SoundHound AI (NASDAQ:SOUN) Stock Price Up 5.5%

SoundHound AI, Inc. (NASDAQ:SOUN)’s share price traded up 5.5% on Wednesday . The stock 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.

Wall Street Analysts Forecast Growth

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

SoundHound AI Stock 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 firm has a market capitalization of $1.29 billion, a P/E ratio of -10.67 and a beta of 2.75. The company’s 50 day moving average is $5.48 and its 200-day moving average is $3.19.

SoundHound AI (NASDAQ:SOUN) last issued its earnings results on Thursday, February 29th. The company reported ($0.06) EPS for the quarter, missing the consensus estimate 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 firm had revenue of $17.10 million during the quarter, compared to analyst estimates of $17.75 million. During the same quarter in the prior year, the business earned ($0.15) earnings per share. The business’s quarterly revenue was up 80.0% on a year-over-year basis. As a group, equities analysts anticipate that SoundHound AI, Inc. will post -0.3 EPS for the current year.

Insider Buying and Selling

In other SoundHound AI news, 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 completion of the sale, the chief executive officer now owns 1,218,712 shares in the company, valued at approximately $4,509,234.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CEO Keyvan Mohajer sold 107,927 shares of the firm’s stock in a transaction that occurred 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CTO Timothy Stonehocker sold 5,276 shares of the company’s stock in a transaction on Thursday, March 21st. The stock was 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 of the company’s stock, valued at approximately $7,565,896.80. 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 ninety days. Corporate insiders own 21.30% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the company. Independent Advisor Alliance bought a new position in shares of SoundHound AI during the 4th quarter worth approximately $28,000. IAM Advisory LLC purchased a new stake in shares of SoundHound AI during the fourth quarter valued at approximately $29,000. Hexagon Capital Partners LLC bought a new stake in SoundHound AI during the first quarter worth $29,000. HighPoint Advisor Group LLC purchased a new position in SoundHound AI in the fourth quarter worth $37,000. Finally, Great Valley Advisor Group Inc. purchased a new stake in shares of SoundHound AI during the 4th quarter valued at $42,000. 19.28% of the stock is owned by 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.