SoundHound AI (NASDAQ:SOUN) Shares Gap Up to $5.86

SoundHound AI, Inc. (NASDAQ:SOUN)’s share price gapped up before the market opened on Tuesday . The stock had previously closed at $5.86, but opened at $6.12. SoundHound AI shares last traded at $6.01, with a volume of 13,707,844 shares traded.

Analyst Upgrades and Downgrades

SOUN has been the topic of a number of research analyst reports. Cantor Fitzgerald reissued an “underweight” rating and set a $4.90 price objective (down previously from $5.80) on shares of SoundHound AI in a research report on Wednesday, March 20th. LADENBURG THALM/SH SH initiated coverage on shares of SoundHound AI in a research report on Tuesday, January 30th. They issued a “buy” rating and a $4.00 price target on the stock. Wedbush raised their price target on shares of SoundHound AI from $5.00 to $9.00 and gave the company an “outperform” rating in a research report on Friday, March 1st. DA Davidson raised their price target on shares of SoundHound AI from $7.50 to $9.50 and gave the company a “buy” rating in a research report on Friday, March 15th. Finally, Northland Securities reaffirmed a “market perform” rating on shares of SoundHound AI in a research report on Wednesday, February 28th. One analyst has rated the stock with a sell rating, one has issued a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $6.88.

SoundHound AI Stock Performance

The company’s 50-day simple moving average is $4.37 and its 200 day simple moving average is $2.82. The company has a current ratio of 4.69, a quick ratio of 4.69 and a debt-to-equity ratio of 6.03. The stock has a market cap of $1.83 billion, a P/E ratio of -15.21 and a beta of 2.84.

SoundHound AI (NASDAQ:SOUN) last issued its quarterly earnings results on Thursday, February 29th. The company reported ($0.06) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.05) by ($0.01). SoundHound AI had a negative return on equity of 1,955.68% and a negative net margin of 188.57%. The company had revenue of $17.10 million for the quarter, compared to analysts’ expectations of $17.75 million. During the same quarter in the previous year, the business earned ($0.15) EPS. The company’s revenue for the quarter was up 80.0% on a year-over-year basis. As a group, sell-side analysts expect that SoundHound AI, Inc. will post -0.29 EPS for the current fiscal year.

Insider Transactions at SoundHound AI

In other news, Director Eric R. Ball sold 50,000 shares of the firm’s stock in a transaction that occurred 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 owns 530,250 shares in the company, valued at approximately $2,651,250. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other news, Director Eric R. Ball sold 50,000 shares of SoundHound AI 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 approximately $2,651,250. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Eric R. Ball sold 40,000 shares of the business’s stock in a transaction on Thursday, March 14th. The stock was sold at an average price of $9.55, for a total transaction of $382,000.00. Following the completion of the sale, the director now directly owns 450,250 shares of the company’s stock, valued at $4,299,887.50. The disclosure for this sale can be found here. Insiders sold a total of 410,714 shares of company stock worth $2,598,723 in the last quarter. Insiders own 21.30% of the company’s stock.

Institutional Investors Weigh In On SoundHound AI

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. HighPoint Advisor Group LLC bought a new position in shares of SoundHound AI in the fourth quarter worth approximately $37,000. Quadrature Capital Ltd lifted its position in SoundHound AI by 67.1% during the fourth quarter. Quadrature Capital Ltd now owns 381,557 shares of the company’s stock valued at $807,000 after purchasing an additional 153,273 shares during the period. Vanguard Group Inc. lifted its position in SoundHound AI by 5.1% during the fourth quarter. Vanguard Group Inc. now owns 13,843,982 shares of the company’s stock valued at $29,349,000 after purchasing an additional 676,993 shares during the period. Goldman Sachs Group Inc. lifted its position in SoundHound AI by 13.8% during the fourth quarter. Goldman Sachs Group Inc. now owns 140,485 shares of the company’s stock valued at $298,000 after purchasing an additional 16,989 shares during the period. Finally, Legal & General Group Plc raised its position in SoundHound AI by 39.1% in the fourth quarter. Legal & General Group Plc now owns 206,595 shares of the company’s stock worth $438,000 after acquiring an additional 58,047 shares during the period. Hedge funds and other institutional investors 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.