SoundHound AI (NASDAQ:SOUN) Trading Up 3.8%

SoundHound AI, Inc. (NASDAQ:SOUN)’s stock price rose 3.8% during trading on Tuesday . The stock traded as high as $6.37 and last traded at $6.08. Approximately 34,307,329 shares were traded during trading, a decline of 43% from the average daily volume of 60,457,078 shares. The stock had previously closed at $5.86.

Wall Street Analyst Weigh In

Several equities analysts recently commented on the company. Cantor Fitzgerald reissued an “underweight” rating and set a $4.90 price target (down from $5.80) on shares of SoundHound AI in a research report on Wednesday, March 20th. DA Davidson upped their target price on shares of SoundHound AI from $7.50 to $9.50 and gave the company a “buy” rating in a research note on Friday, March 15th. Northland Securities reaffirmed a “market perform” rating on shares of SoundHound AI in a research note on Wednesday, February 28th. LADENBURG THALM/SH SH assumed coverage on shares of SoundHound AI in a research report on Tuesday, January 30th. They issued a “buy” rating and a $4.00 price objective for the company. Finally, Wedbush lifted their target price on SoundHound AI from $5.00 to $9.00 and gave the stock an “outperform” rating in a research report on Friday, March 1st. One analyst has rated the stock with a sell rating, one has assigned a hold rating and four have issued a buy rating to the company. According to MarketBeat, the stock currently 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 current ratio of 4.69 and a quick ratio of 4.69. The company has a fifty day moving average of $4.37 and a two-hundred day moving average of $2.82. The stock has a market capitalization of $1.83 billion, a P/E ratio of -15.21 and a beta of 2.84.

SoundHound AI (NASDAQ:SOUN) last announced its quarterly earnings data on Thursday, February 29th. The company reported ($0.06) earnings per share (EPS) for the quarter, missing the consensus estimate 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 quarter last year, the business earned ($0.15) earnings per share. The business’s revenue for the quarter was up 80.0% compared to the same quarter last year. On average, equities analysts anticipate that SoundHound AI, Inc. will post -0.29 EPS for the current year.

Insider Buying and Selling

In other SoundHound AI news, CEO Keyvan Mohajer sold 107,927 shares of SoundHound AI stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $3.70, for a total value of $399,329.90. Following the completion of the transaction, the chief executive officer now directly owns 1,218,712 shares in the company, valued at $4,509,234.40. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, CFO Nitesh Sharan sold 23,212 shares of the company’s stock in a transaction dated Tuesday, March 19th. The shares were sold at an average price of $8.37, for a total value of $194,284.44. Following the completion of the sale, the chief financial officer now owns 751,017 shares of the company’s stock, valued at $6,286,012.29. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Keyvan Mohajer sold 107,927 shares of the business’s stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $3.70, for a total value of $399,329.90. Following the sale, the chief executive officer now directly owns 1,218,712 shares in the company, valued at approximately $4,509,234.40. The disclosure for this sale can be found here. Insiders have sold a total of 410,714 shares of company stock worth $2,598,723 over the last quarter. 21.30% of the stock is owned by company insiders.

Institutional Investors Weigh In On SoundHound AI

A number of institutional investors and hedge funds have recently modified their holdings of SOUN. Royal Bank of Canada boosted its position in shares of SoundHound AI by 520.7% in the second quarter. Royal Bank of Canada now owns 8,690 shares of the company’s stock worth $40,000 after buying an additional 7,290 shares during the period. Cetera Investment Advisers acquired a new position in shares of SoundHound AI during the 2nd quarter worth $46,000. Two Sigma Securities LLC bought a new position in shares of SoundHound AI during the 1st quarter valued at $28,000. State of Wisconsin Investment Board acquired a new stake in shares of SoundHound AI in the 2nd quarter valued at $52,000. Finally, Ameritas Investment Partners Inc. bought a new stake in SoundHound AI in the second quarter worth $53,000. 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.