SoundHound AI (NASDAQ:SOUN) Trading Up 7.7% - Here's What Happened

Shares of SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report) traded up 7.7% during trading on Thursday . The company traded as high as $9.57 and last traded at $9.42. 9,985,323 shares traded hands during mid-day trading, a decline of 74% from the average session volume of 37,845,929 shares. The stock had previously closed at $8.75.

Analyst Ratings Changes

SOUN has been the subject of several research analyst reports. Northland Securities lifted their price target 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. DA Davidson lowered their target price on SoundHound AI from $13.00 to $10.00 and set a "buy" rating for the company in a report on Monday, April 14th. Cantor Fitzgerald upgraded SoundHound AI to a "hold" rating in a research note on Monday, February 24th. Finally, HC Wainwright reaffirmed a "buy" rating and issued a $26.00 price objective on shares of SoundHound AI in a research note on Monday, March 3rd. Four research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus price target of $12.43.

SoundHound AI Price Performance

The stock has a 50-day moving average price of $9.02 and a two-hundred day moving average price of $11.09. 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 stock has a market cap of $3.89 billion, a price-to-earnings ratio of -27.06 and a beta of 2.73.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last posted its quarterly earnings data on Thursday, February 27th. The company reported ($0.69) earnings per share (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 company had revenue of $34.54 million for the quarter, compared to analyst estimates of $33.70 million. As a group, equities research analysts forecast that SoundHound AI, Inc. will post -0.38 EPS for the current year.

Insider Buying and Selling

In other SoundHound AI news, CEO Keyvan Mohajer sold 138,895 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 $1,400,061.60. Following the completion of the sale, the chief executive officer now directly owns 1,764,166 shares in the company, valued at approximately $17,782,793.28. The trade was a 7.30 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider James Ming Hom sold 28,388 shares of the 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 $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 500,565 shares of company stock worth $4,999,726 in the last 90 days. Insiders own 12.28% of the company's stock.

Institutional Investors Weigh In On SoundHound AI

Hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its stake in shares of SoundHound AI by 35.6% in the fourth quarter. Vanguard Group Inc. now owns 32,031,662 shares of the company's stock worth $635,508,000 after buying an additional 8,402,881 shares during the last quarter. Geode Capital Management LLC boosted its position in SoundHound AI by 4.4% in the 4th quarter. Geode Capital Management LLC now owns 7,509,496 shares of the company's stock worth $149,024,000 after purchasing an additional 315,897 shares in the last quarter. Northern Trust Corp grew its stake in shares of SoundHound AI by 10.0% during the 4th quarter. Northern Trust Corp now owns 2,906,245 shares of the company's stock worth $57,660,000 after purchasing an additional 264,382 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in shares of SoundHound AI by 5.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,725,693 shares of the company's stock valued at $54,078,000 after purchasing an additional 143,487 shares during the period. Finally, Rockefeller Capital Management L.P. purchased a new stake in SoundHound AI during the fourth quarter worth $41,595,000. 19.28% of the stock is owned by hedge funds and other 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.