SoundHound AI (NASDAQ:SOUN) Shares Gap Up to $3.78

Shares of SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report) gapped up before the market opened on Tuesday . The stock had previously closed at $3.78, but opened at $3.91. SoundHound AI shares last traded at $4.08, with a volume of 10,249,554 shares changing hands.

Analyst Ratings Changes

A number of brokerages recently weighed in on SOUN. Wedbush increased their price objective on shares of SoundHound AI from $5.00 to $9.00 and gave the company an "outperform" rating in a research report on Friday, March 1st. LADENBURG THALM/SH SH assumed coverage on SoundHound AI in a report on Tuesday, January 30th. They issued a "buy" rating and a $4.00 price target for the company. HC Wainwright boosted their target price on SoundHound AI from $5.00 to $7.00 and gave the stock a "buy" rating in a research note on Monday, March 4th. DA Davidson increased their price objective on shares of SoundHound AI from $7.50 to $9.50 and gave the company a "buy" rating in a research report on Friday, March 15th. Finally, Northland Securities reiterated a "market perform" rating on shares of SoundHound AI in a research note on Wednesday, February 28th. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $6.88.

SoundHound AI Stock Performance

The company has a debt-to-equity ratio of 6.03, a quick ratio of 4.69 and a current ratio of 4.69. The stock has a market capitalization of $1.29 billion, a PE ratio of -10.56 and a beta of 2.75. The firm's 50 day moving average is $5.39 and its two-hundred day moving average is $3.17.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last posted its quarterly 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 return on equity of 1,955.68% and a negative net margin of 188.57%. The firm had revenue of $17.10 million for the quarter, compared to analyst estimates of $17.75 million. During the same quarter last year, the firm earned ($0.15) EPS. The company's revenue was up 80.0% on a year-over-year basis. As a group, research analysts predict that SoundHound AI, Inc. will post -0.3 earnings per share for the current year.

Insiders Place Their Bets

In other news, CEO Keyvan Mohajer sold 107,927 shares of the firm'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 sale, 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 legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CTO Timothy Stonehocker sold 5,276 shares of the stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of $7.70, for a total value of $40,625.20. Following the completion of the transaction, the chief technology officer now owns 982,584 shares of the company's stock, valued at $7,565,896.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Keyvan Mohajer sold 107,927 shares of the company's stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $3.70, for a total value 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. Over the last quarter, insiders sold 405,057 shares of company stock worth $2,587,804. Insiders own 21.30% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its holdings 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 worth $26,466,000 after purchasing an additional 2,064,340 shares in the last quarter. Intrinsic Edge Capital Management LLC grew its holdings in SoundHound AI by 47.7% in the 4th quarter. Intrinsic Edge Capital Management LLC now owns 4,848,211 shares of the company's stock valued at $10,278,000 after buying an additional 1,566,238 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of SoundHound AI by 1.1% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,734,252 shares of the company's stock valued at $3,486,000 after buying an additional 18,301 shares during the period. Raymond James & Associates lifted its position in shares of SoundHound AI by 221.1% during the 3rd 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 increased its position in shares of SoundHound AI by 9.4% during the 3rd quarter. Bank of New York Mellon Corp now owns 514,311 shares of the company's stock worth $1,034,000 after purchasing an additional 44,028 shares in the last quarter. 19.28% of the stock is currently owned by institutional investors.

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.