SoundHound AI (NASDAQ:SOUN) Trading 1.4% Higher

SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report) shot up 1.4% on Wednesday . The stock traded as high as $5.05 and last traded at $5.01. 11,165,020 shares were traded during trading, a decline of 78% from the average session volume of 49,800,766 shares. The stock had previously closed at $4.94.

Analysts Set New Price Targets

SOUN has been the topic of several recent research reports. LADENBURG THALM/SH SH began coverage on SoundHound AI in a report on Tuesday, January 30th. They set a "buy" rating and a $4.00 price objective on the stock. DA Davidson lifted their price objective on shares of SoundHound AI from $7.50 to $9.50 and gave the stock a "buy" rating in a research note on Friday, March 15th. Wedbush boosted their target price on shares of SoundHound AI from $5.00 to $9.00 and gave the stock an "outperform" rating in a report on Friday, March 1st. HC Wainwright increased 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, Cantor Fitzgerald raised SoundHound AI from an "underweight" rating to a "neutral" rating and set a $4.90 price objective on the stock in a research note on Thursday, April 11th. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $6.88.

SoundHound AI Price 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 company has a market capitalization of $1.49 billion, a P/E ratio of -12.33 and a beta of 2.87. The firm's fifty day moving average is $5.49 and its 200 day moving average is $3.37.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last announced its earnings results on Thursday, February 29th. The company reported ($0.06) earnings per share (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 for the quarter, compared to analysts' expectations of $17.75 million. During the same quarter last year, the firm earned ($0.15) EPS. The firm's quarterly revenue was up 80.0% on a year-over-year basis. As a group, analysts predict that SoundHound AI, Inc. will post -0.3 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Keyvan Mohajer sold 31,665 shares of the firm's stock in a transaction dated Friday, March 22nd. The shares were sold at an average price of $6.08, for a total value of $192,523.20. Following the transaction, the chief executive officer now owns 1,137,831 shares of the company's stock, valued at approximately $6,918,012.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other SoundHound AI news, VP Majid Emami sold 17,041 shares of the company's stock in a transaction on Tuesday, March 19th. The stock was sold at an average price of $8.37, for a total value of $142,633.17. Following the completion of the sale, the vice president now directly owns 467,492 shares in the company, valued at approximately $3,912,908.04. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Keyvan Mohajer sold 31,665 shares of the firm's stock in a transaction on Friday, March 22nd. The shares were sold at an average price of $6.08, for a total value of $192,523.20. Following the transaction, the chief executive officer now owns 1,137,831 shares in the company, valued at approximately $6,918,012.48. 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 over the last quarter. Company insiders own 21.30% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SOUN. Principal Financial Group Inc. boosted its position in SoundHound AI by 16.5% during the 1st quarter. Principal Financial Group Inc. now owns 18,560 shares of the company's stock valued at $109,000 after acquiring an additional 2,629 shares in the last quarter. Hexagon Capital Partners LLC purchased a new position in SoundHound AI in the first quarter valued at about $29,000. Victory Capital Management Inc. grew its stake in SoundHound AI by 45.0% in the third quarter. Victory Capital Management Inc. now owns 21,658 shares of the company's stock valued at $44,000 after purchasing an additional 6,717 shares during the last quarter. DecisionPoint Financial LLC bought a new position in SoundHound AI in the first quarter worth about $40,000. Finally, Prosperity Wealth Management Inc. lifted its position in shares of SoundHound AI by 18.5% during the fourth quarter. Prosperity Wealth Management Inc. now owns 50,600 shares of the company's stock valued at $107,000 after buying an additional 7,900 shares during 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.