SoundHound AI (NASDAQ:SOUN) Shares Up 2.6% – What’s Next?

Shares of SoundHound AI, Inc. (NASDAQ:SOUN) traded up 2.6% on Thursday . The company traded as high as $16.70 and last traded at $16.80. 20,302,205 shares changed hands during trading, a decline of 69% from the average session volume of 66,541,211 shares. The stock had previously closed at $16.38.

Analysts Set New Price Targets

A number of analysts recently commented on the stock. Northland Securities boosted their price objective on shares of SoundHound AI from $6.00 to $8.00 and gave the stock a “market perform” rating in a report on Tuesday, January 14th. Barclays reissued a “neutral” rating and issued a $7.00 target price on shares of SoundHound AI in a report on Wednesday, November 13th. Wedbush boosted their price objective on shares of SoundHound AI from $10.00 to $22.00 and gave the stock an “outperform” rating in a research report on Monday, December 16th. LADENBURG THALM/SH SH restated a “neutral” rating and set a $7.00 target price on shares of SoundHound AI in a research report on Wednesday, November 13th. Finally, DA Davidson reiterated a “buy” rating and issued a $9.50 price target on shares of SoundHound AI in a research report on Monday, September 30th. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $12.36.

SoundHound AI Stock Performance

The firm has a market cap of $5.89 billion, a PE ratio of -44.34 and a beta of 2.63. The stock has a 50-day moving average price of $14.52 and a 200 day moving average price of $8.39. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.58 and a quick ratio of 2.58.

SoundHound AI (NASDAQ:SOUN) last posted its quarterly earnings data on Tuesday, November 12th. The company reported ($0.06) EPS for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.01. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. The company had revenue of $25.10 million during the quarter, compared to the consensus estimate of $23.02 million. During the same quarter in the prior year, the company posted ($0.09) EPS. The company’s quarterly revenue was up 88.7% compared to the same quarter last year. Research analysts forecast that SoundHound AI, Inc. will post -0.38 earnings per share for the current year.

Insider Buying and Selling at SoundHound AI

In other SoundHound AI news, CEO Keyvan Mohajer sold 465,394 shares of the business’s stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $15.04, for a total transaction of $6,999,525.76. Following the completion of the sale, the chief executive officer now directly owns 2,299,148 shares in the company, valued at $34,579,185.92. The trade was a 16.83 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Lawrence Marcus sold 30,000 shares of the stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $7.15, for a total transaction of $214,500.00. Following the completion of the sale, the director now directly owns 178,117 shares of the company’s stock, valued at $1,273,536.55. The trade was a 14.41 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 2,782,918 shares of company stock worth $45,391,343 in the last quarter. 12.28% of the stock is owned by insiders.

Institutional Trading of SoundHound AI

A number of institutional investors have recently added to or reduced their stakes in SOUN. Genesee Capital Advisors LLC lifted its stake in shares of SoundHound AI by 6.5% during the fourth quarter. Genesee Capital Advisors LLC now owns 17,168 shares of the company’s stock worth $341,000 after purchasing an additional 1,050 shares in the last quarter. Patriot Financial Group Insurance Agency LLC purchased a new position in SoundHound AI in the 4th quarter worth approximately $594,000. Wealth Effects LLC purchased a new position in SoundHound AI in the 4th quarter worth approximately $357,000. Fortitude Advisory Group L.L.C. grew its position in SoundHound AI by 2.3% in the fourth quarter. Fortitude Advisory Group L.L.C. now owns 57,922 shares of the company’s stock valued at $1,149,000 after acquiring an additional 1,282 shares in the last quarter. Finally, KBC Group NV raised its stake in shares of SoundHound AI by 130.3% during the fourth quarter. KBC Group NV now owns 13,221 shares of the company’s stock valued at $262,000 after purchasing an additional 7,480 shares during the period. 19.28% of the stock is 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.