SoundHound AI (NASDAQ:SOUN) Shares Up 5.5%

SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report)'s stock price shot up 5.5% during trading on Wednesday . The company traded as high as $4.59 and last traded at $4.40. 20,650,020 shares were traded during 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 Analyst Weigh In

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

SoundHound AI Stock Down 3.8 %

The company has a market capitalization of $1.24 billion, a P/E ratio of -10.28 and a beta of 2.75. The business's fifty day moving average price is $5.47 and its 200 day moving average price is $3.19. The company has a current ratio of 4.69, a quick ratio of 4.69 and a debt-to-equity ratio of 6.03.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last released its quarterly earnings data on Thursday, February 29th. The company reported ($0.06) earnings per share for the quarter, missing analysts' consensus estimates 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 company had revenue of $17.10 million for the quarter, compared to analyst estimates of $17.75 million. During the same period in the previous year, the firm posted ($0.15) earnings per share. The firm's revenue for the quarter was up 80.0% compared to the same quarter last year. As a group, equities research analysts predict that SoundHound AI, Inc. will post -0.3 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Eric R. Ball sold 40,000 shares of the firm's 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 approximately $4,299,887.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, Director Eric R. Ball sold 40,000 shares of the stock in a transaction that occurred on Thursday, March 14th. The shares were sold at an average price of $9.55, for a total transaction 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CTO Timothy Stonehocker sold 5,276 shares of the business's stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $7.70, for a total transaction 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 approximately $7,565,896.80. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 405,057 shares of company stock worth $2,587,804. Insiders own 21.30% of the company's stock.

Institutional Trading of SoundHound AI

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Verity & Verity LLC bought a new position in shares of SoundHound AI in the 1st quarter worth $525,000. Newbridge Financial Services Group Inc. bought a new position in SoundHound AI during the first quarter worth about $55,000. Pitti Group Wealth Management LLC acquired a new position in shares of SoundHound AI during the 1st quarter worth about $66,000. Simplicity Wealth LLC bought a new stake in shares of SoundHound AI in the 1st quarter valued at about $66,000. Finally, Global Retirement Partners LLC boosted its stake in SoundHound AI by 7,407.1% during the 1st quarter. Global Retirement Partners LLC now owns 26,275 shares of the company's stock worth $155,000 after acquiring an additional 25,925 shares during the last quarter. 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.