SoundHound AI (NASDAQ:SOUN) Trading 2.4% Higher - What's Next?

SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report)'s share price was up 2.4% during trading on Monday . The company traded as high as $8.87 and last traded at $8.48. Approximately 6,380,286 shares changed hands during mid-day trading, a decline of 83% from the average daily volume of 37,949,644 shares. The stock had previously closed at $8.28.

Wall Street Analysts Forecast Growth

SOUN has been the subject of a number of recent analyst reports. HC Wainwright reissued a "buy" rating and issued a $26.00 price objective on shares of SoundHound AI in a research report on Monday, March 3rd. Northland Securities raised their price target on SoundHound AI from $6.00 to $8.00 and gave the stock a "market perform" rating in a report on Tuesday, January 14th. Cantor Fitzgerald upgraded shares of SoundHound AI to a "hold" rating in a report on Monday, February 24th. Finally, DA Davidson lowered their target price on shares of SoundHound AI from $13.00 to $10.00 and set a "buy" rating for the company in a research note on Monday, April 14th. Four research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $12.43.

SoundHound AI Trading Up 1.0 %

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 stock has a market cap of $3.13 billion, a PE ratio of -21.76 and a beta of 2.73. The stock has a 50-day moving average of $9.41 and a 200 day moving average of $10.91.

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). The company had revenue of $34.54 million for the quarter, compared to analyst estimates of $33.70 million. SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. As a group, sell-side analysts anticipate that SoundHound AI, Inc. will post -0.38 earnings per share for the current year.

Insider Activity

In related news, insider James Ming Hom sold 28,388 shares of the firm's stock in a transaction dated Thursday, March 20th. The shares were sold at an average price of $9.90, for a total value of $281,041.20. Following the transaction, the insider now directly owns 689,652 shares of the company's stock, valued at approximately $6,827,554.80. This trade represents a 3.95 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Diana Sroka sold 3,402 shares of the business's stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $10.08, for a total value of $34,292.16. Following the sale, the director now owns 138,850 shares of the company's stock, valued at $1,399,608. The trade was a 2.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 500,565 shares of company stock worth $4,999,726 over the last 90 days. 12.28% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On SoundHound AI

A number of institutional investors have recently bought and sold shares of the company. Blue Trust Inc. grew its position in SoundHound AI by 197.6% in the fourth quarter. Blue Trust Inc. now owns 1,250 shares of the company's stock worth $25,000 after acquiring an additional 830 shares during the period. Sound Income Strategies LLC increased its position in shares of 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 purchasing an additional 1,271 shares during the last quarter. Orion Capital Management LLC purchased a new stake in SoundHound AI in the 4th quarter valued at about $30,000. Future Financial Wealth Managment LLC purchased a new position in SoundHound AI during the fourth quarter worth about $40,000. Finally, Compagnie Lombard Odier SCmA acquired a new stake in shares of SoundHound AI during the fourth quarter valued at about $40,000. 19.28% of the stock is owned by hedge funds and other 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.