SoundHound AI (NASDAQ:SOUN) Shares Up 1.7% - Here's Why

SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report)'s stock price shot up 1.7% on Tuesday . The stock traded as high as $10.44 and last traded at $10.14. 8,325,778 shares were traded during mid-day trading, a decline of 78% from the average session volume of 38,264,207 shares. The stock had previously closed at $9.97.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on SOUN shares. HC Wainwright decreased their target price on SoundHound AI from $26.00 to $18.00 and set a "buy" rating for the company in a research report on Monday, May 12th. Cantor Fitzgerald raised SoundHound AI to a "hold" rating in a research note on Monday, February 24th. DA Davidson lowered their price objective on SoundHound AI from $13.00 to $10.00 and set a "buy" rating for the company in a research report on Monday, April 14th. Wedbush reduced their target price on shares of SoundHound AI from $22.00 to $15.00 and set an "outperform" rating on the stock in a research report on Friday, May 9th. Finally, Piper Sandler began coverage on shares of SoundHound AI in a research note on Tuesday, May 27th. They issued an "overweight" rating and a $12.00 price target for the company. Four analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, SoundHound AI presently has a consensus rating of "Moderate Buy" and a consensus target price of $10.50.

SoundHound AI Price Performance

The firm has a fifty day moving average of $9.21 and a 200 day moving average of $11.84. 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 company has a market capitalization of $4.08 billion, a P/E ratio of -28.22 and a beta of 2.71.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The company reported ($0.06) EPS for the quarter, topping analysts' consensus estimates of ($0.09) by $0.03. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. 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 business posted ($0.07) earnings per share. The business's revenue for the quarter was up 151.2% on a year-over-year basis. On average, equities research analysts anticipate that SoundHound AI, Inc. will post -0.38 EPS for the current year.

Insider Buying and Selling at SoundHound AI

In other SoundHound AI news, CTO Timothy Stonehocker sold 27,714 shares of the company's stock in a transaction dated Thursday, March 20th. The stock was sold at an average price of $9.90, for a total value of $274,368.60. Following the completion of the sale, the chief technology officer now owns 768,867 shares in the company, valued at $7,611,783.30. This represents a 3.48% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO Nitesh Sharan sold 48,639 shares of the stock in a transaction that occurred on Thursday, March 20th. The stock was sold at an average price of $9.90, for a total transaction of $481,526.10. Following the completion of the sale, the chief financial officer now directly owns 1,454,011 shares of the company's stock, valued at $14,394,708.90. This represents a 3.24% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 548,537 shares of company stock worth $5,567,760 in the last three months. 12.28% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. raised its holdings in SoundHound AI by 35.6% during the fourth quarter. Vanguard Group Inc. now owns 32,031,662 shares of the company's stock valued at $635,508,000 after acquiring an additional 8,402,881 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of SoundHound AI by 84.2% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 4,973,728 shares of the company's stock worth $40,390,000 after purchasing an additional 2,274,105 shares in the last quarter. Rockefeller Capital Management L.P. bought a new stake in SoundHound AI during the 4th quarter valued at approximately $41,595,000. Invesco Ltd. lifted its holdings in SoundHound AI by 1,386.2% in the 4th quarter. Invesco Ltd. now owns 1,382,371 shares of the company's stock worth $27,426,000 after purchasing an additional 1,289,360 shares in the last quarter. Finally, Goldman Sachs Group Inc. boosted its stake in SoundHound AI by 69.8% in the 1st quarter. Goldman Sachs Group Inc. now owns 2,639,689 shares of the company's stock worth $21,434,000 after purchasing an additional 1,085,473 shares during the period. Institutional investors 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.