SoundHound AI (NASDAQ:SOUN) Trading Up 3.1%

SoundHound AI, Inc. (NASDAQ:SOUN) shares shot up 3.1% during trading on Friday . The stock traded as high as $4.34 and last traded at $4.29. 10,484,112 shares were traded during trading, a decline of 80% from the average session volume of 52,067,543 shares. The stock had previously closed at $4.16.

Analyst Ratings Changes

A number of equities research analysts have commented on the company. Wedbush increased their price target on SoundHound AI from $5.00 to $9.00 and gave the company an “outperform” rating in a research note on Friday, March 1st. HC Wainwright upped their target price on SoundHound AI from $5.00 to $7.00 and gave the company a “buy” rating in a research report on Monday, March 4th. DA Davidson lifted their target price on SoundHound AI from $7.50 to $9.50 and gave the stock a “buy” rating in a report on Friday, March 15th. 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 report on Thursday, April 11th. Finally, Northland Securities reaffirmed a “market perform” rating on shares of SoundHound AI in a research report on Wednesday, February 28th. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $6.88.

SoundHound AI Price Performance

The stock’s 50 day moving average is $5.48 and its two-hundred day moving average is $3.19. 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 has a market capitalization of $1.36 billion, a PE ratio of -11.00 and a beta of 2.75.

SoundHound AI (NASDAQ:SOUN) last posted its quarterly earnings data on Thursday, February 29th. The company reported ($0.06) EPS for the quarter, missing the consensus estimate of ($0.05) by ($0.01). SoundHound AI had a negative net margin of 188.57% and a negative return on equity of 1,955.68%. The firm had revenue of $17.10 million during the quarter, compared to analyst estimates of $17.75 million. During the same period in the prior year, the company posted ($0.15) earnings per share. The firm’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 -0.3 EPS for the current fiscal year.

Insider Activity at SoundHound AI

In other news, CTO Timothy Stonehocker sold 5,276 shares of the business’s stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $7.70, for a total transaction of $40,625.20. Following the transaction, the chief technology officer now directly owns 982,584 shares in the company, valued at approximately $7,565,896.80. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, CTO Timothy Stonehocker sold 5,276 shares of the business’s stock in a transaction dated Thursday, March 21st. The shares were sold at an average price of $7.70, for a total transaction of $40,625.20. Following the transaction, the chief technology officer now owns 982,584 shares of the company’s stock, valued at approximately $7,565,896.80. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Keyvan Mohajer sold 107,927 shares of the 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 owns 1,218,712 shares of the company’s stock, valued at $4,509,234.40. The disclosure for this sale can be found here. In the last quarter, insiders sold 405,057 shares of company stock valued at $2,587,804. Corporate insiders own 21.30% of the company’s stock.

Institutional Trading of SoundHound AI

Hedge funds have recently added to or reduced their stakes in the company. Meridian Wealth Management LLC acquired a new stake in shares of SoundHound AI in the 3rd quarter valued at $140,000. Simplicity Solutions LLC acquired a new position in shares of SoundHound AI during the 3rd quarter worth about $71,000. Commonwealth Equity Services LLC increased its holdings in shares of SoundHound AI by 30.0% in the 3rd quarter. Commonwealth Equity Services LLC now owns 72,853 shares of the company’s stock valued at $146,000 after acquiring an additional 16,801 shares during the last quarter. Raymond James & Associates raised its position in shares of SoundHound AI by 221.1% during the 3rd quarter. Raymond James & Associates now owns 982,948 shares of the company’s stock worth $1,976,000 after acquiring an additional 676,799 shares in the last quarter. Finally, Bank of New York Mellon Corp lifted its stake in SoundHound AI by 9.4% during the third quarter. Bank of New York Mellon Corp now owns 514,311 shares of the company’s stock worth $1,034,000 after purchasing an additional 44,028 shares during the last quarter. 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.