SoundHound AI (NASDAQ:SOUN) Shares Up 6.1% – What’s Next?

SoundHound AI, Inc. (NASDAQ:SOUN)’s share price shot up 6.1% on Monday . The company traded as high as $8.10 and last traded at $7.76. 15,634,882 shares changed hands during trading, a decline of 59% from the average session volume of 37,929,698 shares. The stock had previously closed at $7.32.

Wall Street Analyst Weigh In

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

SoundHound AI Trading Up 3.8 %

The firm has a market capitalization of $3.03 billion, a P/E ratio of -21.11 and a beta of 2.73. The business has a 50-day moving average price of $10.90 and a 200-day moving average price of $10.75. 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 announced its quarterly earnings data on Thursday, February 27th. The company reported ($0.69) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.58). SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. The business had revenue of $34.54 million during the quarter, compared to analyst estimates of $33.70 million. Analysts anticipate that SoundHound AI, Inc. will post -0.38 earnings per share for the current year.

Insider Buying and Selling at SoundHound AI

In other news, CEO Keyvan Mohajer sold 138,895 shares of the business’s stock in a transaction on Monday, March 24th. The shares were sold at an average price of $10.08, for a total value of $1,400,061.60. Following the sale, the chief executive officer now owns 1,764,166 shares in the company, valued at approximately $17,782,793.28. The trade was a 7.30 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Majid Emami sold 28,392 shares of the stock in a transaction dated Thursday, March 20th. The stock was sold at an average price of $9.90, for a total transaction of $281,080.80. Following the sale, the vice president now owns 669,834 shares of the company’s stock, valued at $6,631,356.60. This trade represents a 4.07 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 500,565 shares of company stock valued at $4,999,726. 12.28% of the stock is currently owned by corporate insiders.

Institutional Trading of SoundHound AI

Several large investors have recently made changes to their positions in the business. Blue Trust Inc. raised its holdings in shares of SoundHound AI by 197.6% in the fourth quarter. Blue Trust Inc. now owns 1,250 shares of the company’s stock valued at $25,000 after buying an additional 830 shares during the last quarter. Sound Income Strategies LLC raised its stake in shares of SoundHound AI by 2,542.0% in the fourth 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 position in shares of SoundHound AI during the fourth quarter worth approximately $30,000. Future Financial Wealth Managment LLC bought a new stake in shares of SoundHound AI during the fourth quarter valued at approximately $40,000. Finally, Compagnie Lombard Odier SCmA bought a new stake in shares of SoundHound AI during the fourth quarter valued at approximately $40,000. 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.