SoundHound AI (NASDAQ:SOUN) Stock Price Up 5.3%

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

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on SOUN shares. DA Davidson lifted their price target on SoundHound AI from $7.50 to $9.50 and gave the company a “buy” rating in a research note on Friday, March 15th. Cantor Fitzgerald upgraded SoundHound AI from an “underweight” rating to a “neutral” rating and set a $4.90 target price on the stock in a report on Thursday, April 11th. HC Wainwright increased their price target on SoundHound AI from $5.00 to $7.00 and gave the stock a “buy” rating in a report on Monday, March 4th. Wedbush increased their price target on SoundHound AI from $5.00 to $9.00 and gave the stock an “outperform” rating in a report on Friday, March 1st. Finally, Northland Securities restated a “market perform” rating on shares of SoundHound AI in a report on Wednesday, February 28th. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $6.88.

SoundHound AI Price Performance

The company has a quick ratio of 4.69, a current ratio of 4.69 and a debt-to-equity ratio of 6.03. The business has a 50-day moving average price of $5.54 and a two-hundred day moving average price of $3.32. The company has a market capitalization of $1.61 billion, a price-to-earnings ratio of -13.36 and a beta of 2.87.

SoundHound AI (NASDAQ:SOUN) last released its quarterly earnings results on Thursday, February 29th. The company reported ($0.06) EPS for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.01). The company had revenue of $17.10 million during the quarter, compared to analysts’ expectations 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 company’s quarterly revenue was up 80.0% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.15) earnings per share. As a group, research analysts anticipate that SoundHound AI, Inc. will post -0.3 EPS for the current year.

Insider Activity at SoundHound AI

In related news, CTO Timothy Stonehocker sold 5,276 shares of the stock in a transaction on Thursday, March 21st. The stock was sold at an average price of $7.70, for a total value of $40,625.20. Following the completion of the sale, the chief technology officer now directly owns 982,584 shares of the company’s stock, valued at approximately $7,565,896.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, Director Eric R. Ball sold 40,000 shares of the firm’s stock in a transaction dated Thursday, March 14th. The stock was sold at an average price of $9.55, for a total transaction of $382,000.00. Following the transaction, the director now directly owns 450,250 shares of the company’s stock, valued at approximately $4,299,887.50. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CTO Timothy Stonehocker sold 5,276 shares of SoundHound AI stock in a transaction that occurred on Thursday, March 21st. The shares were sold at an average price of $7.70, for a total value of $40,625.20. Following the sale, the chief technology officer now owns 982,584 shares in the company, valued at $7,565,896.80. The disclosure for this sale can be found here. In the last three months, insiders sold 405,057 shares of company stock valued at $2,587,804. 21.30% of the stock is owned by insiders.

Institutional Investors Weigh In On SoundHound AI

Several hedge funds have recently made changes to their positions in SOUN. Independent Advisor Alliance purchased a new position in SoundHound AI during the fourth quarter valued at $28,000. IAM Advisory LLC purchased a new position in SoundHound AI during the fourth quarter valued at $29,000. Hexagon Capital Partners LLC purchased a new position in SoundHound AI during the first quarter valued at $29,000. HighPoint Advisor Group LLC purchased a new position in SoundHound AI during the fourth quarter valued at $37,000. Finally, DecisionPoint Financial LLC purchased a new position in SoundHound AI during the first quarter valued at $40,000. 19.28% of the stock is currently owned by institutional investors.

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.