SoundHound AI (NASDAQ:SOUN) Stock Price Up 2.8%

SoundHound AI, Inc. (NASDAQ:SOUN)’s share price rose 2.8% during mid-day trading on Monday . The company traded as high as $3.72 and last traded at $3.65. Approximately 7,937,286 shares traded hands during mid-day trading, a decline of 85% from the average daily volume of 53,061,680 shares. The stock had previously closed at $3.55.

Analyst Upgrades and Downgrades

SOUN has been the topic of a number of recent analyst reports. Northland Securities reissued a “market perform” rating on shares of SoundHound AI in a report on Wednesday, February 28th. LADENBURG THALM/SH SH assumed coverage on shares of SoundHound AI in a report on Tuesday, January 30th. They issued a “buy” rating and a $4.00 price target on the stock. 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 research note on Friday, March 1st. DA Davidson raised their target price on shares of SoundHound AI from $7.50 to $9.50 and gave the company a “buy” rating in a research note on Friday, March 15th. Finally, Cantor Fitzgerald raised shares of SoundHound AI from an “underweight” rating to a “neutral” rating and set a $4.90 target price on the stock in a research note on Thursday, April 11th. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $6.88.

SoundHound AI Price Performance

The company has a quick ratio of 4.69, a current ratio of 4.69 and a debt-to-equity ratio of 6.03. The stock has a market cap of $1.14 billion, a P/E ratio of -9.36 and a beta of 2.75. The firm’s fifty day moving average price is $5.37 and its 200-day moving average price is $3.15.

SoundHound AI (NASDAQ:SOUN) last issued its earnings results on Thursday, February 29th. The company reported ($0.06) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.05) by ($0.01). The firm had revenue of $17.10 million during the quarter, compared to the consensus estimate of $17.75 million. SoundHound AI had a negative return on equity of 1,955.68% and a negative net margin of 188.57%. The firm’s revenue for the quarter was up 80.0% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.15) EPS. Analysts forecast that SoundHound AI, Inc. will post -0.3 earnings per share for the current year.

Insider Activity at SoundHound AI

In related news, CTO Timothy Stonehocker sold 5,276 shares of SoundHound AI stock in a transaction on Thursday, March 21st. The shares were sold at an average price of $7.70, for a total value of $40,625.20. Following the sale, the chief technology officer now owns 982,584 shares in the company, valued at $7,565,896.80. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, CTO Timothy Stonehocker sold 5,276 shares of the business’s stock in a transaction on Thursday, March 21st. The shares were sold at an average price of $7.70, for a total transaction of $40,625.20. Following the sale, the chief technology officer now owns 982,584 shares in the company, valued at approximately $7,565,896.80. The sale was disclosed in a document filed with the SEC, which is accessible through this link. 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 owns 1,218,712 shares in the company, valued at approximately $4,509,234.40. 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 over the last quarter. Corporate insiders own 21.30% of the company’s stock.

Hedge Funds Weigh In On SoundHound AI

Several large investors have recently modified their holdings of the stock. Hexagon Capital Partners LLC purchased a new position in SoundHound AI in the 1st quarter worth about $29,000. Wealthcare Advisory Partners LLC purchased a new position in SoundHound AI in the 1st quarter worth about $85,000. Sovereign Financial Group Inc. purchased a new position in SoundHound AI in the 1st quarter worth about $163,000. Global Assets Advisory LLC purchased a new position in SoundHound AI in the 1st quarter worth about $819,000. Finally, Ballew Advisors Inc bought a new stake in shares of SoundHound AI during the 1st quarter valued at about $59,000. Hedge funds and other institutional investors own 19.28% of the company’s stock.

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.