SoundHound AI (NASDAQ:SOUN) Trading Up 6.1% - Here's What Happened

Shares of SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report) traded up 6.1% on Monday . The stock traded as high as $8.10 and last traded at $7.76. 15,634,882 shares traded hands during trading, a decline of 59% from the average session volume of 37,929,698 shares. The stock had previously closed at $7.32.

Analyst Ratings Changes

Several equities research analysts have commented on the stock. HC Wainwright reiterated a "buy" rating and issued a $26.00 price target on shares of SoundHound AI in a research report on Monday, March 3rd. Wedbush upped their price target on SoundHound AI from $10.00 to $22.00 and gave the company an "outperform" rating in a report on Monday, December 16th. Northland Securities raised their price objective on 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 SoundHound AI to a "hold" rating in a research report on Monday, February 24th. Finally, DA Davidson upped their target price on SoundHound AI from $9.50 to $13.00 and gave the company a "buy" rating in a report on Friday, February 28th. Four research analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $12.86.

SoundHound AI Stock Up 0.9 %

The firm has a market cap of $3.30 billion, a PE ratio of -22.89 and a beta of 2.73. 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 business has a fifty day moving average price of $10.29 and a two-hundred day moving average price of $10.77.

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SoundHound AI (NASDAQ:SOUN - Get Free Report) last issued its quarterly earnings data on Thursday, February 27th. The company reported ($0.69) earnings per share (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 business had revenue of $34.54 million during the quarter, compared to the consensus estimate of $33.70 million. On average, analysts anticipate that SoundHound AI, Inc. will post -0.38 EPS for the current fiscal year.

Insider Transactions at SoundHound AI

In related news, insider James Ming Hom sold 28,388 shares of the company's stock in a transaction on Thursday, March 20th. The shares were sold at an average price of $9.90, for a total transaction of $281,041.20. Following the completion of the transaction, the insider now directly owns 689,652 shares in the company, valued at $6,827,554.80. This represents a 3.95 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Diana Sroka sold 3,402 shares of the firm's stock in a transaction on Monday, March 24th. The stock was sold at an average price of $10.08, for a total transaction of $34,292.16. Following the completion of the sale, the director now owns 138,850 shares in the company, valued at $1,399,608. This represents a 2.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 500,565 shares of company stock worth $4,999,726 over the last three months. 12.28% of the stock is currently owned by insiders.

Institutional Trading of SoundHound AI

Institutional investors have recently modified their holdings of the company. Blue Trust Inc. raised its stake in shares of SoundHound AI by 197.6% in the fourth quarter. Blue Trust Inc. now owns 1,250 shares of the company's stock valued at $25,000 after purchasing an additional 830 shares in the last quarter. Sound Income Strategies LLC raised its stake in shares of SoundHound AI by 2,542.0% in the 4th quarter. Sound Income Strategies LLC now owns 1,321 shares of the company's stock valued at $26,000 after buying an additional 1,271 shares in the last quarter. Orion Capital Management LLC acquired a new position in shares of SoundHound AI in the 4th quarter valued at $30,000. Future Financial Wealth Managment LLC bought a new position in shares of SoundHound AI during the 4th quarter worth about $40,000. Finally, Compagnie Lombard Odier SCmA acquired a new stake in shares of SoundHound AI during the 4th quarter valued at about $40,000. Institutional investors and hedge funds own 19.28% of the company's stock.

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.