SoundHound AI (NASDAQ:SOUN) Trading Up 4.5% – What’s Next?

SoundHound AI, Inc. (NASDAQ:SOUN)’s stock price traded up 4.5% during mid-day trading on Tuesday . The stock traded as high as $8.34 and last traded at $7.94. 8,477,632 shares changed hands during trading, a decline of 78% from the average session volume of 37,884,421 shares. The stock had previously closed at $7.60.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on SOUN shares. Northland Securities raised their price target on SoundHound AI from $6.00 to $8.00 and gave the stock a “market perform” rating in a report on Tuesday, January 14th. Cantor Fitzgerald raised shares of SoundHound AI to a “hold” rating in a research report on Monday, February 24th. Wedbush boosted their target price on shares of SoundHound AI from $10.00 to $22.00 and gave the stock an “outperform” rating in a research report on Monday, December 16th. DA Davidson raised their price target 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, HC Wainwright reissued a “buy” rating and issued a $26.00 target price on shares of SoundHound AI in a research report on Monday, March 3rd. Four research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $12.86.

SoundHound AI Trading Down 4.0 %

The stock has a market cap of $2.91 billion, a PE ratio of -20.29 and a beta of 2.73. The company’s fifty day moving average is $10.90 and its 200-day moving average is $10.75. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.58 and a quick ratio of 2.58.

SoundHound AI (NASDAQ:SOUN) last issued its quarterly earnings data 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 firm had revenue of $34.54 million during the quarter, compared to analyst estimates of $33.70 million. SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. On average, analysts predict that SoundHound AI, Inc. will post -0.38 earnings per share for the current fiscal year.

Insider Transactions at SoundHound AI

In other news, Director Diana Sroka sold 3,402 shares of the business’s stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $10.08, for a total transaction of $34,292.16. Following the transaction, the director now directly owns 138,850 shares in the company, valued at $1,399,608. The trade was a 2.39 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CTO Timothy Stonehocker sold 27,714 shares of the business’s stock in a transaction on Thursday, March 20th. The stock was sold at an average price of $9.90, for a total value of $274,368.60. Following the transaction, the chief technology officer now directly owns 768,867 shares in the company, valued at $7,611,783.30. This trade represents a 3.48 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 500,565 shares of company stock valued at $4,999,726 over the last 90 days. 12.28% of the stock is currently owned by corporate insiders.

Institutional Trading of SoundHound AI

Several hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. grew its position in SoundHound AI by 35.6% in the fourth quarter. Vanguard Group Inc. now owns 32,031,662 shares of the company’s stock worth $635,508,000 after acquiring an additional 8,402,881 shares during the period. Rockefeller Capital Management L.P. acquired a new position in shares of SoundHound AI in the 4th quarter valued at $41,595,000. Invesco Ltd. grew its holdings in shares of SoundHound AI by 1,386.2% during the 4th quarter. Invesco Ltd. now owns 1,382,371 shares of the company’s stock worth $27,426,000 after purchasing an additional 1,289,360 shares during the period. Driehaus Capital Management LLC acquired a new stake in shares of SoundHound AI during the 4th quarter worth about $16,421,000. Finally, Capital Fund Management S.A. purchased a new stake in SoundHound AI in the 4th quarter valued at about $16,092,000. Hedge funds and other 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.