SoundHound AI (NASDAQ:SOUN) Trading 2.2% Higher - Here's Why

SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report)'s share price rose 2.2% on Thursday . The company traded as high as $9.66 and last traded at $9.50. Approximately 6,351,204 shares changed hands during trading, a decline of 83% from the average daily volume of 37,726,282 shares. The stock had previously closed at $9.29.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the stock. DA Davidson lowered their price objective on shares of SoundHound AI from $13.00 to $10.00 and set a "buy" rating on the stock in a research note on Monday, April 14th. Northland Securities upped 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. HC Wainwright restated a "buy" rating and set a $26.00 price target on shares of SoundHound AI in a research note on Monday, March 3rd. Finally, Cantor Fitzgerald upgraded SoundHound AI to a "hold" rating in a research note on Monday, February 24th. Four research analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. According to MarketBeat, SoundHound AI has an average rating of "Hold" and an average price target of $12.43.

SoundHound AI Trading Up 2.6 %

The business has a 50 day moving average of $8.95 and a two-hundred day moving average of $11.20. 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 firm has a market cap of $3.75 billion, a P/E ratio of -26.08 and a beta of 2.73.

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

Insider Activity at SoundHound AI

In related news, CEO Keyvan Mohajer sold 118,605 shares of SoundHound AI stock in a transaction that occurred on Thursday, March 20th. The shares were sold at an average price of $9.90, for a total transaction of $1,174,189.50. Following the sale, the chief executive officer now directly owns 1,903,061 shares in the company, valued at $18,840,303.90. This trade represents a 5.87 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider James Ming Hom sold 28,388 shares of the stock in a transaction dated Thursday, March 20th. The shares were sold at an average price of $9.90, for a total value of $281,041.20. Following the completion of the sale, the insider now directly owns 689,652 shares of the company's stock, valued at approximately $6,827,554.80. The trade was a 3.95 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 500,565 shares of company stock valued at $4,999,726 in the last quarter. Insiders own 12.28% of the company's stock.

Institutional Trading of SoundHound AI

Institutional investors have recently bought and sold shares of the company. Kieckhefer Group LLC acquired a new position in shares of SoundHound AI in the 4th quarter valued at about $3,432,000. Oriental Harbor Investment Fund acquired a new position in SoundHound AI in the fourth quarter valued at approximately $8,964,000. Wealth Effects LLC bought a new position in shares of SoundHound AI during the 4th quarter worth approximately $357,000. Kraematon Investment Advisors Inc. acquired a new stake in shares of SoundHound AI during the 4th quarter worth approximately $355,000. Finally, Mitchell Capital Management Co. bought a new stake in shares of SoundHound AI in the 4th quarter valued at $2,329,000. 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.