SoundHound AI (NASDAQ:SOUN) Trading 6.1% Higher - Here's What Happened

SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report)'s share price rose 6.1% during trading on Monday . The company traded as high as $8.10 and last traded at $7.76. Approximately 15,634,882 shares changed hands during trading, a decline of 59% from the average daily volume of 37,929,698 shares. The stock had previously closed at $7.32.

Analyst Ratings Changes

A number of analysts have issued reports on SOUN shares. Northland Securities boosted their price target on shares of SoundHound AI from $6.00 to $8.00 and gave the stock a "market perform" rating in a research note on Tuesday, January 14th. Wedbush upped their target price on shares of SoundHound AI from $10.00 to $22.00 and gave the stock an "outperform" rating in a research note on Monday, December 16th. DA Davidson boosted their price target on shares of SoundHound AI from $9.50 to $13.00 and gave the stock a "buy" rating in a research note on Friday, February 28th. Cantor Fitzgerald raised SoundHound AI to a "hold" rating in a research report on Monday, February 24th. Finally, HC Wainwright reiterated a "buy" rating and issued a $26.00 target price on shares of SoundHound AI in a report on Monday, March 3rd. Four investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, SoundHound AI has a consensus rating of "Hold" and an average price target of $12.86.

SoundHound AI Price Performance

The company has a 50-day moving average of $10.14 and a two-hundred day moving average of $10.84. 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 stock has a market capitalization of $3.30 billion, a PE ratio of -23.00 and a beta of 2.73.

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SoundHound AI (NASDAQ:SOUN - Get Free Report) last announced its quarterly earnings data 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 return on equity of 55.58% and a negative net margin of 163.58%. The company had revenue of $34.54 million for the quarter, compared to analysts' expectations of $33.70 million. Sell-side analysts predict that SoundHound AI, Inc. will post -0.38 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CTO Timothy Stonehocker sold 27,714 shares of the company's stock in a transaction that occurred on Thursday, March 20th. The stock was sold at an average price of $9.90, for a total transaction of $274,368.60. Following the completion of the transaction, the chief technology officer now directly owns 768,867 shares of the company's stock, valued at approximately $7,611,783.30. This represents a 3.48 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Diana Sroka sold 3,402 shares of the business's stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $10.08, for a total transaction of $34,292.16. Following the transaction, the director now directly 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. Over the last quarter, insiders sold 500,565 shares of company stock worth $4,999,726. Insiders own 12.28% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Blue Trust Inc. boosted 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 in the last quarter. Sound Income Strategies LLC lifted its stake in SoundHound AI by 2,542.0% during the fourth quarter. Sound Income Strategies LLC now owns 1,321 shares of the company's stock valued at $26,000 after purchasing an additional 1,271 shares during the last quarter. Orion Capital Management LLC bought a new stake in SoundHound AI during the fourth quarter worth approximately $30,000. Future Financial Wealth Managment LLC acquired a new position in SoundHound AI in the fourth quarter worth approximately $40,000. Finally, Compagnie Lombard Odier SCmA bought a new position in shares of SoundHound AI in the fourth quarter valued at $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.