SoundHound AI (NASDAQ:SOUN) Stock Price Up 4.6% – Here’s Why

SoundHound AI, Inc. (NASDAQ:SOUN) shares were up 4.6% during trading on Monday . The stock traded as high as $10.52 and last traded at $10.32. Approximately 11,538,241 shares traded hands during trading, a decline of 70% from the average daily volume of 38,546,275 shares. The stock had previously closed at $9.86.

Analysts Set New Price Targets

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

SoundHound AI Trading Up 3.4 %

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 company’s 50-day moving average is $12.19 and its 200 day moving average is $10.44. The company has a market cap of $4.01 billion, a price-to-earnings ratio of -28.35 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 analysts’ consensus estimates 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 business had revenue of $34.54 million for the quarter, compared to analysts’ expectations of $33.70 million. Research analysts predict that SoundHound AI, Inc. will post -0.38 EPS for the current year.

Insider Activity at SoundHound AI

In other SoundHound AI news, CEO Keyvan Mohajer sold 156,288 shares of the stock in a transaction on Tuesday, December 24th. The shares were sold at an average price of $20.20, for a total transaction of $3,157,017.60. Following the transaction, the chief executive officer now directly owns 2,021,666 shares of the company’s stock, valued at $40,837,653.20. This trade represents a 7.18 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 12.28% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Blue Trust Inc. boosted its holdings in SoundHound AI by 197.6% in the 4th quarter. Blue Trust Inc. now owns 1,250 shares of the company’s stock worth $25,000 after buying an additional 830 shares during the last quarter. Sound Income Strategies LLC boosted 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 stake in shares of SoundHound AI in the fourth quarter worth approximately $30,000. Future Financial Wealth Managment LLC purchased a new stake in shares of SoundHound AI during the fourth quarter worth approximately $40,000. Finally, Compagnie Lombard Odier SCmA acquired a new position in SoundHound AI in the 4th quarter valued at $40,000. Institutional investors and hedge funds 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.