SoundHound AI (NASDAQ:SOUN) Shares Up 1.4% – Here’s Why

Shares of SoundHound AI, Inc. (NASDAQ:SOUN) shot up 1.4% on Thursday . The stock traded as high as $10.17 and last traded at $9.99. 7,656,819 shares were traded during trading, a decline of 81% from the average session volume of 39,352,079 shares. The stock had previously closed at $9.85.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the company. HC Wainwright reiterated a “buy” rating and set a $26.00 price objective on shares of SoundHound AI in a report on Monday, March 3rd. Wedbush increased their target price on shares of SoundHound AI from $10.00 to $22.00 and gave the stock an “outperform” rating in a report on Monday, December 16th. DA Davidson boosted their price target on shares of SoundHound AI from $9.50 to $13.00 and gave the stock a “buy” rating in a research report on Friday, February 28th. Northland Securities boosted their target price 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. Finally, Cantor Fitzgerald upgraded shares of SoundHound AI to a “hold” rating in a research note on Monday, February 24th. Four equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $12.86.

SoundHound AI Trading Up 2.8 %

The company has a market capitalization of $3.88 billion, a price-to-earnings ratio of -27.39 and a beta of 2.62. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.58 and a quick ratio of 2.58. The business’s 50-day moving average price is $12.19 and its two-hundred day moving average price is $10.36.

SoundHound AI (NASDAQ:SOUN) last released its earnings results on Thursday, February 27th. The company reported ($0.69) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.58). The company had revenue of $34.54 million for the quarter, compared to the consensus estimate of $33.70 million. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. Research analysts predict that SoundHound AI, Inc. will post -0.38 earnings per share for the current year.

Insider Buying and Selling at SoundHound AI

In other SoundHound AI news, CEO Keyvan Mohajer sold 156,288 shares of the stock in a transaction dated Tuesday, December 24th. The stock was sold at an average price of $20.20, for a total value of $3,157,017.60. Following the completion of the transaction, the chief executive officer now directly owns 2,021,666 shares in the company, valued at approximately $40,837,653.20. This trade represents a 7.18 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Lawrence Marcus sold 20,000 shares of the business’s stock in a transaction dated Monday, December 23rd. The stock was sold at an average price of $20.47, for a total value of $409,400.00. Following the sale, the director now owns 108,117 shares in the company, valued at approximately $2,213,154.99. This trade represents a 15.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 12.28% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in SOUN. California State Teachers Retirement System increased its position in SoundHound AI by 13.6% in the 4th quarter. California State Teachers Retirement System now owns 303,598 shares of the company’s stock valued at $6,023,000 after acquiring an additional 36,422 shares during the period. Objective Capital Management LLC increased its holdings in SoundHound AI by 25.0% in the fourth quarter. Objective Capital Management LLC now owns 25,000 shares of the company’s stock valued at $496,000 after purchasing an additional 5,000 shares during the period. Wealth Enhancement Advisory Services LLC raised its position in SoundHound AI by 171.0% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 69,831 shares of the company’s stock worth $1,385,000 after purchasing an additional 44,059 shares during the last quarter. B. Riley Wealth Advisors Inc. acquired a new position in SoundHound AI during the 4th quarter worth about $544,000. Finally, United Advisor Group LLC bought a new stake in shares of SoundHound AI in the 4th quarter valued at about $379,000. Institutional investors 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.