SoundHound AI (NASDAQ:SOUN) Shares Up 2.2% - Here's Why

Shares of SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report) rose 2.2% on Friday . The stock traded as high as $9.97 and last traded at $9.59. Approximately 10,375,040 shares traded hands during trading, a decline of 75% from the average daily volume of 41,583,176 shares. The stock had previously closed at $9.38.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on SOUN shares. DA Davidson decreased their price target on SoundHound AI from $13.00 to $10.00 and set a "buy" rating for the company in a research note 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. Cantor Fitzgerald raised shares of SoundHound AI to a "hold" rating in a research report on Monday, February 24th. Finally, HC Wainwright reaffirmed a "buy" rating and issued a $26.00 price target on shares of SoundHound AI in a report on Monday, March 3rd. Four equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $12.43.

SoundHound AI Price Performance

The stock has a market cap of $3.84 billion, a price-to-earnings ratio of -26.74 and a beta of 2.73. The stock's 50 day moving average price is $9.06 and its two-hundred day moving average price is $10.97. 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 issued its quarterly earnings data on Thursday, February 27th. The company reported ($0.69) EPS 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 firm had revenue of $34.54 million for the quarter, compared to analyst estimates of $33.70 million. Equities research analysts forecast that SoundHound AI, Inc. will post -0.38 EPS for the current fiscal year.

Insider Buying and Selling

In other SoundHound AI news, VP Majid Emami sold 28,392 shares of SoundHound AI stock in a transaction on Thursday, March 20th. The shares were sold at an average price of $9.90, for a total transaction of $281,080.80. Following the sale, the vice president now owns 669,834 shares of the company's stock, valued at $6,631,356.60. The trade was a 4.07 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider James Ming Hom sold 51,196 shares of the company's stock in a transaction on Monday, March 24th. The stock was sold at an average price of $10.25, for a total transaction of $524,759.00. Following the sale, the insider now directly owns 638,456 shares of the company's stock, valued at $6,544,174. The trade was a 7.42 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 500,565 shares of company stock valued at $4,999,726. 12.28% of the stock is owned by company insiders.

Institutional Trading of SoundHound AI

Several large investors have recently bought and sold shares of the business. Commons Capital LLC increased its position in SoundHound AI by 2.7% during the fourth quarter. Commons Capital LLC now owns 27,349 shares of the company's stock worth $543,000 after purchasing an additional 723 shares during the last quarter. ST Germain D J Co. Inc. increased its stake in SoundHound AI by 33.2% during the 4th quarter. ST Germain D J Co. Inc. now owns 3,008 shares of the company's stock worth $60,000 after buying an additional 750 shares during the period. Keynote Financial Services LLC raised its stake in shares of SoundHound AI by 4.7% in the fourth quarter. Keynote Financial Services LLC now owns 16,587 shares of the company's stock valued at $329,000 after acquiring an additional 752 shares in the last quarter. Blue Trust Inc. boosted its stake in shares of 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. Finally, Russell Investments Group Ltd. raised its stake in SoundHound AI by 16.4% in the fourth quarter. Russell Investments Group Ltd. now owns 6,598 shares of the company's stock valued at $131,000 after buying an additional 929 shares in the last quarter. Hedge funds and other institutional investors own 19.28% of the company's stock.

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.

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