SoundHound AI (NASDAQ:SOUN) Trading 2.6% Higher - Here's Why

SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report) was up 2.6% on Thursday . The company traded as high as $16.70 and last traded at $16.80. Approximately 20,302,205 shares traded hands during trading, a decline of 69% from the average daily volume of 66,541,211 shares. The stock had previously closed at $16.38.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on SOUN. HC Wainwright restated a "buy" rating and set a $26.00 price objective on shares of SoundHound AI in a research report on Monday, January 13th. LADENBURG THALM/SH SH restated a "neutral" rating and set a $7.00 price target on shares of SoundHound AI in a report on Wednesday, November 13th. 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. DA Davidson reissued a "buy" rating and set a $9.50 target price on shares of SoundHound AI in a report on Monday, September 30th. Finally, Barclays reissued a "neutral" rating and issued a $7.00 price objective on shares of SoundHound AI in a research note on Wednesday, November 13th. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $12.36.

SoundHound AI Stock Up 0.1 %

The company has a quick ratio of 2.58, a current ratio of 2.58 and a debt-to-equity ratio of 0.13. The stock's 50-day simple moving average is $14.72 and its 200 day simple moving average is $8.44. The firm has a market cap of $6.06 billion, a P/E ratio of -45.56 and a beta of 2.63.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last announced its earnings results on Tuesday, November 12th. The company reported ($0.06) EPS for the quarter, beating the consensus estimate of ($0.07) by $0.01. SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. The company had revenue of $25.10 million for the quarter, compared to analyst estimates of $23.02 million. During the same quarter in the prior year, the company earned ($0.09) EPS. The firm's revenue for the quarter was up 88.7% compared to the same quarter last year. As a group, research analysts forecast that SoundHound AI, Inc. will post -0.38 EPS for the current fiscal year.

Insider Activity at SoundHound AI

In related news, COO Michael Zagorsek sold 277,813 shares of the company'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 directly owns 1,473,322 shares of the company's stock, valued at approximately $31,308,092.50. This represents a 15.86 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CTO Timothy Stonehocker sold 34,407 shares of the company's stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $20.30, for a total value of $698,462.10. Following the transaction, the chief technology officer now directly owns 796,581 shares in the company, valued at $16,170,594.30. The trade was a 4.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 2,782,918 shares of company stock worth $45,391,343 in the last quarter. Company insiders own 12.28% of the company's stock.

Institutional Investors Weigh In On SoundHound AI

A number of institutional investors and hedge funds have recently made changes to their positions in SOUN. State Street Corp raised its position in SoundHound AI by 0.6% in the 3rd quarter. State Street Corp now owns 7,197,414 shares of the company's stock valued at $33,540,000 after buying an additional 42,869 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of SoundHound AI by 9.1% in the third quarter. Geode Capital Management LLC now owns 7,193,599 shares of the company's stock valued at $33,529,000 after purchasing an additional 602,311 shares during the last quarter. Charles Schwab Investment Management Inc. increased its stake in SoundHound AI by 7.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,582,206 shares of the company's stock valued at $12,033,000 after buying an additional 189,109 shares during the last quarter. Carnegie Investment Counsel increased its stake in SoundHound AI by 9.1% in the 4th quarter. Carnegie Investment Counsel now owns 982,050 shares of the company's stock valued at $19,484,000 after buying an additional 82,300 shares during the last quarter. Finally, Oriental Harbor Investment Fund purchased a new stake in SoundHound AI in the 4th quarter valued at about $8,964,000. Institutional investors and hedge funds 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.