SoundHound AI (NASDAQ:SOUN) Trading Up 4.6% - What's Next?

SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report) shares were up 4.6% on Monday . The stock traded as high as $10.52 and last traded at $10.32. Approximately 11,538,241 shares were traded during mid-day trading, a decline of 70% from the average daily volume of 38,546,275 shares. The stock had previously closed at $9.86.

Analyst Ratings Changes

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

SoundHound AI Stock Performance

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 company has a market cap of $3.39 billion, a price-to-earnings ratio of -23.61 and a beta of 2.62. The firm has a 50-day simple moving average of $11.79 and a 200 day simple moving average of $10.57.

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SoundHound AI (NASDAQ:SOUN - Get Free Report) last released its 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). SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. The business had revenue of $34.54 million for the quarter, compared to analyst estimates of $33.70 million. On average, sell-side analysts predict that SoundHound AI, Inc. will post -0.38 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CTO Timothy Stonehocker sold 27,714 shares of the stock in a transaction on Thursday, March 20th. The stock was sold at an average price of $9.90, for a total value of $274,368.60. Following the completion of the sale, the chief technology officer now directly owns 768,867 shares in the company, valued at approximately $7,611,783.30. This represents a 3.48 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Diana Sroka sold 3,402 shares of the business's stock in a transaction on Monday, March 24th. The stock was 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 in the company, valued at approximately $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 500,565 shares of company stock valued at $4,999,726 in the last ninety days. Insiders own 12.28% of the company's stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Wellington Management Group LLP bought a new position in shares of SoundHound AI in the fourth quarter worth $7,789,000. California State Teachers Retirement System lifted its holdings in shares of SoundHound AI by 13.6% in the fourth quarter. California State Teachers Retirement System now owns 303,598 shares of the company's stock valued at $6,023,000 after purchasing an additional 36,422 shares in the last quarter. Objective Capital Management LLC increased its stake in SoundHound AI by 25.0% in the 4th quarter. Objective Capital Management LLC now owns 25,000 shares of the company's stock valued at $496,000 after buying an additional 5,000 shares during the period. Wealth Enhancement Advisory Services LLC raised its stake in shares of SoundHound AI by 171.0% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 69,831 shares of the company's stock worth $1,385,000 after purchasing an additional 44,059 shares in the last quarter. Finally, B. Riley Wealth Advisors Inc. bought a new stake in SoundHound AI in the fourth quarter worth $544,000. 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.