SoundHound AI (NASDAQ:SOUN) Trading Up 5.3%

SoundHound AI, Inc. (NASDAQ:SOUN) traded up 5.3% on Monday . The company traded as high as $5.12 and last traded at $4.74. 22,610,013 shares were traded during mid-day trading, a decline of 55% from the average session volume of 50,046,250 shares. The stock had previously closed at $4.50.

Wall Street Analysts Forecast Growth

SOUN has been the topic of several recent analyst reports. Wedbush lifted their target price 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 lifted their price target on shares of SoundHound AI from $5.00 to $7.00 and gave the company a “buy” rating in a report on Monday, March 4th. LADENBURG THALM/SH SH initiated coverage on shares of SoundHound AI in a report on Tuesday, January 30th. They set a “buy” rating and a $4.00 price objective for the company. DA Davidson boosted their target price on SoundHound AI from $7.50 to $9.50 and gave the stock a “buy” rating in a research report on Friday, March 15th. Finally, Cantor Fitzgerald raised SoundHound AI from an “underweight” rating to a “neutral” rating and set a $4.90 price objective on the stock in a research note on Thursday, April 11th. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $6.88.

SoundHound AI Trading Down 2.6 %

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 50-day moving average of $5.49 and a 200 day moving average of $3.37. The company has a market cap of $1.49 billion, a PE ratio of -12.33 and a beta of 2.87.

SoundHound AI (NASDAQ:SOUN) last released its earnings results on Thursday, February 29th. The company reported ($0.06) earnings per share for the quarter, missing the consensus estimate of ($0.05) by ($0.01). The company had revenue of $17.10 million for the quarter, compared to the consensus estimate of $17.75 million. SoundHound AI had a negative net margin of 188.57% and a negative return on equity of 1,955.68%. The business’s revenue for the quarter was up 80.0% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.15) EPS. Analysts predict that SoundHound AI, Inc. will post -0.3 earnings per share for the current year.

Insider Transactions at SoundHound AI

In related news, CEO Keyvan Mohajer sold 31,665 shares of the stock in a transaction dated Friday, March 22nd. The shares were sold at an average price of $6.08, for a total value of $192,523.20. Following the sale, the chief executive officer now directly owns 1,137,831 shares of the company’s stock, valued at approximately $6,918,012.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, Director Eric R. Ball sold 50,000 shares of the business’s stock in a transaction on Monday, February 26th. The shares were sold at an average price of $5.00, for a total transaction of $250,000.00. Following the completion of the sale, the director now directly owns 530,250 shares of the company’s stock, valued at $2,651,250. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Keyvan Mohajer sold 31,665 shares of the firm’s stock in a transaction dated Friday, March 22nd. The stock was sold at an average price of $6.08, for a total transaction of $192,523.20. Following the completion of the transaction, the chief executive officer now directly owns 1,137,831 shares in the company, valued at approximately $6,918,012.48. The disclosure for this sale can be found here. In the last quarter, insiders sold 405,057 shares of company stock worth $2,587,804. 21.30% of the stock is currently owned by insiders.

Hedge Funds Weigh In On SoundHound AI

Hedge funds have recently added to or reduced their stakes in the stock. Commonwealth Equity Services LLC boosted its holdings in shares of SoundHound AI by 30.0% in the third quarter. Commonwealth Equity Services LLC now owns 72,853 shares of the company’s stock valued at $146,000 after purchasing an additional 16,801 shares during the period. Raymond James & Associates increased its stake in shares of SoundHound AI by 221.1% during the third quarter. Raymond James & Associates now owns 982,948 shares of the company’s stock valued at $1,976,000 after buying an additional 676,799 shares during the period. Bank of New York Mellon Corp raised its holdings in shares of SoundHound AI by 9.4% in the third quarter. Bank of New York Mellon Corp now owns 514,311 shares of the company’s stock valued at $1,034,000 after acquiring an additional 44,028 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its stake in SoundHound AI by 1.1% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,734,252 shares of the company’s stock worth $3,486,000 after acquiring an additional 18,301 shares during the period. Finally, Gratus Capital LLC grew its holdings in SoundHound AI by 50.0% during the 3rd quarter. Gratus Capital LLC now owns 45,000 shares of the company’s stock worth $90,000 after acquiring an additional 15,000 shares in the last quarter. 19.28% of the stock is currently owned by institutional investors.

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.