SoundHound AI (NASDAQ:SOUN) Shares Up 9%

SoundHound AI, Inc. (NASDAQ:SOUN) shares shot up 9% on Tuesday . The company traded as high as $4.17 and last traded at $4.12. 16,667,520 shares changed hands during trading, a decline of 68% from the average session volume of 52,711,961 shares. The stock had previously closed at $3.78.

Analyst Ratings Changes

A number of research firms recently weighed in on SOUN. DA Davidson raised their price target on shares of SoundHound AI from $7.50 to $9.50 and gave the company a “buy” rating in a report on Friday, March 15th. Wedbush raised their price target on shares of SoundHound AI from $5.00 to $9.00 and gave the stock an “outperform” rating in a research report on Friday, March 1st. Cantor Fitzgerald upgraded shares of SoundHound AI from an “underweight” rating to a “neutral” rating and set a $4.90 price target on the stock in a research report on Thursday, April 11th. LADENBURG THALM/SH SH started coverage on shares of SoundHound AI in a research report on Tuesday, January 30th. They issued a “buy” rating and a $4.00 price target on the stock. Finally, HC Wainwright raised their price target on shares of SoundHound AI from $5.00 to $7.00 and gave the stock a “buy” rating in a research report on Monday, March 4th. Two equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, SoundHound AI has a consensus rating of “Moderate Buy” and an average target price of $6.88.

SoundHound AI Stock 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 stock’s fifty day moving average is $5.47 and its two-hundred day moving average is $3.19. The firm has a market cap of $1.24 billion, a price-to-earnings ratio of -10.28 and a beta of 2.75.

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

Insider Transactions at SoundHound AI

In other news, CEO Keyvan Mohajer sold 107,927 shares of SoundHound AI stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $3.70, for a total value of $399,329.90. Following the transaction, the chief executive officer now owns 1,218,712 shares of the company’s stock, valued at approximately $4,509,234.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CEO Keyvan Mohajer sold 107,927 shares of SoundHound AI stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $3.70, for a total value of $399,329.90. Following the transaction, the chief executive officer now owns 1,218,712 shares of the company’s stock, valued at approximately $4,509,234.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Eric R. Ball sold 50,000 shares of SoundHound AI stock in a transaction that occurred 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 completion of the transaction, the director now directly owns 530,250 shares in the company, valued at approximately $2,651,250. The disclosure for this sale can be found here. Insiders have sold 405,057 shares of company stock valued at $2,587,804 in the last quarter. Insiders own 21.30% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Good Life Advisors LLC acquired a new position in shares of SoundHound AI in the fourth quarter worth about $174,000. Raymond James & Associates boosted its holdings in shares of SoundHound AI by 221.1% during the third quarter. Raymond James & Associates now owns 982,948 shares of the company’s stock worth $1,976,000 after purchasing an additional 676,799 shares during the period. Vanguard Group Inc. boosted its holdings in shares of SoundHound AI by 18.6% during the third quarter. Vanguard Group Inc. now owns 13,166,989 shares of the company’s stock worth $26,466,000 after purchasing an additional 2,064,340 shares during the period. Quadrature Capital Ltd acquired a new stake in shares of SoundHound AI during the third quarter worth approximately $457,000. Finally, Victory Capital Management Inc. boosted 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 worth $44,000 after purchasing an additional 6,717 shares during the period. 19.28% of the stock is currently owned by institutional investors and hedge funds.

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.