SoundHound AI (NASDAQ:SOUN) Trading 1.3% Higher

SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report)'s stock price rose 1.3% on Thursday . The company traded as high as $4.03 and last traded at $4.01. Approximately 5,152,988 shares traded hands during trading, a decline of 90% from the average daily volume of 53,949,531 shares. The stock had previously closed at $3.96.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on SOUN shares. Wedbush lifted their price target on shares of SoundHound AI from $5.00 to $9.00 and gave the company an "outperform" rating in a report on Friday, March 1st. LADENBURG THALM/SH SH started coverage on SoundHound AI in a report on Tuesday, January 30th. They set a "buy" rating and a $4.00 target price for the company. DA Davidson raised their price target on SoundHound AI from $7.50 to $9.50 and gave the stock a "buy" rating in a report on Friday, March 15th. Northland Securities restated a "market perform" rating on shares of SoundHound AI in a research report on Wednesday, February 28th. Finally, Cantor Fitzgerald raised SoundHound AI from an "underweight" rating to a "neutral" rating and set a $4.90 target price on the stock in a research report on Thursday, April 11th. Two equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, SoundHound AI currently has an average rating of "Moderate Buy" and an average price target of $6.88.

SoundHound AI Stock Down 3.3 %

The firm's 50 day simple moving average is $5.34 and its 200 day simple moving average is $3.13. The company has a market cap of $1.18 billion, a price-to-earnings ratio of -9.82 and a beta of 2.75. 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 - Get Free Report) last posted 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 business 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 firm's revenue was up 80.0% compared to the same quarter last year. Sell-side analysts anticipate that SoundHound AI, Inc. will post -0.3 EPS for the current fiscal year.

Insider Activity at SoundHound AI

In related news, CTO Timothy Stonehocker sold 5,276 shares of the stock in a transaction dated Thursday, March 21st. The shares were 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 in the company, valued at approximately $7,565,896.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other news, CEO Keyvan Mohajer sold 107,927 shares of SoundHound AI 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 transaction, the chief executive officer now directly owns 1,218,712 shares in the company, valued at approximately $4,509,234.40. The sale was disclosed in a legal filing with the SEC, 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 shares were sold at an average price of $7.70, for a total value of $40,625.20. Following the completion of 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 410,714 shares of company stock worth $2,598,723 over the last ninety days. 21.30% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Nuveen Asset Management LLC lifted its holdings in SoundHound AI by 1.1% in the 4th quarter. Nuveen Asset Management LLC now owns 392,943 shares of the company's stock valued at $833,000 after acquiring an additional 4,145 shares during the last quarter. Hexagon Capital Partners LLC acquired a new stake in SoundHound AI during the first quarter valued at approximately $29,000. Victory Capital Management Inc. boosted its holdings in SoundHound AI by 45.0% during the third quarter. Victory Capital Management Inc. now owns 21,658 shares of the company's stock worth $44,000 after buying an additional 6,717 shares in the last quarter. Rhumbline Advisers boosted its holdings in SoundHound AI by 4.4% during the third quarter. Rhumbline Advisers now owns 168,025 shares of the company's stock worth $338,000 after buying an additional 7,069 shares in the last quarter. Finally, Royal Bank of Canada grew its position in SoundHound AI by 520.7% in the second quarter. Royal Bank of Canada now owns 8,690 shares of the company's stock worth $40,000 after buying an additional 7,290 shares during 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.