SoundHound AI (NASDAQ:SOUN) Trading 1.8% Higher - What's Next?

SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report)'s share price was up 1.8% during mid-day trading on Tuesday . The company traded as high as $8.95 and last traded at $8.72. Approximately 11,012,576 shares were traded during mid-day trading, a decline of 74% from the average daily volume of 42,001,506 shares. The stock had previously closed at $8.57.

Analyst Ratings Changes

Several equities research analysts have commented on the stock. LADENBURG THALM/SH SH reaffirmed a "neutral" rating and set a $7.00 price objective on shares of SoundHound AI in a report on Wednesday, November 13th. Barclays restated a "neutral" rating and set a $7.00 price target on shares of SoundHound AI in a research note on Wednesday, November 13th. Cantor Fitzgerald upgraded shares of SoundHound AI to a "hold" rating in a research note on Monday, February 24th. Northland Securities increased their target price on SoundHound AI from $6.00 to $8.00 and gave the stock a "market perform" rating in a research report on Tuesday, January 14th. Finally, 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. Four research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat, the company has an average rating of "Hold" and an average target price of $12.86.

SoundHound AI Price Performance

The stock has a market capitalization of $3.50 billion, a PE ratio of -24.75 and a beta of 2.62. The business's 50-day moving average price is $13.28 and its 200 day moving average price is $10.16. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.58 and a current ratio of 2.58.

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SoundHound AI (NASDAQ:SOUN - Get Free Report) last posted its earnings results on Thursday, February 27th. The company reported ($0.69) EPS for the quarter, missing the consensus estimate 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 for the quarter, compared to analysts' expectations of $33.70 million. Research analysts forecast that SoundHound AI, Inc. will post -0.38 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Lawrence Marcus sold 20,000 shares of the company's stock in a transaction on Monday, December 23rd. The shares were sold at an average price of $20.47, for a total value of $409,400.00. Following the completion of the transaction, the director now directly owns 108,117 shares in the company, valued at approximately $2,213,154.99. The trade was a 15.61 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Majid Emami sold 37,459 shares of the firm's stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $20.30, for a total value of $760,417.70. Following the sale, the vice president now owns 698,226 shares in the company, valued at $14,173,987.80. The trade was a 5.09 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 999,777 shares of company stock worth $20,062,443. Insiders own 12.28% of the company's stock.

Hedge Funds Weigh In On SoundHound AI

Several institutional investors have recently modified their holdings of the company. Commons Capital LLC boosted its stake in SoundHound AI by 2.7% in the fourth quarter. Commons Capital LLC now owns 27,349 shares of the company's stock worth $543,000 after buying an additional 723 shares in the last quarter. ST Germain D J Co. Inc. lifted its holdings in shares of SoundHound AI by 33.2% in the 4th quarter. ST Germain D J Co. Inc. now owns 3,008 shares of the company's stock worth $60,000 after acquiring an additional 750 shares during the last quarter. Keynote Financial Services LLC boosted its stake in shares of SoundHound AI by 4.7% in the 4th quarter. Keynote Financial Services LLC now owns 16,587 shares of the company's stock valued at $329,000 after purchasing an additional 752 shares in the last quarter. Blue Trust Inc. grew its holdings in shares of SoundHound AI by 197.6% during the 4th quarter. Blue Trust Inc. now owns 1,250 shares of the company's stock valued at $25,000 after purchasing an additional 830 shares during the last quarter. Finally, Russell Investments Group Ltd. raised its position in SoundHound AI by 16.4% in the 4th quarter. Russell Investments Group Ltd. now owns 6,598 shares of the company's stock worth $131,000 after purchasing an additional 929 shares during the period. 19.28% of the stock is currently owned by institutional investors.

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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