SoundHound AI (NASDAQ:SOUN) Trading 1.3% Higher

SoundHound AI, Inc. (NASDAQ:SOUN) shares traded up 1.3% on Thursday . The stock traded as high as $4.03 and last traded at $4.01. 5,152,988 shares traded hands during mid-day trading, a decline of 90% from the average session volume of 53,949,531 shares. The stock had previously closed at $3.96.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on SOUN shares. HC Wainwright lifted their price target on shares of SoundHound AI from $5.00 to $7.00 and gave the stock a “buy” rating in a research note on Monday, March 4th. Cantor Fitzgerald upgraded SoundHound AI from an “underweight” rating to a “neutral” rating and set a $4.90 target price for the company in a research report on Thursday, April 11th. LADENBURG THALM/SH SH started coverage on SoundHound AI in a report on Tuesday, January 30th. They issued a “buy” rating and a $4.00 price target on the stock. Northland Securities reaffirmed a “market perform” rating on shares of SoundHound AI in a research report on Wednesday, February 28th. Finally, DA Davidson lifted their target price on SoundHound AI from $7.50 to $9.50 and gave the stock a “buy” rating in a research report on Friday, March 15th. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, SoundHound AI presently has a consensus rating of “Moderate Buy” and a consensus price target of $6.88.

SoundHound AI Price Performance

The company has a debt-to-equity ratio of 6.03, a quick ratio of 4.69 and a current ratio of 4.69. The firm has a fifty day simple moving average of $5.37 and a 200 day simple moving average of $3.14. The company has a market capitalization of $1.10 billion, a PE ratio of -9.10 and a beta of 2.75.

SoundHound AI (NASDAQ:SOUN) last posted its quarterly earnings results on Thursday, February 29th. The company reported ($0.06) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.01). SoundHound AI had a negative return on equity of 1,955.68% and a negative net margin of 188.57%. The firm had revenue of $17.10 million for the quarter, compared to the consensus estimate of $17.75 million. During the same period in the previous year, the company posted ($0.15) EPS. SoundHound AI’s quarterly revenue was up 80.0% compared to the same quarter last year. Equities analysts anticipate that SoundHound AI, Inc. will post -0.3 EPS for the current year.

Insider Transactions at SoundHound AI

In other SoundHound AI news, Director Eric R. Ball sold 50,000 shares of the stock in a transaction on Monday, February 26th. The stock was sold at an average price of $5.00, for a total transaction of $250,000.00. Following the sale, the director now owns 530,250 shares of the company’s stock, valued at approximately $2,651,250. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, Director Eric R. Ball sold 50,000 shares of the business’s stock in a transaction that occurred on Monday, February 26th. The shares were sold at an average price of $5.00, for a total transaction of $250,000.00. Following the completion of the transaction, the director now owns 530,250 shares in the company, valued at approximately $2,651,250. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CTO Timothy Stonehocker sold 5,276 shares of the stock in a transaction that occurred on Thursday, March 21st. The shares were sold at an average price of $7.70, for a total transaction of $40,625.20. Following the sale, the chief technology officer now directly owns 982,584 shares of the company’s stock, valued at approximately $7,565,896.80. The disclosure for this sale can be found here. In the last quarter, insiders sold 410,714 shares of company stock valued at $2,598,723. Company insiders own 21.30% of the company’s stock.

Institutional Trading of SoundHound AI

A number of institutional investors have recently made changes to their positions in SOUN. Nuveen Asset Management LLC increased its position in SoundHound AI by 1.1% during the 4th quarter. Nuveen Asset Management LLC now owns 392,943 shares of the company’s stock valued at $833,000 after buying an additional 4,145 shares in the last quarter. Hexagon Capital Partners LLC purchased a new stake in shares of SoundHound AI during the first quarter worth about $29,000. Victory Capital Management Inc. increased its holdings in shares of SoundHound AI by 45.0% during the third quarter. Victory Capital Management Inc. now owns 21,658 shares of the company’s stock valued at $44,000 after acquiring an additional 6,717 shares in the last quarter. Rhumbline Advisers raised its position in shares of SoundHound AI by 4.4% in the 3rd quarter. Rhumbline Advisers now owns 168,025 shares of the company’s stock valued at $338,000 after purchasing an additional 7,069 shares during the last quarter. Finally, Royal Bank of Canada boosted its stake in SoundHound AI by 520.7% in the 2nd quarter. Royal Bank of Canada now owns 8,690 shares of the company’s stock worth $40,000 after purchasing an additional 7,290 shares in the last quarter. Institutional investors and hedge funds own 19.28% of the company’s stock.

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.