SoundHound AI (NASDAQ:SOUN) Stock Price Up 1% – What’s Next?

SoundHound AI, Inc. (NASDAQ:SOUN)’s share price shot up 1% during trading on Friday . The company traded as high as $7.99 and last traded at $7.84. 14,371,166 shares changed hands during mid-day trading, a decline of 62% from the average session volume of 37,932,833 shares. The stock had previously closed at $7.76.

Wall Street Analyst Weigh In

Several research firms recently weighed in on SOUN. DA Davidson lowered their target price on SoundHound AI from $13.00 to $10.00 and set a “buy” rating on the stock in a research report on Monday. Cantor Fitzgerald raised SoundHound AI to a “hold” rating in a research report on Monday, February 24th. Northland Securities boosted their price objective on SoundHound AI from $6.00 to $8.00 and gave the company a “market perform” rating in a research note on Tuesday, January 14th. Finally, HC Wainwright restated a “buy” rating and set a $26.00 target price on shares of SoundHound AI in a research note on Monday, March 3rd. Four analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, SoundHound AI presently has an average rating of “Hold” and a consensus target price of $12.43.

SoundHound AI Stock Performance

The business has a 50 day moving average price of $9.53 and a two-hundred day moving average price of $10.85. The stock has a market cap of $3.13 billion, a P/E ratio of -21.76 and a beta of 2.73. 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). The company had revenue of $34.54 million for the quarter, compared to analysts’ expectations of $33.70 million. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. On average, sell-side analysts forecast that SoundHound AI, Inc. will post -0.38 earnings per share for the current fiscal year.

Insider Buying and Selling at SoundHound AI

In related news, insider James Ming Hom sold 51,196 shares of the stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $10.25, for a total transaction of $524,759.00. Following the completion of the transaction, the insider now directly owns 638,456 shares of the company’s stock, valued at approximately $6,544,174. This represents a 7.42 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Diana Sroka sold 3,402 shares of SoundHound AI stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $10.08, for a total value of $34,292.16. Following the completion of the sale, the director now directly owns 138,850 shares in the company, valued at approximately $1,399,608. The trade was a 2.39 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 500,565 shares of company stock worth $4,999,726. Insiders own 12.28% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. lifted its position in SoundHound AI by 35.6% during the fourth quarter. Vanguard Group Inc. now owns 32,031,662 shares of the company’s stock valued at $635,508,000 after purchasing an additional 8,402,881 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of SoundHound AI by 4.4% in the 4th quarter. Geode Capital Management LLC now owns 7,509,496 shares of the company’s stock valued at $149,024,000 after acquiring an additional 315,897 shares during the last quarter. State Street Corp grew its position in SoundHound AI by 0.6% in the third quarter. State Street Corp now owns 7,197,414 shares of the company’s stock worth $33,540,000 after acquiring an additional 42,869 shares in the last quarter. Northern Trust Corp increased its stake in SoundHound AI by 10.0% during the fourth quarter. Northern Trust Corp now owns 2,906,245 shares of the company’s stock worth $57,660,000 after acquiring an additional 264,382 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. raised its position in SoundHound AI by 5.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,725,693 shares of the company’s stock valued at $54,078,000 after purchasing an additional 143,487 shares during the period. 19.28% of the stock is owned by hedge funds and other 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.