SoundHound AI (NASDAQ:SOUN) Shares Up 4.6% - Here's What Happened

Shares of SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report) rose 4.6% on Monday . The stock traded as high as $10.52 and last traded at $10.32. Approximately 11,538,241 shares changed hands during trading, a decline of 70% from the average daily volume of 38,546,275 shares. The stock had previously closed at $9.86.

Analyst Upgrades and Downgrades

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

SoundHound AI Trading Down 4.7 %

The stock has a market cap of $3.57 billion, a P/E ratio of -24.83 and a beta of 2.62. 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 business's 50 day simple moving average is $12.00 and its two-hundred day simple moving average is $10.52.

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SoundHound AI (NASDAQ:SOUN - Get Free Report) last issued its earnings results 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 firm had revenue of $34.54 million during the quarter, compared to analyst estimates of $33.70 million. As a group, analysts expect that SoundHound AI, Inc. will post -0.38 EPS for the current year.

Insider Activity at SoundHound AI

In related 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 completion of the transaction, the vice president now owns 669,834 shares of the company's stock, valued at $6,631,356.60. This trade represents a 4.07 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Keyvan Mohajer sold 138,895 shares of the business's stock in a transaction on Monday, March 24th. The shares were sold at an average price of $10.08, for a total transaction of $1,400,061.60. Following the completion of the transaction, the chief executive officer now owns 1,764,166 shares in the company, valued at approximately $17,782,793.28. The trade was a 7.30 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 500,565 shares of company stock worth $4,999,726 over the last three months. Company insiders own 12.28% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Wellington Management Group LLP bought a new stake in SoundHound AI in the fourth quarter worth approximately $7,789,000. California State Teachers Retirement System increased its stake in shares of SoundHound AI by 13.6% in the 4th quarter. California State Teachers Retirement System now owns 303,598 shares of the company's stock valued at $6,023,000 after acquiring an additional 36,422 shares in the last quarter. Objective Capital Management LLC boosted its stake in SoundHound AI by 25.0% during the fourth quarter. Objective Capital Management LLC now owns 25,000 shares of the company's stock worth $496,000 after acquiring an additional 5,000 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew its holdings in SoundHound AI by 171.0% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 69,831 shares of the company's stock worth $1,385,000 after purchasing an additional 44,059 shares during the period. Finally, B. Riley Wealth Advisors Inc. acquired a new position in shares of SoundHound AI during the fourth quarter valued at about $544,000. 19.28% of the stock is owned by institutional investors and hedge funds.

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.