SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report)'s stock price shot up 0.9% on Friday . The stock traded as high as $11.40 and last traded at $11.11. 10,597,963 shares changed hands during trading, a decline of 74% from the average session volume of 40,076,047 shares. The stock had previously closed at $11.01.
Analyst Upgrades and Downgrades
Several brokerages have weighed in on SOUN. Cantor Fitzgerald raised SoundHound AI to a "hold" rating in a report on Monday, February 24th. 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 research note on Monday, May 12th. DA Davidson lowered their price target on SoundHound AI from $13.00 to $10.00 and set a "buy" rating for the company in a research note on Monday, April 14th. Finally, Wedbush lowered their price target on SoundHound AI from $22.00 to $15.00 and set an "outperform" rating for the company in a research note on Friday, May 9th. Four analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus target price of $10.29.
Check Out Our Latest Report on SOUN
SoundHound AI Price Performance
The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.58 and a current ratio of 2.58. The company has a 50-day moving average of $9.10 and a 200-day moving average of $11.61. The firm has a market capitalization of $4.01 billion, a price-to-earnings ratio of -27.69 and a beta of 2.71.
SoundHound AI (NASDAQ:SOUN - Get Free Report) last issued its quarterly earnings data on Thursday, May 8th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating 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 business 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 firm earned ($0.07) EPS. SoundHound AI's quarterly revenue was up 151.2% compared to the same quarter last year. As a group, research analysts anticipate that SoundHound AI, Inc. will post -0.38 EPS for the current fiscal year.
Insider Activity at SoundHound AI
In other SoundHound AI news, Director Diana Sroka sold 3,402 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 $34,292.16. Following the completion of the transaction, the director now owns 138,850 shares of the company's stock, valued at $1,399,608. This represents a 2.39% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Keyvan Mohajer sold 118,605 shares of the company's stock in a transaction that occurred on Thursday, March 20th. The stock was sold at an average price of $9.90, for a total value of $1,174,189.50. Following the transaction, the chief executive officer now directly owns 1,903,061 shares of the company's stock, valued at approximately $18,840,303.90. This trade represents a 5.87% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 548,537 shares of company stock worth $5,567,760. 12.28% of the stock is owned by company insiders.
Hedge Funds Weigh In On SoundHound AI
A number of large investors have recently bought and sold shares of the company. Vanguard Group Inc. boosted its position in SoundHound AI by 9.5% during the 1st quarter. Vanguard Group Inc. now owns 35,059,943 shares of the company's stock worth $284,687,000 after acquiring an additional 3,028,281 shares during the last quarter. Geode Capital Management LLC boosted its position in SoundHound AI by 4.4% during the 4th quarter. Geode Capital Management LLC now owns 7,509,496 shares of the company's stock worth $149,024,000 after acquiring an additional 315,897 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in SoundHound AI by 84.2% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 4,973,728 shares of the company's stock worth $40,390,000 after acquiring an additional 2,274,105 shares during the last quarter. Northern Trust Corp raised its stake in shares of SoundHound AI by 2.5% during the 1st quarter. Northern Trust Corp now owns 2,979,011 shares of the company's stock worth $24,190,000 after purchasing an additional 72,766 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of SoundHound AI by 4.5% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 2,847,261 shares of the company's stock worth $23,120,000 after purchasing an additional 121,568 shares in the last quarter. Institutional investors and hedge funds own 19.28% of the company's stock.
About SoundHound AI
(
Get Free Report)
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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