SoundHound AI (NASDAQ:SOUN) Stock Price Up 0.4% – What’s Next?

SoundHound AI, Inc. (NASDAQ:SOUN)’s share price rose 0.4% during mid-day trading on Wednesday . The company traded as high as $9.94 and last traded at $9.76. Approximately 11,624,831 shares changed hands during trading, a decline of 73% from the average daily volume of 42,607,882 shares. The stock had previously closed at $9.72.

Analyst Ratings Changes

Several equities analysts have recently commented on the stock. Cantor Fitzgerald upgraded shares of SoundHound AI to a “hold” rating in a research report on Monday, February 24th. HC Wainwright restated a “buy” rating and set a $26.00 price objective on shares of SoundHound AI in a research report on Monday. Barclays reiterated a “neutral” rating and issued a $7.00 price target on shares of SoundHound AI in a research note on Wednesday, November 13th. LADENBURG THALM/SH SH restated a “neutral” rating and set a $7.00 price objective on shares of SoundHound AI in a research report on Wednesday, November 13th. Finally, Northland Securities raised their price objective on SoundHound AI from $6.00 to $8.00 and gave the company a “market perform” rating in a research note on Tuesday, January 14th. Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, SoundHound AI currently has a consensus rating of “Hold” and an average target price of $12.86.

SoundHound AI Price Performance

The company has a quick ratio of 2.58, a current ratio of 2.58 and a debt-to-equity ratio of 0.13. The stock has a market cap of $3.90 billion, a P/E ratio of -27.61 and a beta of 2.56. The company’s 50 day moving average price is $14.78 and its 200-day moving average price is $10.02.

SoundHound AI (NASDAQ:SOUN) last announced its earnings results on Thursday, February 27th. The company reported ($0.69) EPS for the quarter, missing the consensus estimate of ($0.11) by ($0.58). SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. The company had revenue of $34.54 million for the quarter, compared to analyst estimates of $33.70 million. As a group, sell-side analysts expect that SoundHound AI, Inc. will post -0.38 earnings per share for the current year.

Insiders Place Their Bets

In other news, CEO Keyvan Mohajer sold 156,288 shares of the business’s stock in a transaction dated Tuesday, December 24th. The stock was sold at an average price of $20.20, for a total value of $3,157,017.60. Following the transaction, the chief executive officer now directly owns 2,021,666 shares of the company’s stock, valued at $40,837,653.20. The trade was a 7.18 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Eric R. Ball sold 50,000 shares of the firm’s stock in a transaction that occurred on Thursday, December 5th. The stock was sold at an average price of $12.00, for a total value of $600,000.00. Following the sale, the director now directly owns 451,756 shares of the company’s stock, valued at $5,421,072. This represents a 9.97 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 2,574,960 shares of company stock worth $43,545,727. 12.28% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of SOUN. Blue Trust Inc. raised its holdings in shares of SoundHound AI by 197.6% during the fourth quarter. Blue Trust Inc. now owns 1,250 shares of the company’s stock valued at $25,000 after purchasing an additional 830 shares during the period. Sound Income Strategies LLC increased its position in SoundHound AI by 2,542.0% in the 4th quarter. Sound Income Strategies LLC now owns 1,321 shares of the company’s stock valued at $26,000 after buying an additional 1,271 shares in the last quarter. Orion Capital Management LLC acquired a new position in SoundHound AI during the 4th quarter worth approximately $30,000. Future Financial Wealth Managment LLC bought a new position in SoundHound AI in the fourth quarter worth approximately $40,000. Finally, Compagnie Lombard Odier SCmA acquired a new stake in SoundHound AI in the fourth quarter valued at approximately $40,000. 19.28% of the stock is owned by 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.