SoundHound AI (NASDAQ:SOUN) Stock Price Up 4.7% - Here's What Happened

Shares of SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report) traded up 4.7% on Wednesday . The stock traded as high as $8.68 and last traded at $8.59. 6,426,114 shares traded hands during mid-day trading, a decline of 83% from the average session volume of 37,968,863 shares. The stock had previously closed at $8.20.

Analysts Set New Price Targets

A number of equities analysts have recently commented on SOUN shares. HC Wainwright reaffirmed a "buy" rating and issued a $26.00 target price on shares of SoundHound AI in a report on Monday, March 3rd. Northland Securities lifted their price objective 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 increased their target price on shares of SoundHound AI from $9.50 to $13.00 and gave the stock a "buy" rating in a research note on Friday, February 28th. Cantor Fitzgerald upgraded SoundHound AI to a "hold" rating in a research note on Monday, February 24th. Finally, Wedbush increased their price target on SoundHound AI from $10.00 to $22.00 and gave the stock an "outperform" rating in a report on Monday, December 16th. Four investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, SoundHound AI currently has a consensus rating of "Hold" and a consensus target price of $12.86.

SoundHound AI Trading Down 6.2 %

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 firm has a market capitalization of $3.24 billion, a PE ratio of -22.48 and a beta of 2.62. The business has a 50 day moving average price of $11.36 and a 200-day moving average price of $10.65.

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SoundHound AI (NASDAQ:SOUN - Get Free Report) last released its earnings results 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 net margin of 163.58% and a negative return on equity of 55.58%. The business had revenue of $34.54 million during the quarter, compared to analyst estimates of $33.70 million. Analysts expect that SoundHound AI, Inc. will post -0.38 earnings per share for the current year.

Insider Transactions at SoundHound AI

In other news, CEO Keyvan Mohajer sold 118,605 shares of the business's stock in a transaction on Thursday, March 20th. The stock was sold at an average price of $9.90, for a total value of $1,174,189.50. Following the completion of the transaction, the chief executive officer now directly owns 1,903,061 shares of the company's stock, valued at $18,840,303.90. The trade was a 5.87 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, COO Michael Zagorsek sold 52,001 shares of SoundHound AI stock in a transaction dated Thursday, March 20th. The stock was sold at an average price of $9.90, for a total value of $514,809.90. Following the sale, the chief operating officer now owns 1,360,525 shares of the company's stock, valued at approximately $13,469,197.50. This represents a 3.68 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 500,565 shares of company stock valued at $4,999,726 in the last ninety days. Corporate insiders own 12.28% of the company's stock.

Institutional Trading of SoundHound AI

Several hedge funds and other institutional investors have recently bought and sold shares of SOUN. Blue Trust Inc. boosted its holdings in shares of SoundHound AI by 197.6% during the fourth quarter. Blue Trust Inc. now owns 1,250 shares of the company's stock worth $25,000 after purchasing an additional 830 shares during the last quarter. 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 purchasing an additional 1,271 shares during the last quarter. Orion Capital Management LLC purchased a new position in SoundHound AI during the fourth quarter worth about $30,000. Future Financial Wealth Managment LLC purchased a new stake in SoundHound AI in the 4th quarter valued at about $40,000. Finally, Compagnie Lombard Odier SCmA acquired a new stake in shares of SoundHound AI in the fourth quarter worth approximately $40,000. 19.28% of the stock is owned by hedge funds and other institutional investors.

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.