SoundHound AI (NASDAQ:SOUN) Shares Up 1.8% – Here’s Why

Shares of SoundHound AI, Inc. (NASDAQ:SOUN) rose 1.8% during mid-day trading on Tuesday . The company traded as high as $8.95 and last traded at $8.72. 11,012,576 shares traded hands during mid-day trading, a decline of 74% from the average daily volume of 42,001,506 shares. The stock had previously closed at $8.57.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the company. HC Wainwright reaffirmed a “buy” rating and set a $26.00 price target on shares of SoundHound AI in a report on Monday, March 3rd. Barclays restated a “neutral” rating and set a $7.00 price objective on shares of SoundHound AI in a research note on Wednesday, November 13th. Northland Securities upped their price target on shares of SoundHound AI from $6.00 to $8.00 and gave the stock a “market perform” rating in a report on Tuesday, January 14th. Cantor Fitzgerald upgraded SoundHound AI to a “hold” rating in a research report on Monday, February 24th. Finally, LADENBURG THALM/SH SH restated a “neutral” rating and set a $7.00 price objective on shares of SoundHound AI in a research report on Wednesday, November 13th. Four equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, SoundHound AI has an average rating of “Hold” and an average price target of $12.86.

SoundHound AI Stock Performance

The company has a 50-day moving average price of $13.72 and a two-hundred day moving average price of $10.14. The company has a quick ratio of 2.58, a current ratio of 2.58 and a debt-to-equity ratio of 0.13. The stock has a market capitalization of $3.36 billion, a P/E ratio of -23.72 and a beta of 2.62.

SoundHound AI (NASDAQ:SOUN) last issued its quarterly earnings results on Thursday, February 27th. The company reported ($0.69) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.11) by ($0.58). SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. The firm had revenue of $34.54 million for the quarter, compared to the consensus estimate of $33.70 million. Equities analysts expect that SoundHound AI, Inc. will post -0.38 earnings per share for the current year.

Insider Activity

In other news, VP Majid Emami sold 37,459 shares of the firm’s stock in a transaction on Friday, December 20th. The shares were sold at an average price of $20.30, for a total transaction of $760,417.70. Following the sale, the vice president now directly owns 698,226 shares in the company, valued at $14,173,987.80. This trade represents a 5.09 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Lawrence Marcus sold 20,000 shares of the stock in a transaction that occurred on Monday, December 23rd. The shares were sold at an average price of $20.47, for a total transaction of $409,400.00. Following the sale, the director now directly owns 108,117 shares of the company’s stock, valued at approximately $2,213,154.99. This trade represents a 15.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,024,777 shares of company stock valued at $20,412,443 over the last three months. Insiders own 12.28% of the company’s stock.

Hedge Funds Weigh In On SoundHound AI

Large investors have recently made changes to their positions in the company. Creative Planning purchased a new position in SoundHound AI during the 3rd quarter valued at $91,000. Farther Finance Advisors LLC increased its position in shares of SoundHound AI by 298.5% during the third quarter. Farther Finance Advisors LLC now owns 8,966 shares of the company’s stock worth $42,000 after acquiring an additional 6,716 shares during the period. Concurrent Investment Advisors LLC boosted its holdings in shares of SoundHound AI by 16.8% in the third quarter. Concurrent Investment Advisors LLC now owns 49,518 shares of the company’s stock valued at $231,000 after purchasing an additional 7,124 shares during the period. Sigma Planning Corp grew its stake in SoundHound AI by 79.7% in the third quarter. Sigma Planning Corp now owns 21,640 shares of the company’s stock worth $101,000 after purchasing an additional 9,600 shares in the last quarter. Finally, Wolverine Asset Management LLC increased its holdings in SoundHound AI by 7.7% during the 3rd quarter. Wolverine Asset Management LLC now owns 35,102 shares of the company’s stock worth $164,000 after purchasing an additional 2,522 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.