SoundHound AI (NASDAQ:SOUN) Stock Price Up 1.9% - Here's Why

SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report) shares rose 1.9% during mid-day trading on Thursday . The stock traded as high as $9.70 and last traded at $9.65. Approximately 9,237,341 shares were traded during trading, a decline of 76% from the average daily volume of 37,808,909 shares. The stock had previously closed at $9.47.

Analysts Set New Price Targets

SOUN has been the topic of several research analyst reports. Cantor Fitzgerald upgraded SoundHound AI to a "hold" rating in a research note on Monday, February 24th. HC Wainwright reduced their price objective on SoundHound AI from $26.00 to $18.00 and set a "buy" rating on the stock in a research note on Monday, May 12th. DA Davidson cut their target price on SoundHound AI from $13.00 to $10.00 and set a "buy" rating on the stock in a research note on Monday, April 14th. Finally, Wedbush cut their target price on SoundHound AI from $22.00 to $15.00 and set an "outperform" rating on the stock in a research note on Friday, May 9th. Four equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $10.29.

SoundHound AI Price Performance

The stock has a market capitalization of $3.90 billion, a price-to-earnings ratio of -26.82 and a beta of 2.71. The company has a current ratio of 2.58, a quick ratio of 2.58 and a debt-to-equity ratio of 0.13. The stock has a 50-day simple moving average of $9.10 and a 200 day simple moving average of $11.59.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last posted its earnings results on Thursday, May 8th. The company reported ($0.06) earnings per share for the quarter, topping the consensus estimate of ($0.09) by $0.03. SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. The firm had revenue of $29.13 million during the quarter, compared to analyst estimates of $30.38 million. During the same period in the previous year, the company earned ($0.07) EPS. The company's revenue for the quarter was up 151.2% on a year-over-year basis. On average, equities research analysts forecast that SoundHound AI, Inc. will post -0.38 EPS for the current fiscal year.

Insiders Place Their Bets

In other SoundHound AI news, insider James Ming Hom sold 28,388 shares of the company's stock in a transaction on Thursday, March 20th. The stock was sold at an average price of $9.90, for a total value of $281,041.20. Following the sale, the insider now directly owns 689,652 shares in the company, valued at $6,827,554.80. This represents a 3.95% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Keyvan Mohajer sold 118,605 shares of the company's stock in a transaction on Thursday, March 20th. The shares were sold at an average price of $9.90, for a total value of $1,174,189.50. Following the completion of the sale, the chief executive officer now owns 1,903,061 shares in the company, valued at $18,840,303.90. This trade represents a 5.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 548,537 shares of company stock valued at $5,567,760 in the last three months. Company insiders own 12.28% of the company's stock.

Hedge Funds Weigh In On SoundHound AI

Large investors have recently made changes to their positions in the company. Blue Trust Inc. lifted its stake in SoundHound AI by 197.6% in the fourth 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. Sound Income Strategies LLC lifted its stake in SoundHound AI by 2,542.0% in the fourth quarter. Sound Income Strategies LLC now owns 1,321 shares of the company's stock valued at $26,000 after buying an additional 1,271 shares during the period. Orion Capital Management LLC acquired a new position in SoundHound AI in the fourth quarter valued at about $30,000. AlphaQuest LLC acquired a new position in SoundHound AI in the first quarter valued at about $32,000. Finally, Golden State Wealth Management LLC lifted its stake in SoundHound AI by 100.0% in the first quarter. Golden State Wealth Management LLC now owns 4,230 shares of the company's stock valued at $34,000 after buying an additional 2,115 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.

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