SoundHound AI (NASDAQ:SOUN) Shares Up 0.4% - What's Next?

Shares of SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report) traded up 0.4% during trading on Wednesday . The stock traded as high as $9.94 and last traded at $9.76. 11,624,831 shares were traded during mid-day trading, a decline of 73% from the average session volume of 42,607,882 shares. The stock had previously closed at $9.72.

Analyst Ratings Changes

Several analysts have recently commented on the stock. Barclays reiterated a "neutral" rating and issued a $7.00 price target on shares of SoundHound AI in a research report on Wednesday, November 13th. DA Davidson upped their price objective on shares of SoundHound AI from $9.50 to $13.00 and gave the company a "buy" rating in a research note on Friday, February 28th. LADENBURG THALM/SH SH reissued a "neutral" rating and set a $7.00 price objective on shares of SoundHound AI in a research note on Wednesday, November 13th. Cantor Fitzgerald raised shares of SoundHound AI to a "hold" rating in a research note on Monday, February 24th. Finally, Northland Securities upped their price objective on shares of SoundHound AI from $6.00 to $8.00 and gave the company a "market perform" rating in a research note on Tuesday, January 14th. Four investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company's stock. According to data from MarketBeat, SoundHound AI presently has an average rating of "Hold" and a consensus target price of $12.86.

SoundHound AI Stock Performance

The company has a quick ratio of 2.58, a current ratio of 2.58 and a debt-to-equity ratio of 0.13. The company has a market cap of $3.83 billion, a PE ratio of -27.06 and a beta of 2.62. The stock's 50 day simple moving average is $14.00 and its two-hundred day simple moving average is $10.08.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last posted its quarterly earnings results on Thursday, February 27th. The company reported ($0.69) earnings per share for the quarter, missing analysts' consensus estimates of ($0.11) by ($0.58). The company had revenue of $34.54 million for the quarter, compared to analysts' expectations of $33.70 million. SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. As a group, research analysts anticipate that SoundHound AI, Inc. will post -0.38 earnings per share for the current year.

Insiders Place Their Bets

In other news, VP Majid Emami sold 298,086 shares of the firm's stock in a transaction on Monday, December 9th. The shares were sold at an average price of $15.04, for a total value of $4,483,213.44. Following the transaction, the vice president now owns 735,685 shares of the company's stock, valued at approximately $11,064,702.40. This trade represents a 28.83 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Keyvan Mohajer sold 156,288 shares of the firm's stock in a transaction on Tuesday, December 24th. The shares were sold at an average price of $20.20, for a total transaction of $3,157,017.60. Following the completion of the transaction, the chief executive officer now directly owns 2,021,666 shares in the company, valued at approximately $40,837,653.20. This represents a 7.18 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,788,257 shares of company stock valued at $31,895,182 over the last quarter. Company insiders own 12.28% of the company's stock.

Hedge Funds Weigh In On SoundHound AI

A number of hedge funds have recently made changes to their positions in SOUN. Blue Trust Inc. grew its holdings in SoundHound AI by 197.6% during the 4th quarter. Blue Trust Inc. now owns 1,250 shares of the company's stock valued at $25,000 after purchasing an additional 830 shares in the last quarter. Sound Income Strategies LLC grew its holdings in SoundHound AI by 2,542.0% during the 4th quarter. Sound Income Strategies LLC now owns 1,321 shares of the company's stock valued at $26,000 after purchasing an additional 1,271 shares in the last quarter. Orion Capital Management LLC acquired a new stake in SoundHound AI during the 4th quarter valued at $30,000. Future Financial Wealth Managment LLC acquired a new stake in SoundHound AI during the 4th quarter valued at $40,000. Finally, Compagnie Lombard Odier SCmA acquired a new stake in SoundHound AI during the 4th quarter valued at $40,000. Hedge funds and other institutional investors own 19.28% of the company's stock.

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.