SoundHound AI (NASDAQ:SOUN) Stock Price Up 5.3%

SoundHound AI, Inc. (NASDAQ:SOUN) shares rose 5.3% on Monday . The company traded as high as $5.12 and last traded at $4.74. Approximately 22,610,013 shares changed 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

SOUN has been the topic of a number of recent research reports. 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 report on Thursday, April 11th. LADENBURG THALM/SH SH began coverage on shares of SoundHound AI in a report on Tuesday, January 30th. They issued a “buy” rating and a $4.00 target price on the stock. HC Wainwright boosted their target price on shares of SoundHound AI from $5.00 to $7.00 and gave the company a “buy” rating in a report on Monday, March 4th. Northland Securities reiterated a “market perform” rating on shares of SoundHound AI in a report on Wednesday, February 28th. Finally, Wedbush boosted their target price on shares of SoundHound AI from $5.00 to $9.00 and gave the company an “outperform” rating in a report on Friday, March 1st. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $6.88.

SoundHound AI Stock Performance

The firm’s 50 day moving average is $5.54 and its two-hundred day moving average is $3.32. The stock has a market capitalization of $1.61 billion, a PE ratio of -13.36 and a beta of 2.87. The company has a debt-to-equity ratio of 6.03, a quick ratio of 4.69 and a current ratio of 4.69.

SoundHound AI (NASDAQ:SOUN) last announced its quarterly earnings results on Thursday, February 29th. The company reported ($0.06) EPS for the quarter, missing the consensus estimate of ($0.05) by ($0.01). SoundHound AI had a negative return on equity of 1,955.68% and a negative net margin of 188.57%. The company had revenue of $17.10 million for the quarter, compared to analyst estimates of $17.75 million. During the same quarter in the prior year, the business earned ($0.15) earnings per share. SoundHound AI’s revenue was up 80.0% compared to the same quarter last year. As a group, research analysts predict 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 business’s 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 sale, the chief executive officer now owns 1,218,712 shares of the company’s stock, valued at $4,509,234.40. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other SoundHound AI news, CTO Timothy Stonehocker sold 5,276 shares of the business’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 transaction of $40,625.20. Following the completion of the sale, the chief technology officer now directly owns 982,584 shares in the company, valued at $7,565,896.80. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Keyvan Mohajer sold 107,927 shares of the company’s stock in a transaction on 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 of the company’s stock, valued at $4,509,234.40. The disclosure for this sale can be found here. Insiders have sold a total of 405,057 shares of company stock valued at $2,587,804 over the last quarter. Corporate insiders own 21.30% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in SOUN. Independent Advisor Alliance purchased a new position in shares of SoundHound AI in the fourth quarter valued at $28,000. IAM Advisory LLC acquired a new stake in SoundHound AI in the fourth quarter valued at $29,000. Hexagon Capital Partners LLC acquired a new stake in SoundHound AI in the first quarter valued at $29,000. HighPoint Advisor Group LLC acquired a new stake in SoundHound AI in the fourth quarter valued at $37,000. Finally, DecisionPoint Financial LLC acquired a new stake in SoundHound AI in the first quarter valued at $40,000. 19.28% of the stock is currently owned by hedge funds and other institutional investors.

About SoundHound AI

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.