SoundHound AI (NASDAQ:SOUN) Stock Price Up 0.7% - Here's Why

SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report) was up 0.7% during trading on Wednesday . The company traded as high as $10.03 and last traded at $9.64. Approximately 7,400,484 shares were traded during trading, a decline of 81% from the average daily volume of 39,666,592 shares. The stock had previously closed at $9.57.

Wall Street Analyst Weigh In

A number of research analysts have recently commented on SOUN shares. DA Davidson upped their price target on SoundHound AI from $9.50 to $13.00 and gave the company a "buy" rating in a research report on Friday, February 28th. 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. Northland Securities upped their price target on SoundHound AI from $6.00 to $8.00 and gave the company a "market perform" rating in a research report on Tuesday, January 14th. Cantor Fitzgerald raised SoundHound AI to a "hold" rating in a report on Monday, February 24th. Finally, 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. 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.com, the stock presently has an average rating of "Hold" and a consensus price target of $12.86.

SoundHound AI Trading Up 2.8 %

The firm has a fifty day simple moving average of $12.19 and a two-hundred day simple moving average of $10.40. The stock has a market cap of $3.88 billion, a PE ratio of -27.39 and a beta of 2.62. The company has a current ratio of 2.58, a quick ratio of 2.58 and a debt-to-equity ratio of 0.13.

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SoundHound AI (NASDAQ:SOUN - Get Free Report) last released its quarterly earnings results on Thursday, February 27th. The company reported ($0.69) earnings per share for the quarter, missing the consensus estimate 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 analysts' expectations of $33.70 million. As a group, equities analysts expect that SoundHound AI, Inc. will post -0.38 earnings per share for the current fiscal year.

Insider Buying and Selling at SoundHound AI

In other news, CEO Keyvan Mohajer sold 156,288 shares of the stock in a transaction dated Tuesday, December 24th. The stock was sold at an average price of $20.20, for a total transaction of $3,157,017.60. Following the transaction, the chief executive officer now directly owns 2,021,666 shares in the company, valued at approximately $40,837,653.20. This represents a 7.18 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Lawrence Marcus sold 20,000 shares of the stock in a transaction dated Monday, December 23rd. The shares were sold at an average price of $20.47, for a total value of $409,400.00. Following the transaction, the director now owns 108,117 shares in the company, valued at $2,213,154.99. This trade represents a 15.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 12.28% of the company's stock.

Hedge Funds Weigh In On SoundHound AI

Institutional investors have recently modified their holdings of the company. Blue Trust Inc. increased its position 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. Sound Income Strategies LLC grew its position in SoundHound AI by 2,542.0% during the 4th quarter. Sound Income Strategies LLC now owns 1,321 shares of the company's stock worth $26,000 after acquiring an additional 1,271 shares during the last quarter. Orion Capital Management LLC bought a new position in SoundHound AI during the 4th quarter worth approximately $30,000. Future Financial Wealth Managment LLC bought a new position in SoundHound AI during the 4th quarter worth approximately $40,000. Finally, Compagnie Lombard Odier SCmA bought a new position in SoundHound AI during the 4th quarter worth approximately $40,000. 19.28% of the stock is currently owned by 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.