SoundHound AI (NASDAQ:SOUN) Trading 4.7% Higher – What’s Next?

SoundHound AI, Inc. (NASDAQ:SOUN)’s stock price was up 4.7% on Wednesday . The company traded as high as $8.68 and last traded at $8.59. Approximately 6,426,114 shares were traded during mid-day trading, a decline of 83% from the average daily volume of 37,968,863 shares. The stock had previously closed at $8.20.

Analysts Set New Price Targets

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

SoundHound AI Price Performance

The firm has a market cap of $3.61 billion, a P/E ratio of -25.16 and a beta of 2.62. The stock’s 50-day moving average is $11.51 and its 200-day moving average is $10.66. The company has a quick ratio of 2.58, a current ratio of 2.58 and a debt-to-equity ratio of 0.13.

SoundHound AI (NASDAQ:SOUN) last posted its quarterly earnings results on Thursday, February 27th. The company reported ($0.69) earnings per share (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 during the quarter, compared to analyst estimates of $33.70 million. As a group, equities analysts anticipate that SoundHound AI, Inc. will post -0.38 EPS for the current fiscal year.

Insider Buying and Selling at SoundHound AI

In related news, insider James Ming Hom sold 51,196 shares of the company’s stock in a transaction on Monday, March 24th. The stock was sold at an average price of $10.25, for a total value of $524,759.00. Following the completion of the transaction, the insider now directly owns 638,456 shares in the company, valued at approximately $6,544,174. This represents a 7.42 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Keyvan Mohajer sold 118,605 shares of SoundHound AI stock in a transaction on Thursday, March 20th. The stock was sold at an average price of $9.90, for a total transaction of $1,174,189.50. Following the sale, the chief executive officer now owns 1,903,061 shares in the company, valued at $18,840,303.90. This represents a 5.87 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 500,565 shares of company stock valued at $4,999,726 in the last quarter. Corporate insiders own 12.28% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in SOUN. Blue Trust Inc. lifted its holdings 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 valued at $25,000 after acquiring an additional 830 shares during the period. Sound Income Strategies LLC grew its position in SoundHound AI by 2,542.0% during the 4th quarter. Sound Income Strategies LLC now owns 1,321 shares of the company’s stock worth $26,000 after acquiring an additional 1,271 shares during the last quarter. Orion Capital Management LLC acquired a new stake in SoundHound AI during the 4th quarter valued at $30,000. Future Financial Wealth Managment LLC bought a new position in SoundHound AI in the 4th quarter valued at $40,000. Finally, Compagnie Lombard Odier SCmA acquired a new position in SoundHound AI in the fourth quarter worth $40,000. Institutional investors and hedge funds own 19.28% of the company’s stock.

About SoundHound AI

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.