SoundHound AI (NASDAQ:SOUN) Stock Price Up 5% - What's Next?

SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report) shares rose 5% during trading on Thursday . The stock traded as high as $9.80 and last traded at $9.63. Approximately 9,782,124 shares traded hands during trading, a decline of 74% from the average daily volume of 37,541,452 shares. The stock had previously closed at $9.17.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on SOUN. HC Wainwright restated a "buy" rating and set a $26.00 target price on shares of SoundHound AI in a research note on Monday, March 3rd. 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 note on Friday. DA Davidson cut their price objective on shares of SoundHound AI from $13.00 to $10.00 and set a "buy" rating on the stock in a report on Monday, April 14th. Northland Securities lifted their target price on shares of SoundHound AI from $6.00 to $8.00 and gave the stock a "market perform" rating in a research note on Tuesday, January 14th. Finally, Cantor Fitzgerald upgraded shares of SoundHound AI to a "hold" rating in a research note on Monday, February 24th. Four investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $11.43.

SoundHound AI Trading Down 7.8 %

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 market cap of $3.58 billion, a price-to-earnings ratio of -24.94 and a beta of 2.71. The company's fifty day moving average is $8.88 and its two-hundred day moving average is $11.34.

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

Insider Transactions at SoundHound AI

In other SoundHound AI news, insider James Ming Hom sold 28,388 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 $281,041.20. Following 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 position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Diana Sroka sold 3,402 shares of SoundHound AI stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $10.08, for a total transaction of $34,292.16. Following the transaction, the director now directly owns 138,850 shares of the company's stock, valued at approximately $1,399,608. This trade represents a 2.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 500,565 shares of company stock worth $4,999,726 over the last quarter. 12.28% of the stock is currently owned by insiders.

Institutional Investors Weigh In On SoundHound AI

A number of institutional investors have recently modified their holdings of the business. Vanguard Group Inc. grew its holdings in SoundHound AI by 35.6% in the fourth quarter. Vanguard Group Inc. now owns 32,031,662 shares of the company's stock valued at $635,508,000 after purchasing an additional 8,402,881 shares during the period. Rockefeller Capital Management L.P. acquired a new stake in SoundHound AI in the 4th quarter valued at $41,595,000. Invesco Ltd. increased its holdings in SoundHound AI by 1,386.2% in the 4th quarter. Invesco Ltd. now owns 1,382,371 shares of the company's stock worth $27,426,000 after acquiring an additional 1,289,360 shares in the last quarter. Driehaus Capital Management LLC acquired a new position in SoundHound AI during the fourth quarter worth $16,421,000. Finally, Capital Fund Management S.A. purchased a new position in SoundHound AI during the fourth quarter valued at $16,092,000. 19.28% of the stock is currently owned by institutional investors and hedge funds.

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.