SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report)'s share price shot up 1.8% on Tuesday . The company traded as high as $8.95 and last traded at $8.72. 11,012,576 shares were traded during mid-day trading, a decline of 74% from the average session volume of 42,001,506 shares. The stock had previously closed at $8.57.
Analyst Ratings Changes
A number of research firms have recently weighed in on SOUN. Northland Securities boosted their target price on shares of SoundHound AI from $6.00 to $8.00 and gave the stock a "market perform" rating in a report on Tuesday, January 14th. HC Wainwright restated a "buy" rating and issued a $26.00 target price on shares of SoundHound AI in a report on Monday, March 3rd. DA Davidson boosted their target price on shares of SoundHound AI from $9.50 to $13.00 and gave the stock a "buy" rating in a 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 report on Monday, December 16th. Finally, Barclays reiterated a "neutral" rating and set a $7.00 price target on shares of SoundHound AI in a report on Wednesday, November 13th. Four investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $12.86.
Read Our Latest Research Report on SOUN
SoundHound AI Price Performance
The stock has a market cap of $3.59 billion, a price-to-earnings ratio of -25.36 and a beta of 2.62. The stock's 50 day moving average price is $13.28 and its two-hundred day moving average price is $10.16. The company has a quick ratio of 2.58, a current ratio of 2.58 and a debt-to-equity ratio of 0.13.
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). The company had revenue of $34.54 million for the quarter, compared to analysts' expectations of $33.70 million. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. Equities research analysts forecast that SoundHound AI, Inc. will post -0.38 EPS for the current fiscal year.
Insider Buying and Selling at SoundHound AI
In related news, insider James Ming Hom sold 58,382 shares of SoundHound AI stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $18.35, for a total value of $1,071,309.70. Following the completion of the transaction, the insider now owns 754,811 shares in the company, valued at approximately $13,850,781.85. The trade was a 7.18 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, COO Michael Zagorsek sold 277,813 shares of the business's stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $21.25, for a total transaction of $5,903,526.25. Following the transaction, the chief operating officer now owns 1,473,322 shares of the company's stock, valued at $31,308,092.50. This trade represents a 15.86 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,024,777 shares of company stock worth $20,412,443 over the last three months. Insiders own 12.28% of the company's stock.
Hedge Funds Weigh In On SoundHound AI
Institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. grew its stake in shares of SoundHound AI by 35.6% during the 4th quarter. Vanguard Group Inc. now owns 32,031,662 shares of the company's stock worth $635,508,000 after purchasing an additional 8,402,881 shares during the period. Rockefeller Capital Management L.P. acquired a new stake in shares of SoundHound AI in the fourth quarter worth approximately $41,595,000. Invesco Ltd. lifted its position in SoundHound AI by 1,386.2% during the fourth quarter. Invesco Ltd. now owns 1,382,371 shares of the company's stock valued at $27,426,000 after buying 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 valued at approximately $16,421,000. Finally, Capital Fund Management S.A. acquired a new position in SoundHound AI during the fourth quarter valued at approximately $16,092,000. 19.28% of the stock is owned by institutional investors and hedge funds.
About SoundHound AI
(
Get Free Report)
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.
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