SoundHound AI (NASDAQ:SOUN) Shares Gap Up to $3.78

Shares of SoundHound AI, Inc. (NASDAQ:SOUN) gapped up prior to trading on Tuesday . The stock had previously closed at $3.78, but opened at $3.91. SoundHound AI shares last traded at $4.08, with a volume of 10,249,554 shares trading hands.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on SOUN. HC Wainwright increased their price objective on SoundHound AI from $5.00 to $7.00 and gave the company a “buy” rating in a report on Monday, March 4th. Wedbush upped their target price on SoundHound AI from $5.00 to $9.00 and gave the stock an “outperform” rating in a research note on Friday, March 1st. LADENBURG THALM/SH SH began coverage on SoundHound AI in a research note on Tuesday, January 30th. They issued a “buy” rating and a $4.00 target price on the stock. Cantor Fitzgerald upgraded SoundHound AI from an “underweight” rating to a “neutral” rating and set a $4.90 target price on the stock in a research note on Thursday, April 11th. Finally, DA Davidson upped their target price on SoundHound AI from $7.50 to $9.50 and gave the stock a “buy” rating in a research note on Friday, March 15th. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $6.88.

SoundHound AI Stock Down 3.8 %

The company has a market cap of $1.24 billion, a PE ratio of -10.28 and a beta of 2.75. The business has a 50-day simple moving average of $5.47 and a 200-day simple moving average of $3.19. The company has a quick ratio of 4.69, a current ratio of 4.69 and a debt-to-equity ratio of 6.03.

SoundHound AI (NASDAQ:SOUN) last issued its quarterly earnings results on Thursday, February 29th. The company reported ($0.06) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.01). The business had revenue of $17.10 million for the quarter, compared to analysts’ expectations of $17.75 million. SoundHound AI had a negative return on equity of 1,955.68% and a negative net margin of 188.57%. The business’s revenue for the quarter was up 80.0% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.15) EPS. Equities research analysts anticipate that SoundHound AI, Inc. will post -0.3 EPS for the current year.

Insiders Place Their Bets

In other SoundHound AI news, CEO Keyvan Mohajer sold 107,927 shares of the stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $3.70, for a total transaction of $399,329.90. Following the transaction, the chief executive officer now owns 1,218,712 shares in the company, valued at $4,509,234.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, CEO Keyvan Mohajer sold 107,927 shares of the firm’s stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $3.70, for a total value of $399,329.90. Following the transaction, the chief executive officer now owns 1,218,712 shares in the company, valued at $4,509,234.40. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CTO Timothy Stonehocker sold 5,276 shares of the firm’s stock in a transaction that occurred on Thursday, March 21st. The shares were sold at an average price of $7.70, for a total value of $40,625.20. Following the completion of the transaction, the chief technology officer now owns 982,584 shares in the company, valued at approximately $7,565,896.80. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 405,057 shares of company stock worth $2,587,804. 21.30% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On SoundHound AI

Several hedge funds and other institutional investors have recently made changes to their positions in SOUN. Vanguard Group Inc. increased its holdings in shares of SoundHound AI by 18.6% in the third quarter. Vanguard Group Inc. now owns 13,166,989 shares of the company’s stock valued at $26,466,000 after purchasing an additional 2,064,340 shares during the last quarter. Intrinsic Edge Capital Management LLC increased its holdings in shares of SoundHound AI by 47.7% in the fourth quarter. Intrinsic Edge Capital Management LLC now owns 4,848,211 shares of the company’s stock valued at $10,278,000 after purchasing an additional 1,566,238 shares during the last quarter. Raymond James & Associates increased its holdings in shares of SoundHound AI by 221.1% in the third quarter. Raymond James & Associates now owns 982,948 shares of the company’s stock valued at $1,976,000 after purchasing an additional 676,799 shares during the last quarter. Quadrature Capital Ltd acquired a new stake in shares of SoundHound AI in the third quarter valued at approximately $457,000. Finally, PFG Investments LLC acquired a new stake in shares of SoundHound AI in the first quarter valued at approximately $1,335,000. 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.