SoundHound AI (NASDAQ:SOUN) Shares Up 2.5%

SoundHound AI, Inc. (NASDAQ:SOUN)’s stock price was up 2.5% during mid-day trading on Thursday . The stock traded as high as $4.60 and last traded at $4.52. Approximately 5,746,828 shares changed hands during trading, a decline of 89% from the average daily volume of 50,634,742 shares. The stock had previously closed at $4.41.

Analyst Upgrades and Downgrades

SOUN has been the subject of several recent research reports. Wedbush raised 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. Cantor Fitzgerald upgraded SoundHound AI from an “underweight” rating to a “neutral” rating and set a $4.90 target price on the stock in a report on Thursday, April 11th. Northland Securities restated a “market perform” rating on shares of SoundHound AI in a research report on Wednesday, February 28th. LADENBURG THALM/SH SH began coverage on shares of SoundHound AI in a research note on Tuesday, January 30th. They issued a “buy” rating and a $4.00 target price for the company. Finally, HC Wainwright raised 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. Two equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat, SoundHound AI currently has an average rating of “Moderate Buy” and an average target price of $6.88.

SoundHound AI Stock Up 0.2 %

The company has a 50 day moving average of $5.54 and a 200 day moving average of $3.30. The company has a debt-to-equity ratio of 6.03, a current ratio of 4.69 and a quick ratio of 4.69.

SoundHound AI (NASDAQ:SOUN) last posted its quarterly earnings data 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 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 analyst estimates of $17.75 million. During the same period in the prior year, the company earned ($0.15) EPS. The company’s revenue was up 80.0% compared to the same quarter last year. Research analysts predict that SoundHound AI, Inc. will post -0.3 EPS for the current year.

Insider Buying and Selling at SoundHound AI

In other news, CEO Keyvan Mohajer sold 107,927 shares of the company’s 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 sale, the chief executive officer now directly owns 1,218,712 shares in the company, valued at approximately $4,509,234.40. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In related 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 value of $399,329.90. Following the transaction, the chief executive officer now owns 1,218,712 shares in the company, valued at $4,509,234.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Lawrence Marcus sold 50,000 shares of the company’s stock in a transaction dated Tuesday, March 12th. The stock was sold at an average price of $7.00, for a total value of $350,000.00. Following the sale, the director now owns 333,117 shares of the company’s stock, valued at $2,331,819. The disclosure for this sale can be found here. Insiders have sold a total of 405,057 shares of company stock worth $2,587,804 in the last quarter. 21.30% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of SOUN. Vanguard Group Inc. raised its stake in shares of SoundHound AI by 18.6% in the 3rd quarter. Vanguard Group Inc. now owns 13,166,989 shares of the company’s stock valued at $26,466,000 after acquiring an additional 2,064,340 shares during the period. Intrinsic Edge Capital Management LLC raised its position in SoundHound AI by 47.7% in the fourth 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 period. Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of SoundHound AI by 1.1% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,734,252 shares of the company’s stock worth $3,486,000 after purchasing an additional 18,301 shares in the last quarter. Raymond James & Associates boosted its position in shares of 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 buying an additional 676,799 shares during the period. Finally, Bank of New York Mellon Corp grew its stake in shares of SoundHound AI by 9.4% in 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. Hedge funds and other institutional investors own 19.28% of the company’s stock.

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.