SoundHound AI (NASDAQ:SOUN) Stock Price Up 4.9% – What’s Next?

Shares of SoundHound AI, Inc. (NASDAQ:SOUN) shot up 4.9% on Friday . The stock traded as high as $8.18 and last traded at $8.08. 30,390,283 shares were traded during mid-day trading, an increase of 16% from the average session volume of 26,171,254 shares. The stock had previously closed at $7.70.

Analyst Upgrades and Downgrades

Several research firms have weighed in on SOUN. LADENBURG THALM/SH SH upgraded SoundHound AI to a “strong-buy” rating in a research note on Thursday, December 18th. Zacks Research upgraded SoundHound AI from a “strong sell” rating to a “hold” rating in a research note on Monday, February 9th. DA Davidson set a $14.00 price target on SoundHound AI in a research note on Thursday, January 8th. Piper Sandler restated a “neutral” rating and issued a $9.00 price target (down from $11.00) on shares of SoundHound AI in a research note on Friday, February 27th. Finally, HC Wainwright dropped their price target on SoundHound AI from $26.00 to $20.00 and set a “buy” rating for the company in a research note on Monday, March 2nd. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $14.93.

SoundHound AI Trading Up 4.9%

The stock has a market capitalization of $3.42 billion, a P/E ratio of -161.57 and a beta of 2.71. The business has a 50-day moving average price of $7.45 and a 200 day moving average price of $11.20.

SoundHound AI (NASDAQ:SOUN) last posted its earnings results on Thursday, February 26th. The company reported ($0.02) EPS for the quarter, meeting analysts’ consensus estimates of ($0.02). The firm had revenue of $55.06 million during the quarter, compared to the consensus estimate of $53.88 million. SoundHound AI had a negative return on equity of 3.63% and a negative net margin of 8.71%.The company’s quarterly revenue was up 59.4% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.05) EPS. On average, sell-side analysts predict that SoundHound AI, Inc. will post -0.38 earnings per share for the current fiscal year.

Insider Activity

In other news, insider James Ming Hom sold 31,019 shares of the stock in a transaction that occurred on Friday, March 20th. The stock was sold at an average price of $6.79, for a total transaction of $210,619.01. Following the completion of the transaction, the insider directly owned 772,364 shares in the company, valued at approximately $5,244,351.56. This represents a 3.86% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Michael Zagorsek sold 52,968 shares of the stock in a transaction that occurred on Friday, March 20th. The shares were sold at an average price of $6.79, for a total value of $359,652.72. Following the transaction, the chief operating officer owned 1,734,491 shares of the company’s stock, valued at $11,777,193.89. This represents a 2.96% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 307,973 shares of company stock worth $2,091,110. 9.17% of the stock is owned by corporate insiders.

Institutional Trading of SoundHound AI

Institutional investors have recently bought and sold shares of the stock. Danske Bank A S bought a new stake in SoundHound AI in the third quarter worth $26,000. Financial Consulate Inc. bought a new stake in SoundHound AI in the third quarter worth $32,000. Sound Income Strategies LLC lifted its position in SoundHound AI by 37.3% in the third quarter. Sound Income Strategies LLC now owns 2,116 shares of the company’s stock worth $34,000 after buying an additional 575 shares during the last quarter. Northwestern Mutual Wealth Management Co. lifted its position in SoundHound AI by 83.1% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 2,336 shares of the company’s stock worth $25,000 after buying an additional 1,060 shares during the last quarter. Finally, Dogwood Wealth Management LLC lifted its position in SoundHound AI by 152.1% in the fourth quarter. Dogwood Wealth Management LLC now owns 2,559 shares of the company’s stock worth $26,000 after buying an additional 1,544 shares during the last quarter. 19.28% of the stock is currently owned by institutional investors.

About SoundHound AI

SoundHound AI, Inc is a voice AI and conversational intelligence company specializing in speech recognition, natural language understanding and sound identification technologies. Founded in 2005 and headquartered in Santa Clara, California, the company initially gained recognition with its music discovery app before pivoting to enterprise-grade voice AI solutions. Over the years, SoundHound AI has built a comprehensive platform that enables developers and businesses to embed conversational intelligence into a wide range of products and services.

The company’s core offering is the Houndify voice AI platform, which provides customizable speech-to-meaning technology, domain-specific natural language understanding and text-to-speech capabilities.