SoundHound AI (NASDAQ:SOUN) Stock Price Up 6.4% - Here's What Happened

SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report) shares shot up 6.4% during trading on Friday . The company traded as high as $15.23 and last traded at $14.89. 18,031,411 shares were traded during trading, a decline of 70% from the average session volume of 59,985,578 shares. The stock had previously closed at $14.00.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on SOUN. Northland Securities upped their price objective on SoundHound AI from $6.00 to $8.00 and gave the stock a "market perform" rating in a research note on Tuesday, January 14th. HC Wainwright restated a "buy" rating and set a $26.00 price objective on shares of SoundHound AI in a research note on Monday, January 13th. Barclays restated a "neutral" rating and set a $7.00 price objective on shares of SoundHound AI in a research note on Wednesday, November 13th. LADENBURG THALM/SH SH restated a "neutral" rating and set a $7.00 price objective on shares of SoundHound AI in a research note on Wednesday, November 13th. Finally, Wedbush upped their price objective on SoundHound AI from $10.00 to $22.00 and gave the stock an "outperform" rating in a research note on Monday, December 16th. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company's stock. According to data from MarketBeat, SoundHound AI presently has an average rating of "Moderate Buy" and a consensus price target of $12.36.

SoundHound AI Trading Up 0.6 %

The business's 50 day moving average price is $15.92 and its two-hundred day moving average price is $9.01. The company has a market capitalization of $5.85 billion, a price-to-earnings ratio of -43.92 and a beta of 2.56. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.58 and a current ratio of 2.58.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last released its earnings results on Tuesday, November 12th. The company reported ($0.06) EPS for the quarter, beating the consensus estimate of ($0.07) by $0.01. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. The business had revenue of $25.10 million during the quarter, compared to analyst estimates of $23.02 million. During the same period in the prior year, the business earned ($0.09) earnings per share. The business's quarterly revenue was up 88.7% on a year-over-year basis. Equities analysts forecast that SoundHound AI, Inc. will post -0.38 earnings per share for the current fiscal year.

Insider Activity at SoundHound AI

In other news, Director Lawrence Marcus sold 30,000 shares of the business's stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $7.15, for a total transaction of $214,500.00. Following the sale, the director now owns 178,117 shares in the company, valued at $1,273,536.55. The trade was a 14.41 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Majid Emami sold 37,459 shares of the business's stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $20.30, for a total transaction of $760,417.70. Following the sale, the vice president now owns 698,226 shares in the company, valued at $14,173,987.80. This represents a 5.09 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 2,782,918 shares of company stock valued at $45,391,343 over the last ninety days. Insiders own 12.28% of the company's stock.

Institutional Investors Weigh In On SoundHound AI

A number of large investors have recently made changes to their positions in the company. Commons Capital LLC raised its holdings in shares of SoundHound AI by 2.7% during the fourth quarter. Commons Capital LLC now owns 27,349 shares of the company's stock valued at $543,000 after acquiring an additional 723 shares during the period. ST Germain D J Co. Inc. increased its stake in SoundHound AI by 33.2% in the 4th quarter. ST Germain D J Co. Inc. now owns 3,008 shares of the company's stock valued at $60,000 after buying an additional 750 shares during the period. Keynote Financial Services LLC increased its stake in SoundHound AI by 4.7% in the 4th quarter. Keynote Financial Services LLC now owns 16,587 shares of the company's stock valued at $329,000 after buying an additional 752 shares during the period. Blue Trust Inc. increased its stake in SoundHound AI by 197.6% in the 4th quarter. Blue Trust Inc. now owns 1,250 shares of the company's stock valued at $25,000 after buying an additional 830 shares during the period. Finally, Choreo LLC increased its stake in SoundHound AI by 7.6% in the 4th quarter. Choreo LLC now owns 14,424 shares of the company's stock valued at $309,000 after buying an additional 1,015 shares during the period. Institutional investors and hedge funds 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.