SoundHound AI (NASDAQ:SOUN) Trading Up 3.4%

Shares of SoundHound AI, Inc. (NASDAQ:SOUN) traded up 3.4% on Thursday . The company traded as high as $6.32 and last traded at $6.13. 19,998,674 shares traded hands during mid-day trading, a decline of 67% from the average session volume of 59,928,191 shares. The stock had previously closed at $5.93.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the company. Wedbush upped their price objective on SoundHound AI from $5.00 to $9.00 and gave the stock an “outperform” rating in a research note on Friday, March 1st. DA Davidson boosted their target price on SoundHound AI from $7.50 to $9.50 and gave the stock a “buy” rating in a research report on Friday, March 15th. Northland Securities reissued a “market perform” rating on shares of SoundHound AI in a research note on Wednesday, February 28th. HC Wainwright increased 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, Cantor Fitzgerald reiterated an “underweight” rating and issued a $4.90 price target (down previously from $5.80) on shares of SoundHound AI in a research report on Wednesday, March 20th. One research analyst has rated the stock with a sell rating, one has given a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, SoundHound AI presently has a consensus rating of “Moderate Buy” and a consensus price target of $6.88.

SoundHound AI Trading Down 0.7 %

The stock’s fifty day simple moving average is $4.37 and its two-hundred day simple moving average is $2.82. The firm has a market cap of $1.82 billion, a PE ratio of -15.72 and a beta of 2.84. The company has a quick ratio of 4.69, a current ratio of 4.69 and a debt-to-equity ratio of 6.03.

SoundHound AI (NASDAQ:SOUN) last posted 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). The business had revenue of $17.10 million for the quarter, compared to analysts’ expectations of $17.75 million. SoundHound AI had a negative net margin of 188.57% and a negative return on equity of 1,955.68%. The company’s revenue for the quarter was up 80.0% on a year-over-year basis. During the same period last year, the business posted ($0.15) EPS. On average, sell-side analysts forecast that SoundHound AI, Inc. will post -0.29 EPS for the current fiscal year.

Insider Buying and Selling at SoundHound AI

In related news, Director Eric R. Ball sold 40,000 shares of the stock in a transaction on Thursday, March 14th. The stock was sold at an average price of $9.55, for a total transaction of $382,000.00. Following the completion of the sale, the director now directly owns 450,250 shares of the company’s stock, valued at $4,299,887.50. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other SoundHound AI news, Director Eric R. Ball sold 40,000 shares of the stock in a transaction on Thursday, March 14th. The stock was sold at an average price of $9.55, for a total value of $382,000.00. Following the sale, the director now directly owns 450,250 shares of the company’s stock, valued at $4,299,887.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Nitesh Sharan sold 23,212 shares of the stock in a transaction on Tuesday, March 19th. The shares were sold at an average price of $8.37, for a total value of $194,284.44. Following the completion of the transaction, the chief financial officer now owns 751,017 shares of the company’s stock, valued at approximately $6,286,012.29. The disclosure for this sale can be found here. Insiders have sold 410,714 shares of company stock valued at $2,598,723 over the last 90 days. 21.30% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Raymond James & Associates boosted its position in SoundHound AI by 221.1% during the third quarter. Raymond James & Associates now owns 982,948 shares of the company’s stock valued at $1,976,000 after purchasing an additional 676,799 shares during the last quarter. Quadrature Capital Ltd acquired a new stake in shares of SoundHound AI during the 3rd quarter valued at $457,000. Principal Financial Group Inc. bought a new position in SoundHound AI during the 2nd quarter worth $75,000. Victory Capital Management Inc. raised its position in shares of SoundHound AI by 45.0% in the 3rd quarter. Victory Capital Management Inc. now owns 21,658 shares of the company’s stock worth $44,000 after acquiring an additional 6,717 shares in the last quarter. Finally, Swiss National Bank increased its position in SoundHound AI by 12.0% in the 3rd quarter. Swiss National Bank now owns 351,500 shares of the company’s stock valued at $707,000 after buying an additional 37,700 shares in the last quarter. 19.28% of the stock is owned by institutional investors and hedge funds.

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.