SoundHound AI (NASDAQ:SOUN) Trading 4.1% Higher - Here's What Happened

SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report)'s share price traded up 4.1% during mid-day trading on Tuesday . The company traded as high as $11.51 and last traded at $11.46. 22,871,225 shares were traded during mid-day trading, a decline of 39% from the average session volume of 37,665,709 shares. The stock had previously closed at $11.01.

Analysts Set New Price Targets

A number of research analysts have issued reports on the company. Cantor Fitzgerald upgraded SoundHound AI to a "hold" rating in a research report on Monday, February 24th. DA Davidson reduced their price target on SoundHound AI from $13.00 to $10.00 and set a "buy" rating on the stock in a report on Monday, April 14th. HC Wainwright reduced their price target on SoundHound AI from $26.00 to $18.00 and set a "buy" rating on the stock in a report on Monday. Finally, Wedbush reduced their price target on SoundHound AI from $22.00 to $15.00 and set an "outperform" rating on the stock in a report on Friday, May 9th. Four investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $10.29.

SoundHound AI Stock Performance

The stock has a 50 day moving average of $8.98 and a 200 day moving average of $11.42. 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 company has a market capitalization of $4.48 billion, a price-to-earnings ratio of -31.18 and a beta of 2.71.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last issued its quarterly earnings results 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 firm had revenue of $29.13 million for the quarter, compared to analyst estimates of $30.38 million. During the same period in the previous year, the firm earned ($0.07) earnings per share. The company's revenue was up 151.2% compared to the same quarter last year. As a group, analysts predict that SoundHound AI, Inc. will post -0.38 EPS for the current year.

Insider Buying and Selling

In related news, insider James Ming Hom sold 28,388 shares of the company's stock in a transaction on Thursday, March 20th. The stock was sold at an average price of $9.90, for a total transaction of $281,041.20. Following the completion of the sale, the insider now owns 689,652 shares in the company, valued at approximately $6,827,554.80. This represents a 3.95% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Diana Sroka sold 3,402 shares of the company's stock in a transaction on Monday, March 24th. The stock was sold at an average price of $10.08, for a total value of $34,292.16. Following the sale, the director now owns 138,850 shares of the company's stock, valued at $1,399,608. This trade represents a 2.39% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 548,537 shares of company stock worth $5,567,760. 12.28% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On SoundHound AI

Institutional investors have recently bought and sold shares of the stock. Wealth Effects LLC bought a new position in SoundHound AI in the 4th quarter valued at $357,000. Kraematon Investment Advisors Inc. bought a new position in SoundHound AI in the 4th quarter valued at $355,000. Mitchell Capital Management Co. bought a new position in SoundHound AI in the 4th quarter valued at $2,329,000. SG Americas Securities LLC grew its stake in SoundHound AI by 70.2% in the 4th quarter. SG Americas Securities LLC now owns 195,028 shares of the company's stock valued at $3,869,000 after purchasing an additional 80,448 shares during the period. Finally, SeaCrest Wealth Management LLC bought a new position in SoundHound AI in the 4th quarter valued at $944,000. 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.