SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report)'s share price rose 12.3% during trading on Friday . The company traded as high as $10.00 and last traded at $10.01. Approximately 16,885,682 shares traded hands during trading, a decline of 59% from the average daily volume of 41,148,432 shares. The stock had previously closed at $8.91.
Analyst Upgrades and Downgrades
Several equities analysts recently weighed in on SOUN shares. DA Davidson increased their price target on shares of SoundHound AI from $9.50 to $13.00 and gave the stock a "buy" rating in a report on Friday, February 28th. Northland Securities boosted their target price on shares of SoundHound AI from $6.00 to $8.00 and gave the company a "market perform" rating in a research report on Tuesday, January 14th. Wedbush increased their price target on SoundHound AI from $10.00 to $22.00 and gave the stock an "outperform" rating in a research report on Monday, December 16th. Cantor Fitzgerald upgraded SoundHound AI to a "hold" rating in a research note on Monday, February 24th. Finally, HC Wainwright reiterated a "buy" rating and set a $26.00 price target on shares of SoundHound AI in a research report on Monday, March 3rd. Four investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, SoundHound AI presently has an average rating of "Hold" and a consensus price target of $12.86.
Check Out Our Latest Stock Analysis on SoundHound AI
SoundHound AI Price Performance
The company's 50 day simple moving average is $13.05 and its 200 day simple moving average is $10.15. 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 company has a market capitalization of $4.00 billion, a PE ratio of -28.15 and a beta of 2.62.
SoundHound AI (NASDAQ:SOUN - Get Free Report) last issued its quarterly earnings results on Thursday, February 27th. The company reported ($0.69) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.11) by ($0.58). The company had revenue of $34.54 million during the quarter, compared to analyst estimates of $33.70 million. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. As a group, sell-side analysts predict that SoundHound AI, Inc. will post -0.38 earnings per share for the current year.
Insider Activity
In other news, insider James Ming Hom sold 58,382 shares of SoundHound AI stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $18.35, for a total transaction of $1,071,309.70. Following the completion of the sale, the insider now directly owns 754,811 shares in the company, valued at $13,850,781.85. The trade was a 7.18 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Lawrence Marcus sold 20,000 shares of the business's stock in a transaction that occurred 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 sale, the director now directly owns 108,117 shares of the company's stock, valued at approximately $2,213,154.99. The trade was a 15.61 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 999,777 shares of company stock worth $20,062,443 over the last three months. 12.28% of the stock is currently owned by corporate insiders.
Institutional Trading of SoundHound AI
Institutional investors have recently added to or reduced their stakes in the business. Farther Finance Advisors LLC raised its holdings in shares of SoundHound AI by 298.5% during the 3rd quarter. Farther Finance Advisors LLC now owns 8,966 shares of the company's stock valued at $42,000 after purchasing an additional 6,716 shares in the last quarter. Sigma Planning Corp raised its holdings in SoundHound AI by 79.7% during the third quarter. Sigma Planning Corp now owns 21,640 shares of the company's stock valued at $101,000 after buying an additional 9,600 shares in the last quarter. Wolverine Asset Management LLC lifted its position in shares of SoundHound AI by 7.7% in the third quarter. Wolverine Asset Management LLC now owns 35,102 shares of the company's stock worth $164,000 after buying an additional 2,522 shares during the last quarter. Harbour Investments Inc. boosted its stake in shares of SoundHound AI by 4.7% during the 3rd quarter. Harbour Investments Inc. now owns 62,534 shares of the company's stock worth $291,000 after acquiring an additional 2,788 shares in the last quarter. Finally, Victory Capital Management Inc. increased its holdings in shares of SoundHound AI by 230.9% during the 3rd quarter. Victory Capital Management Inc. now owns 120,812 shares of the company's stock valued at $563,000 after acquiring an additional 84,301 shares during the last quarter. 19.28% of the stock is currently owned by institutional investors and hedge funds.
About SoundHound AI
(
Get Free Report)
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.
Further Reading
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