SoundHound AI (NASDAQ:SOUN) Trading 4.5% Higher - Here's Why

Shares of SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report) were up 4.5% during trading on Tuesday . The stock traded as high as $8.34 and last traded at $7.94. Approximately 8,477,632 shares changed hands during trading, a decline of 78% from the average daily volume of 37,884,421 shares. The stock had previously closed at $7.60.

Analyst Upgrades and Downgrades

Several research firms recently commented on SOUN. Cantor Fitzgerald upgraded shares of SoundHound AI to a "hold" rating in a research note on Monday, February 24th. Wedbush upped their price objective on SoundHound AI from $10.00 to $22.00 and gave the stock an "outperform" rating in a research report on Monday, December 16th. Northland Securities lifted their price target on shares of SoundHound AI from $6.00 to $8.00 and gave the company a "market perform" rating in a report on Tuesday, January 14th. HC Wainwright reaffirmed a "buy" rating and set a $26.00 target price on shares of SoundHound AI in a research note on Monday, March 3rd. Finally, DA Davidson increased their target price on SoundHound AI from $9.50 to $13.00 and gave the company 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 given a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $12.86.

SoundHound AI Price Performance

The firm has a market cap of $3.30 billion, a P/E ratio of -23.00 and a beta of 2.73. The company has a current ratio of 2.58, a quick ratio of 2.58 and a debt-to-equity ratio of 0.13. The business's fifty day simple moving average is $10.14 and its 200-day simple moving average is $10.80.

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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 (EPS) for the quarter, missing analysts' consensus estimates of ($0.11) by ($0.58). The company had revenue of $34.54 million for the quarter, compared to the consensus estimate 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, analysts forecast that SoundHound AI, Inc. will post -0.38 EPS for the current fiscal year.

Insider Activity

In other SoundHound AI news, insider James Ming Hom sold 28,388 shares of the stock in a transaction that occurred on 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 in the company, valued at approximately $6,827,554.80. This trade represents a 3.95 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CTO Timothy Stonehocker sold 3,333 shares of the firm'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 transaction of $33,596.64. Following the sale, the chief technology officer now owns 765,534 shares in the company, valued at approximately $7,716,582.72. The trade was a 0.43 % 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. 12.28% of the stock is currently owned by corporate insiders.

Institutional Trading of SoundHound AI

Hedge funds and other institutional investors have recently bought and sold shares of the business. Blue Trust Inc. raised its holdings 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 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 4th quarter. Sound Income Strategies LLC now owns 1,321 shares of the company's stock valued at $26,000 after acquiring an additional 1,271 shares during the period. Orion Capital Management LLC purchased a new stake in shares of SoundHound AI in the 4th quarter valued at $30,000. Future Financial Wealth Managment LLC acquired a new stake in shares of SoundHound AI in the fourth quarter worth $40,000. Finally, Compagnie Lombard Odier SCmA purchased a new position in shares of SoundHound AI during the fourth quarter worth $40,000. Hedge funds and other institutional investors own 19.28% of the company's stock.

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.