SoundHound AI (NASDAQ:SOUN) Trading Up 1.7%

SoundHound AI, Inc. (NASDAQ:SOUNGet Free Report)’s stock price traded up 1.7% during trading on Tuesday . The company traded as high as $4.90 and last traded at $4.86. 4,165,385 shares changed hands during mid-day trading, a decline of 91% from the average session volume of 46,291,930 shares. The stock had previously closed at $4.78.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the company. DA Davidson boosted their target price on SoundHound AI from $7.50 to $9.50 and gave the stock a “buy” rating in a research report on Friday, March 15th. Northland Securities reissued a “market perform” rating on shares of SoundHound AI in a report on Wednesday, February 28th. HC Wainwright restated a “buy” rating and set a $7.00 target price on shares of SoundHound AI in a research report on Monday, May 13th. Cantor Fitzgerald upgraded shares of SoundHound AI from an “underweight” rating to a “neutral” rating and set a $4.90 price target for the company in a report on Thursday, April 11th. Finally, Wedbush reissued an “outperform” rating and set a $9.00 price objective on shares of SoundHound AI in a report on Friday, May 10th. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $6.88.

Get Our Latest Stock Report on SOUN

SoundHound AI Price Performance

The company has a 50-day moving average of $4.80 and a 200-day moving average of $3.83. The company has a debt-to-equity ratio of 0.56, a quick ratio of 8.84 and a current ratio of 8.84.

SoundHound AI (NASDAQ:SOUNGet Free Report) last issued its quarterly earnings data on Thursday, May 9th. The company reported ($0.07) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.09) by $0.02. The business had revenue of $11.59 million for the quarter, compared to the consensus estimate of $10.10 million. SoundHound AI had a negative return on equity of 163.00% and a negative net margin of 183.49%. The business’s revenue was up 72.9% on a year-over-year basis. During the same period in the prior year, the business earned ($0.12) earnings per share. On average, analysts forecast that SoundHound AI, Inc. will post -0.32 EPS for the current fiscal year.

Insider Transactions at SoundHound AI

In related news, Director Eric R. Ball sold 40,000 shares of the firm’s stock in a transaction that occurred on Thursday, March 14th. The shares were sold at an average price of $9.55, for a total transaction of $382,000.00. Following the sale, the director now owns 450,250 shares in the company, valued at $4,299,887.50. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, CEO Keyvan Mohajer sold 31,665 shares of SoundHound AI stock in a transaction on Friday, March 22nd. The shares were sold at an average price of $6.08, for a total transaction of $192,523.20. Following the transaction, the chief executive officer now owns 1,137,831 shares in the company, valued at approximately $6,918,012.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Eric R. Ball sold 40,000 shares of the stock in a transaction on Thursday, March 14th. The shares were sold at an average price of $9.55, for a total value of $382,000.00. Following the completion of the sale, the director now owns 450,250 shares of the company’s stock, valued at $4,299,887.50. The disclosure for this sale can be found here. Insiders sold a total of 240,515 shares of company stock worth $1,914,925 over the last ninety days. 21.30% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On SoundHound AI

Several institutional investors and hedge funds have recently modified their holdings of SOUN. Good Life Advisors LLC acquired a new position in SoundHound AI in the 4th quarter worth $174,000. PFG Investments LLC purchased a new stake in SoundHound AI during the 1st quarter worth approximately $1,335,000. Vanguard Group Inc. raised its position in shares of SoundHound AI by 18.6% in the 3rd 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 in the last quarter. Quadrature Capital Ltd purchased a new position in shares of SoundHound AI during the 3rd quarter valued at approximately $457,000. Finally, Versor Investments LP purchased a new position in shares of SoundHound AI during the 4th quarter valued at approximately $128,000. Hedge funds and other institutional investors own 19.28% of the company’s stock.

About SoundHound AI

(Get Free Report)

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.

Further Reading

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