SoundHound AI (NASDAQ:SOUN) Trading Up 4.7% - Here's Why

SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report) shot up 4.7% during mid-day trading on Wednesday . The company traded as high as $8.68 and last traded at $8.59. 6,426,114 shares traded hands during trading, a decline of 83% from the average session volume of 37,968,863 shares. The stock had previously closed at $8.20.

Wall Street Analysts Forecast Growth

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

SoundHound AI Stock Performance

The firm's 50 day simple moving average is $11.03 and its 200-day simple moving average is $10.69. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.58 and a current ratio of 2.58. The company has a market cap of $2.92 billion, a price-to-earnings ratio of -20.33 and a beta of 2.73.

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SoundHound AI (NASDAQ:SOUN - Get Free Report) last issued its earnings results 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 analyst estimates of $33.70 million. On average, sell-side analysts predict that SoundHound AI, Inc. will post -0.38 EPS for the current year.

Insider Transactions at SoundHound AI

In other news, insider James Ming Hom sold 28,388 shares of SoundHound AI stock in a transaction that occurred on Thursday, March 20th. The shares were sold at an average price of $9.90, for a total transaction of $281,041.20. Following the sale, the insider now owns 689,652 shares of the company's stock, valued at approximately $6,827,554.80. The trade was a 3.95 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Diana Sroka sold 3,402 shares of the firm's stock in a transaction 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 directly owns 138,850 shares of the company's stock, valued at approximately $1,399,608. This trade represents a 2.39 % decrease in their position. 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 in the last quarter. Company insiders own 12.28% of the company's stock.

Hedge Funds Weigh In On SoundHound AI

A number of hedge funds have recently modified their holdings of the business. Charles Schwab Investment Management Inc. lifted its position in SoundHound AI by 7.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,582,206 shares of the company's stock valued at $12,033,000 after buying an additional 189,109 shares during the last quarter. The Manufacturers Life Insurance Company raised its stake in shares of SoundHound AI by 43.1% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 151,826 shares of the company's stock valued at $708,000 after acquiring an additional 45,750 shares during the period. Quantbot Technologies LP acquired a new position in shares of SoundHound AI in the 3rd quarter worth approximately $57,000. FMR LLC boosted its position in shares of SoundHound AI by 112.8% during the 3rd quarter. FMR LLC now owns 49,038 shares of the company's stock worth $229,000 after purchasing an additional 25,989 shares during the period. Finally, Captrust Financial Advisors increased its holdings in SoundHound AI by 73.4% in the 3rd quarter. Captrust Financial Advisors now owns 69,887 shares of the company's stock valued at $326,000 after purchasing an additional 29,578 shares during the last quarter. 19.28% of the stock is currently 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.