SoundHound AI (NASDAQ:SOUN) Shares Up 1.4%

SoundHound AI, Inc. (NASDAQ:SOUN) shares were up 1.4% during mid-day trading on Wednesday . The company traded as high as $5.05 and last traded at $5.01. Approximately 11,165,020 shares were traded during mid-day trading, a decline of 78% from the average daily volume of 49,800,766 shares. The stock had previously closed at $4.94.

Analysts Set New Price Targets

Several research firms have recently commented on SOUN. Cantor Fitzgerald raised 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. HC Wainwright raised their price objective on SoundHound AI from $5.00 to $7.00 and gave the stock a “buy” rating in a research report on Monday, March 4th. LADENBURG THALM/SH SH assumed coverage on shares of SoundHound AI in a report on Tuesday, January 30th. They issued a “buy” rating and a $4.00 price objective on the stock. Northland Securities reiterated a “market perform” rating on shares of SoundHound AI in a research report on Wednesday, February 28th. Finally, Wedbush upped their price objective on shares of SoundHound AI from $5.00 to $9.00 and gave the stock an “outperform” rating in a report on Friday, March 1st. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $6.88.

SoundHound AI Price Performance

The company has a debt-to-equity ratio of 6.03, a current ratio of 4.69 and a quick ratio of 4.69. The firm has a market cap of $1.49 billion, a price-to-earnings ratio of -12.85 and a beta of 2.87. The stock has a 50-day moving average price of $5.49 and a 200 day moving average price of $3.37.

SoundHound AI (NASDAQ:SOUN) last posted its quarterly earnings data 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 net margin of 188.57% and a negative return on equity of 1,955.68%. The company had revenue of $17.10 million for the quarter, compared to analysts’ expectations of $17.75 million. During the same period in the prior year, the company earned ($0.15) earnings per share. The firm’s revenue was up 80.0% on a year-over-year basis. As a group, equities research analysts forecast that SoundHound AI, Inc. will post -0.3 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, VP Majid Emami sold 17,041 shares of the company’s stock in a transaction 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 transaction, the vice president now directly owns 467,492 shares of the company’s stock, valued at approximately $3,912,908.04. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, 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 owns 1,218,712 shares of the company’s stock, valued at approximately $4,509,234.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, VP Majid Emami sold 17,041 shares of the stock in a transaction dated 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 sale, the vice president now directly owns 467,492 shares in the company, valued at $3,912,908.04. The disclosure for this sale can be found here. Over the last quarter, insiders sold 405,057 shares of company stock worth $2,587,804. 21.30% of the stock is owned by corporate insiders.

Institutional Trading of SoundHound AI

Several institutional investors and hedge funds have recently modified their holdings of SOUN. Commonwealth Equity Services LLC increased its holdings in SoundHound AI by 30.0% in the 3rd quarter. Commonwealth Equity Services LLC now owns 72,853 shares of the company’s stock valued at $146,000 after purchasing an additional 16,801 shares in the last quarter. Raymond James & Associates grew its stake in SoundHound AI by 221.1% in the third quarter. Raymond James & Associates now owns 982,948 shares of the company’s stock worth $1,976,000 after purchasing an additional 676,799 shares in the last quarter. Bank of New York Mellon Corp raised its stake in SoundHound AI by 9.4% during the third quarter. Bank of New York Mellon Corp now owns 514,311 shares of the company’s stock valued at $1,034,000 after buying an additional 44,028 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its position in shares of SoundHound AI by 1.1% in the 3rd 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. Finally, Gratus Capital LLC raised its holdings in shares of SoundHound AI by 50.0% during the third quarter. Gratus Capital LLC now owns 45,000 shares of the company’s stock worth $90,000 after purchasing an additional 15,000 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.