capital Management LLC now owns 2,719,882 shares of the company’s stock worth $12,375,000 after buying an additional 1,613,110 shares during the period. Finally, State Street Corp increased its stake in shares of SoundHound AI by 517.0% during the second quarter. State Street Corp now owns 2,716,747 shares of the company’s stock valued at $12,361,000 after buying an additional 2,276,465 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.