SoundHound AI (NASDAQ:SOUN) Trading 6.6% Higher - Here's What Happened

SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report) shares shot up 6.6% on Friday . The company traded as high as $9.80 and last traded at $9.76. 9,154,479 shares traded hands during mid-day trading, a decline of 76% from the average session volume of 37,722,297 shares. The stock had previously closed at $9.15.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on SOUN shares. HC Wainwright restated a "buy" rating and issued a $26.00 price objective on shares of SoundHound AI in a report on Monday, March 3rd. Cantor Fitzgerald upgraded shares of SoundHound AI to a "hold" rating in a research report on Monday, February 24th. Northland Securities boosted their target price on shares of SoundHound AI from $6.00 to $8.00 and gave the stock a "market perform" rating in a report on Tuesday, January 14th. Finally, DA Davidson reduced their target price 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. Four investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $12.43.

SoundHound AI Stock Performance

The firm's 50-day moving average price is $8.95 and its two-hundred day moving average price is $11.20. 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 firm has a market capitalization of $3.75 billion, a PE ratio of -26.08 and a beta of 2.73.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last posted its quarterly earnings data on Thursday, February 27th. The company reported ($0.69) earnings per share for the quarter, missing the consensus estimate of ($0.11) by ($0.58). The firm 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 predict that SoundHound AI, Inc. will post -0.38 earnings per share for the current fiscal year.

Insider Buying and Selling at SoundHound AI

In related news, insider James Ming Hom sold 51,196 shares of the business's stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $10.25, for a total transaction of $524,759.00. Following the transaction, the insider now directly owns 638,456 shares of the company's stock, valued at approximately $6,544,174. The trade was a 7.42 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Keyvan Mohajer sold 138,895 shares of the 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 $1,400,061.60. Following the completion of the sale, the chief executive officer now owns 1,764,166 shares of the company's stock, valued at approximately $17,782,793.28. The trade was a 7.30 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 500,565 shares of company stock valued at $4,999,726 in the last 90 days. 12.28% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of SOUN. Blue Trust Inc. lifted its holdings in shares of 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 buying an additional 830 shares during the last quarter. 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 acquiring an additional 1,271 shares during the last quarter. Orion Capital Management LLC bought a new stake in SoundHound AI in the fourth quarter worth approximately $30,000. Golden State Wealth Management LLC increased its stake in shares of SoundHound AI by 100.0% during the 1st quarter. Golden State Wealth Management LLC now owns 4,230 shares of the company's stock worth $34,000 after purchasing an additional 2,115 shares during the last quarter. Finally, Future Financial Wealth Managment LLC bought a new position in shares of 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.