SoundHound AI (NASDAQ:SOUN) Shares Up 12.3% – Here’s What Happened

SoundHound AI, Inc. (NASDAQ:SOUN) traded up 12.3% during trading on Friday . The stock traded as high as $10.00 and last traded at $10.01. 16,885,682 shares changed hands during mid-day trading, a decline of 59% from the average session volume of 41,148,432 shares. The stock had previously closed at $8.91.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on SOUN shares. HC Wainwright reissued a “buy” rating and issued a $26.00 price objective on shares of SoundHound AI in a research report on Monday, March 3rd. DA Davidson increased their price target on shares of SoundHound AI from $9.50 to $13.00 and gave the company a “buy” rating in a report on Friday, February 28th. Northland Securities boosted their price objective on shares of SoundHound AI from $6.00 to $8.00 and gave the stock a “market perform” rating in a report on Tuesday, January 14th. Cantor Fitzgerald upgraded shares of SoundHound AI to a “hold” rating in a research note on Monday, February 24th. Finally, Wedbush lifted their target price on SoundHound AI from $10.00 to $22.00 and gave the stock an “outperform” rating in a research report on Monday, December 16th. Four equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, SoundHound AI presently has a consensus rating of “Hold” and an average price target of $12.86.

SoundHound AI Price Performance

The stock has a market cap of $4.00 billion, a price-to-earnings ratio of -28.15 and a beta of 2.62. 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’s 50-day moving average is $13.05 and its 200-day moving average is $10.15.

SoundHound AI (NASDAQ:SOUN) last posted its earnings results on Thursday, February 27th. The company reported ($0.69) 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 company had revenue of $34.54 million for the quarter, compared to the consensus estimate of $33.70 million. Equities research analysts expect that SoundHound AI, Inc. will post -0.38 earnings per share for the current fiscal year.

Insider Activity

In other news, insider James Ming Hom sold 58,382 shares of SoundHound AI stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $18.35, for a total value of $1,071,309.70. Following the completion of the transaction, the insider now owns 754,811 shares in the company, valued at approximately $13,850,781.85. The trade was a 7.18 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, COO Michael Zagorsek sold 138,906 shares of the business’s stock in a transaction on Monday, December 16th. The stock was sold at an average price of $17.63, for a total value of $2,448,912.78. Following the completion of the transaction, the chief operating officer now directly owns 1,473,322 shares in the company, valued at approximately $25,974,666.86. This represents a 8.62 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 999,777 shares of company stock worth $20,062,443. Corporate insiders own 12.28% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in SOUN. Blue Trust Inc. lifted its position in shares of SoundHound AI by 197.6% during 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 increased its stake in shares of SoundHound AI by 2,542.0% in the 4th quarter. Sound Income Strategies LLC now owns 1,321 shares of the company’s stock valued at $26,000 after buying an additional 1,271 shares during the period. Orion Capital Management LLC bought a new stake in shares of SoundHound AI during the fourth quarter worth $30,000. Future Financial Wealth Managment LLC acquired a new position in shares of SoundHound AI during the fourth quarter valued at $40,000. Finally, Compagnie Lombard Odier SCmA bought a new position in SoundHound AI in the fourth quarter valued at about $40,000. 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.