SoundHound AI (NASDAQ:SOUN) Trading Up 21.9% - Here's Why

SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report) shares were up 21.9% during mid-day trading on Monday . The stock traded as high as $10.98 and last traded at $10.95. Approximately 36,429,121 shares were traded during trading, a decline of 3% from the average daily volume of 37,524,740 shares. The stock had previously closed at $8.98.

Wall Street Analyst Weigh In

Several analysts recently issued reports on SOUN shares. Wedbush dropped their target price on SoundHound AI from $22.00 to $15.00 and set an "outperform" rating on the stock in a report on Friday. Cantor Fitzgerald upgraded shares of SoundHound AI to a "hold" rating in a research note on Monday, February 24th. DA Davidson cut their target price on shares of SoundHound AI from $13.00 to $10.00 and set a "buy" rating for the company in a research note on Monday, April 14th. HC Wainwright cut their target price on shares of SoundHound AI from $26.00 to $18.00 and set a "buy" rating for the company in a research note on Monday. Finally, Northland Securities raised their target price on shares of SoundHound AI from $6.00 to $8.00 and gave the company a "market perform" rating in a research note on Tuesday, January 14th. Four research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $10.29.

SoundHound AI Price Performance

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 $4.39 billion, a price-to-earnings ratio of -30.58 and a beta of 2.71. The company's 50 day moving average is $8.88 and its 200 day moving average is $11.38.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last posted its quarterly earnings results on Thursday, February 27th. The company reported ($0.69) EPS for the quarter, missing analysts' consensus estimates of ($0.11) by ($0.58). The business had revenue of $34.54 million for the quarter, compared to analyst estimates of $33.70 million. SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. On average, equities research analysts anticipate that SoundHound AI, Inc. will post -0.38 earnings per share for the current fiscal year.

Insider Buying and Selling at SoundHound AI

In other news, Director Diana Sroka sold 3,402 shares of the company's stock in a transaction on Monday, March 24th. The shares were sold at an average price of $10.08, for a total value of $34,292.16. Following the sale, the director now directly owns 138,850 shares of the company's stock, valued at approximately $1,399,608. This represents a 2.39% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CTO Timothy Stonehocker sold 27,714 shares of the company'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 $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 represents a 3.48% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 500,565 shares of company stock worth $4,999,726. Insiders own 12.28% of the company's stock.

Institutional Investors Weigh In On SoundHound AI

A number of institutional investors have recently modified their holdings of the company. Swiss National Bank grew its position in shares of SoundHound AI by 1.8% during the 1st quarter. Swiss National Bank now owns 652,900 shares of the company's stock worth $5,302,000 after buying an additional 11,700 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in shares of SoundHound AI by 63.8% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 161,090 shares of the company's stock worth $1,308,000 after buying an additional 62,748 shares during the last quarter. Deutsche Bank AG boosted its stake in shares of SoundHound AI by 96.8% in the 1st quarter. Deutsche Bank AG now owns 520,635 shares of the company's stock worth $4,228,000 after buying an additional 256,076 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position 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 valued at $23,120,000 after acquiring an additional 121,568 shares during the period. Finally, Vanguard Group Inc. grew its position in shares of SoundHound AI by 9.5% during the 1st quarter. Vanguard Group Inc. now owns 35,059,943 shares of the company's stock valued at $284,687,000 after acquiring an additional 3,028,281 shares during the period. 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.

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