SoundHound AI (NASDAQ:SOUN) Stock Price Up 6.3% - What's Next?

SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report) shares rose 6.3% on Wednesday . The stock traded as high as $12.65 and last traded at $11.97. Approximately 27,225,282 shares were traded during mid-day trading, a decline of 28% from the average daily volume of 37,693,255 shares. The stock had previously closed at $11.26.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on SOUN. DA Davidson decreased their price target on shares of SoundHound AI from $13.00 to $10.00 and set a "buy" rating for the company in a report on Monday, April 14th. HC Wainwright lowered their price target on SoundHound AI from $26.00 to $18.00 and set a "buy" rating for the company in a report on Monday. Wedbush decreased their price objective on SoundHound AI from $22.00 to $15.00 and set an "outperform" rating for the company in a research report on Friday, May 9th. Finally, Cantor Fitzgerald upgraded shares of SoundHound AI to a "hold" rating in a report on Monday, February 24th. Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, SoundHound AI currently has an average rating of "Hold" and an average price target of $10.29.

SoundHound AI Price Performance

The stock has a market cap of $4.43 billion, a P/E ratio of -31.01 and a beta of 2.71. The company has a 50 day simple moving average of $9.03 and a 200 day simple moving average of $11.45. The company has a current ratio of 2.58, a quick ratio of 2.58 and a debt-to-equity ratio of 0.13.

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

Insider Activity

In other news, CTO Timothy Stonehocker sold 3,333 shares of the company's stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $10.08, for a total transaction of $33,596.64. Following the sale, the chief technology officer now owns 765,534 shares in the company, valued at $7,716,582.72. This represents a 0.43% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Keyvan Mohajer sold 118,605 shares of the firm's stock in a transaction on Thursday, March 20th. The shares were sold at an average price of $9.90, for a total transaction of $1,174,189.50. Following the completion of the transaction, the chief executive officer now directly owns 1,903,061 shares of the company's stock, valued at $18,840,303.90. This represents a 5.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 548,537 shares of company stock worth $5,567,760 in the last quarter. Corporate insiders own 12.28% of the company's stock.

Institutional Trading of SoundHound AI

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Concorde Asset Management LLC increased its stake in shares of SoundHound AI by 17.0% during the 1st quarter. Concorde Asset Management LLC now owns 31,885 shares of the company's stock worth $282,000 after purchasing an additional 4,630 shares during the last quarter. EP Wealth Advisors LLC grew its holdings in SoundHound AI by 25.1% during the first quarter. EP Wealth Advisors LLC now owns 13,394 shares of the company's stock worth $109,000 after purchasing an additional 2,689 shares during the period. First Manhattan CO. LLC. acquired a new position in SoundHound AI during the first quarter worth approximately $985,000. Cubist Systematic Strategies LLC bought a new stake in SoundHound AI in the first quarter valued at approximately $6,755,000. Finally, Royal Bank of Canada lifted its position in shares of SoundHound AI by 71.3% in the first quarter. Royal Bank of Canada now owns 160,299 shares of the company's stock valued at $1,301,000 after buying an additional 66,714 shares during the last quarter. 19.28% of the stock is 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.