SoundHound AI (NASDAQ:SOUN) Shares Up 5.5%

Shares of SoundHound AI, Inc. (NASDAQ:SOUN) traded up 5.5% on Wednesday . The company traded as high as $4.59 and last traded at $4.40. 20,650,020 shares changed hands during mid-day trading, a decline of 61% from the average session volume of 52,649,457 shares. The stock had previously closed at $4.17.

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the company. Wedbush raised their target price on SoundHound AI from $5.00 to $9.00 and gave the company an “outperform” rating in a report on Friday, March 1st. LADENBURG THALM/SH SH began coverage on SoundHound AI in a research report on Tuesday, January 30th. They issued a “buy” rating and a $4.00 price target for the company. Cantor Fitzgerald upgraded SoundHound AI from an “underweight” rating to a “neutral” rating and set a $4.90 price target for the company in a research report on Thursday, April 11th. HC Wainwright boosted their target price on SoundHound AI from $5.00 to $7.00 and gave the stock a “buy” rating in a research report on Monday, March 4th. Finally, DA Davidson lifted their price target on SoundHound AI from $7.50 to $9.50 and gave the stock a “buy” rating in a research note on Friday, March 15th. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, SoundHound AI has a consensus rating of “Moderate Buy” and a consensus price target of $6.88.

SoundHound AI Price Performance

The firm has a 50-day moving average of $5.43 and a 200-day moving average of $3.18. The firm has a market capitalization of $1.24 billion, a P/E ratio of -11.28 and a beta of 2.75. 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 earnings results on Thursday, February 29th. The company reported ($0.06) EPS for the quarter, missing analysts’ consensus estimates 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 during the quarter, compared to the consensus estimate of $17.75 million. During the same period in the prior year, the business posted ($0.15) earnings per share. SoundHound AI’s revenue for the quarter was up 80.0% compared to the same quarter last year. As a group, analysts predict that SoundHound AI, Inc. will post -0.3 EPS for the current year.

Insider Activity at SoundHound AI

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Independent Advisor Alliance acquired a new position in shares of SoundHound AI during the 4th quarter worth about $28,000. IAM Advisory LLC purchased a new position in SoundHound AI in the 4th quarter valued at approximately $29,000. Hexagon Capital Partners LLC purchased a new position in SoundHound AI in the 1st quarter valued at approximately $29,000. HighPoint Advisor Group LLC purchased a new position in SoundHound AI in the 4th quarter valued at approximately $37,000. Finally, Great Valley Advisor Group Inc. purchased a new stake in shares of SoundHound AI during the 4th quarter worth $42,000. 19.28% of the stock is currently owned by institutional investors and hedge funds.

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.