SoundHound AI (NASDAQ:SOUN) Stock Price Up 3.9%

SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report)'s stock price rose 3.9% during mid-day trading on Monday . The stock traded as high as $4.70 and last traded at $4.57. Approximately 12,528,849 shares changed hands during mid-day trading, a decline of 76% from the average daily volume of 51,723,902 shares. The stock had previously closed at $4.40.

Wall Street Analysts Forecast Growth

SOUN has been the topic of a number of recent research reports. LADENBURG THALM/SH SH started coverage on SoundHound AI in a research report on Tuesday, January 30th. They issued a "buy" rating and a $4.00 target price on the stock. DA Davidson upped their price objective on shares of SoundHound AI from $7.50 to $9.50 and gave the company a "buy" rating in a report on Friday, March 15th. 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 report on Thursday, April 11th. HC Wainwright upped their price target on shares of SoundHound AI from $5.00 to $7.00 and gave the company a "buy" rating in a report on Monday, March 4th. Finally, Wedbush lifted their price objective on SoundHound AI from $5.00 to $9.00 and gave the company an "outperform" rating in a research note on Friday, March 1st. Two investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, SoundHound AI currently has a consensus rating of "Moderate Buy" and an average target price of $6.88.

SoundHound AI Stock Performance

The firm's 50 day moving average is $5.50 and its 200-day moving average is $3.25. The stock has a market capitalization of $1.43 billion, a price-to-earnings ratio of -11.85 and a beta of 2.75. The company has a debt-to-equity ratio of 6.03, a quick ratio of 4.69 and a current ratio of 4.69.

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

Insiders Place Their Bets

In other news, CEO Keyvan Mohajer sold 107,927 shares of the stock in a transaction that occurred 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 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 Securities & Exchange Commission, which is available at this link. In other news, CEO Keyvan Mohajer sold 107,927 shares of the business's stock in a transaction dated 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 of the company's stock, 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 dated Thursday, March 21st. The stock was sold at an average price of $7.70, for a total transaction of $40,625.20. Following 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 have sold 405,057 shares of company stock worth $2,587,804. 21.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On SoundHound AI

Several hedge funds and other institutional investors have recently made changes to their positions in SOUN. Vanguard Group Inc. lifted its stake in shares of SoundHound AI by 18.6% in the third quarter. Vanguard Group Inc. now owns 13,166,989 shares of the company's stock worth $26,466,000 after buying an additional 2,064,340 shares in the last quarter. Intrinsic Edge Capital Management LLC lifted its stake 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 worth $10,278,000 after purchasing an additional 1,566,238 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of SoundHound AI by 1.1% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,734,252 shares of the company's stock worth $3,486,000 after purchasing an additional 18,301 shares during the last quarter. Raymond James & Associates grew its position in shares of SoundHound AI by 221.1% in the third quarter. Raymond James & Associates now owns 982,948 shares of the company's stock valued at $1,976,000 after purchasing an additional 676,799 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its position in shares of SoundHound AI by 9.4% in the third quarter. Bank of New York Mellon Corp now owns 514,311 shares of the company's stock valued at $1,034,000 after purchasing an additional 44,028 shares in the last quarter. 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.