SoundHound AI (NASDAQ:SOUN) Stock Price Up 7.5% - Here's Why

SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report) shares rose 7.5% during mid-day trading on Friday . The company traded as high as $10.10 and last traded at $10.18. Approximately 10,879,935 shares were traded during trading, a decline of 72% from the average daily volume of 38,473,179 shares. The stock had previously closed at $9.47.

Analysts Set New Price Targets

SOUN has been the topic of a number of recent research reports. Cantor Fitzgerald raised SoundHound AI to a "hold" rating in a research report on Monday, February 24th. Wedbush dropped their price target on SoundHound AI from $22.00 to $15.00 and set an "outperform" rating on the stock in a research report on Friday, May 9th. DA Davidson dropped their price target on SoundHound AI from $13.00 to $10.00 and set a "buy" rating on the stock in a research report on Monday, April 14th. HC Wainwright dropped their price objective on SoundHound AI from $26.00 to $18.00 and set a "buy" rating on the stock in a research report on Monday, May 12th. Finally, Piper Sandler assumed coverage on SoundHound AI in a research report on Tuesday, May 27th. They set an "overweight" rating and a $12.00 price objective on the stock. Four analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. Based on data from MarketBeat, SoundHound AI currently has a consensus rating of "Moderate Buy" and an average price target of $10.50.

SoundHound AI Stock Performance

The business has a 50-day moving average of $9.28 and a two-hundred day moving average of $11.89. The company has a market cap of $4.06 billion, a P/E ratio of -28.08 and a beta of 2.64. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.58 and a quick ratio of 2.58.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last released its quarterly earnings results on Thursday, May 8th. The company reported ($0.06) EPS for the quarter, beating analysts' consensus estimates 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 company had revenue of $29.13 million during the quarter, compared to analysts' expectations of $30.38 million. During the same period last year, the business posted ($0.07) earnings per share. The firm's revenue was up 151.2% compared to the same quarter last year. On average, sell-side analysts predict that SoundHound AI, Inc. will post -0.38 EPS for the current fiscal year.

Insider Buying and Selling at SoundHound AI

In other SoundHound AI news, CTO Timothy Stonehocker sold 27,714 shares of the 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 directly owns 768,867 shares in the company, valued at approximately $7,611,783.30. This trade represents a 3.48% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider James Ming Hom sold 51,196 shares of the stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $10.25, for a total value of $524,759.00. Following the completion of the sale, the insider now owns 638,456 shares of the company's stock, valued at approximately $6,544,174. This trade represents a 7.42% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 548,537 shares of company stock worth $5,567,760. 9.17% of the stock is owned by insiders.

Institutional Investors Weigh In On SoundHound AI

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SOUN. Vanguard Group Inc. lifted its holdings in shares of SoundHound AI by 35.6% during the fourth quarter. Vanguard Group Inc. now owns 32,031,662 shares of the company's stock worth $635,508,000 after purchasing an additional 8,402,881 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its holdings 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 during the period. Rockefeller Capital Management L.P. acquired a new stake in shares of SoundHound AI during the fourth quarter worth about $41,595,000. Invesco Ltd. lifted its holdings in shares of SoundHound AI by 1,386.2% during the fourth 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 during the period. Finally, Goldman Sachs Group Inc. lifted its holdings in shares of SoundHound AI by 69.8% during the first 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. 19.28% of the stock is currently owned by hedge funds and other institutional investors.

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.