SoundHound AI (NASDAQ:SOUN) Shares Gap Up to $2.83

Shares of SoundHound AI, Inc. (NASDAQ:SOUN – Get Rating) gapped up before the market opened on Friday . The stock had previously closed at $2.83, but opened at $2.90. SoundHound AI shares last traded at $2.96, with a volume of 5,871,296 shares traded.

Wall Street Analysts Forecast Growth

Separately, Cantor Fitzgerald reduced their target price on SoundHound AI from $3.20 to $2.80 in a report on Friday, May 12th.

SoundHound AI Trading Down 3.5 %

The company has a market cap of $600.35 million, a PE ratio of -4.40 and a beta of 0.49. The firm has a 50 day moving average of $2.46 and a two-hundred day moving average of $2.16.

SoundHound AI (NASDAQ:SOUN – Get Rating) last released its quarterly earnings data on Thursday, May 11th. The company reported ($0.12) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.12). The business had revenue of $6.71 million during the quarter, compared to the consensus estimate of $6.54 million. During the same period last year, the company posted ($2.00) earnings per share. On average, research analysts forecast that SoundHound AI, Inc. will post -0.39 EPS for the current year.

Insider Activity

In related news, Director Lawrence Marcus sold 200,000 shares of the company’s stock in a transaction on Monday, May 15th. The stock was sold at an average price of $2.52, for a total transaction of $504,000.00. Following the completion of the sale, the director now owns 595,846 shares in the company, valued at $1,501,531.92. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other SoundHound AI news, Director Lawrence Marcus sold 200,000 shares of the business’s stock in a transaction dated Monday, May 15th. The stock was sold at an average price of $2.52, for a total transaction of $504,000.00. Following the completion of the sale, the director now owns 595,846 shares of the company’s stock, valued at $1,501,531.92. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Eric R. Ball sold 10,438 shares of the business’s stock in a transaction dated Thursday, March 9th. The shares were sold at an average price of $2.43, for a total value of $25,364.34. Following the sale, the director now directly owns 56,935 shares of the company’s stock, valued at approximately $138,352.05. The disclosure for this sale can be found here. Insiders have sold 478,827 shares of company stock valued at $1,186,643 in the last ninety days. 23.20% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On SoundHound AI

Large investors have recently made changes to their positions in the business. Bank of America Corp DE lifted its position in shares of SoundHound AI by 1,238.7% in the fourth quarter. Bank of America Corp DE now owns 14,726 shares of the company’s stock valued at $26,000 after acquiring an additional 13,626 shares in the last quarter. Two Sigma Securities LLC purchased a new stake in shares of SoundHound AI in the first quarter worth about $28,000. Atom Investors LP purchased a new stake in shares of SoundHound AI in the third quarter worth about $35,000. Victory Capital Management Inc. purchased a new stake in shares of SoundHound AI in the first quarter worth about $36,000. Finally, CTC Capital Management LLC purchased a new stake in shares of SoundHound AI in the first quarter worth about $36,000. 8.72% of the stock is currently owned by hedge funds and other institutional investors.

SoundHound AI Company Profile

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SoundHound AI, Inc develops independent voice artificial intelligence (AI) platform that enables businesses across 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 automatic speech recognition, natural language understanding, wake words, custom domains, text-to-speech, and embedded voice solutions The company is headquartered in Santa Clara, California.