SoundHound AI (NASDAQ:SOUN) Stock Price Up 1.4% - Here's Why

SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report)'s share price traded up 1.4% during mid-day trading on Thursday . The stock traded as high as $10.17 and last traded at $9.99. 7,656,819 shares traded hands during mid-day trading, a decline of 81% from the average session volume of 39,352,079 shares. The stock had previously closed at $9.85.

Wall Street Analysts Forecast Growth

SOUN has been the subject of a number of research reports. HC Wainwright restated a "buy" rating and set a $26.00 price objective on shares of SoundHound AI in a research report on Monday, March 3rd. DA Davidson lifted their price objective on SoundHound AI from $9.50 to $13.00 and gave the company a "buy" rating in a research report on Friday, February 28th. Wedbush boosted their target price on shares of SoundHound AI from $10.00 to $22.00 and gave the stock an "outperform" rating in a research report on Monday, December 16th. Northland Securities raised their target price on SoundHound AI from $6.00 to $8.00 and gave the company a "market perform" rating in a report on Tuesday, January 14th. Finally, Cantor Fitzgerald upgraded 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. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $12.86.

SoundHound AI Stock Up 2.8 %

The company has a debt-to-equity ratio of 0.13, a current ratio of 2.58 and a quick ratio of 2.58. The firm has a market capitalization of $3.88 billion, a P/E ratio of -27.39 and a beta of 2.62. The business has a 50 day moving average price of $12.19 and a 200 day moving average price of $10.40.

Remove Ads

SoundHound AI (NASDAQ:SOUN - Get Free Report) last issued its quarterly 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 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 the consensus estimate of $33.70 million. On average, analysts predict that SoundHound AI, Inc. will post -0.38 earnings per share for the current year.

Insider Buying and Selling at SoundHound AI

In other news, CEO Keyvan Mohajer sold 156,288 shares of the company's stock in a transaction dated Tuesday, December 24th. The shares were sold at an average price of $20.20, for a total transaction of $3,157,017.60. Following the completion of the transaction, the chief executive officer now owns 2,021,666 shares of the company's stock, valued at approximately $40,837,653.20. This represents a 7.18 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Lawrence Marcus sold 20,000 shares of SoundHound AI stock in a transaction dated Monday, December 23rd. The stock was sold at an average price of $20.47, for a total value of $409,400.00. Following the sale, the director now directly owns 108,117 shares in the company, valued at approximately $2,213,154.99. This trade represents a 15.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 12.28% of the company's stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of SOUN. Blue Trust Inc. increased its holdings in SoundHound AI by 197.6% in the 4th quarter. Blue Trust Inc. now owns 1,250 shares of the company's stock valued at $25,000 after buying an additional 830 shares during the period. Sound Income Strategies LLC increased its stake in SoundHound AI by 2,542.0% in the fourth quarter. Sound Income Strategies LLC now owns 1,321 shares of the company's stock valued at $26,000 after acquiring an additional 1,271 shares during the period. Orion Capital Management LLC acquired a new stake in SoundHound AI during the fourth quarter valued at approximately $30,000. Future Financial Wealth Managment LLC acquired a new stake in SoundHound AI during the fourth quarter valued at approximately $40,000. Finally, Compagnie Lombard Odier SCmA bought a new stake in shares of SoundHound AI in the 4th quarter valued at approximately $40,000. 19.28% of the stock is currently owned by institutional investors and hedge funds.

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.