SoundHound AI (NASDAQ:SOUN) Sees Unusually-High Trading Volume

Shares of SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report) saw unusually-strong trading volume on Wednesday . Approximately 23,946,362 shares were traded during mid-day trading, a decline of 52% from the previous session's volume of 49,664,934 shares.The stock last traded at $7.41 and had previously closed at $6.93.

Analyst Ratings Changes

Several equities analysts recently commented on SOUN shares. DA Davidson boosted their price objective on shares of SoundHound AI from $5.00 to $7.50 and gave the company a "buy" rating in a research note on Friday, March 1st. HC Wainwright increased their price objective on SoundHound AI from $5.00 to $7.00 and gave the stock a "buy" rating in a research report on Monday, March 4th. LADENBURG THALM/SH SH assumed coverage on SoundHound AI in a research note on Tuesday, January 30th. They set a "buy" rating and a $4.00 price objective for the company. Cantor Fitzgerald upped their target price on SoundHound AI from $3.60 to $5.80 and gave the stock an "overweight" rating in a research note on Friday, March 1st. Finally, Northland Securities reissued a "market perform" rating on shares of SoundHound AI in a report on Wednesday, February 28th. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, SoundHound AI has a consensus rating of "Moderate Buy" and an average price target of $6.66.

SoundHound AI Trading Up 10.1 %

The company has a market capitalization of $2.36 billion, a PE ratio of -19.00 and a beta of 2.84. The company has a current ratio of 4.69, a quick ratio of 4.69 and a debt-to-equity ratio of 6.03. The stock has a fifty day moving average of $3.17 and a two-hundred day moving average of $2.44.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last announced its quarterly earnings results on Thursday, February 29th. The company reported ($0.06) EPS 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 company had revenue of $17.10 million during the quarter, compared to analysts' expectations of $17.75 million. During the same period last year, the firm earned ($0.15) earnings per share. SoundHound AI's revenue for the quarter was up 80.0% on a year-over-year basis. As a group, sell-side analysts anticipate that SoundHound AI, Inc. will post -0.29 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider James Ming Hom sold 17,077 shares of the firm's stock in a transaction that occurred on Friday, December 15th. The stock was sold at an average price of $2.20, for a total value of $37,569.40. Following the completion of the transaction, the insider now owns 557,295 shares in the company, valued at approximately $1,226,049. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, insider James Ming Hom sold 17,077 shares of the business's stock in a transaction dated Friday, December 15th. The shares were sold at an average price of $2.20, for a total transaction of $37,569.40. Following the sale, the insider now owns 557,295 shares of the company's stock, valued at $1,226,049. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Michael Zagorsek sold 24,609 shares of the firm's stock in a transaction that occurred on Friday, December 15th. The shares were sold at an average price of $2.20, for a total transaction of $54,139.80. Following the transaction, the chief operating officer now directly owns 795,495 shares of the company's stock, valued at approximately $1,750,089. The disclosure for this sale can be found here. Insiders sold 347,448 shares of company stock worth $1,073,608 over the last three months. Company insiders own 21.30% of the company's stock.

Hedge Funds Weigh In On SoundHound AI

A number of hedge funds have recently bought and sold shares of SOUN. Bank of America Corp DE lifted its holdings in shares of SoundHound AI by 1,238.7% during the fourth quarter. Bank of America Corp DE now owns 14,726 shares of the company's stock valued at $26,000 after purchasing an additional 13,626 shares in the last quarter. Independent Advisor Alliance bought a new position in SoundHound AI during the 4th quarter valued at about $28,000. Two Sigma Securities LLC bought a new stake in shares of SoundHound AI in the first quarter worth approximately $28,000. IAM Advisory LLC purchased a new position in shares of SoundHound AI during the fourth quarter valued at approximately $29,000. Finally, Cambridge Investment Research Advisors Inc. bought a new position in SoundHound AI during the fourth quarter valued at approximately $32,000. Institutional investors own 26.96% 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.

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