SoundHound AI (NASDAQ:SOUN) Stock Price Up 4.7% – Here’s What Happened

SoundHound AI, Inc. (NASDAQ:SOUN)’s stock price was up 4.7% during mid-day trading on Thursday . The company traded as high as $10.16 and last traded at $10.02. Approximately 19,326,581 shares changed hands during mid-day trading, a decline of 65% from the average daily volume of 54,636,348 shares. The stock had previously closed at $9.57.

Analyst Ratings Changes

A number of analysts have issued reports on SOUN shares. Wedbush raised their price target on SoundHound AI from $10.00 to $22.00 and gave the stock an “outperform” rating in a research note on Monday, December 16th. LADENBURG THALM/SH SH reissued a “neutral” rating and issued a $7.00 price target on shares of SoundHound AI in a research note on Wednesday, November 13th. DA Davidson raised their price objective on SoundHound AI from $9.50 to $13.00 and gave the stock a “buy” rating in a report on Friday. HC Wainwright restated a “buy” rating and issued a $26.00 price objective on shares of SoundHound AI in a report on Monday, January 13th. 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 report on Tuesday, January 14th. Four analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $12.86.

SoundHound AI Stock Up 17.7 %

The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.58 and a current ratio of 2.58. The stock has a 50 day moving average price of $15.19 and a 200 day moving average price of $9.88. The company has a market cap of $4.26 billion, a P/E ratio of -30.10 and a beta of 2.56.

SoundHound AI (NASDAQ:SOUN) last announced its 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). The company had revenue of $34.54 million for the quarter, compared to analyst estimates of $33.70 million. SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. Research analysts expect that SoundHound AI, Inc. will post -0.38 earnings per share for the current fiscal year.

Insider Transactions at SoundHound AI

In other SoundHound AI news, CTO Timothy Stonehocker sold 34,407 shares of the business’s stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $20.30, for a total value of $698,462.10. Following the transaction, the chief technology officer now owns 796,581 shares in the company, valued at $16,170,594.30. The trade was a 4.14 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Majid Emami sold 94,067 shares of the business’s stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $9.05, for a total value of $851,306.35. Following the completion of the transaction, the vice president now owns 735,685 shares in the company, valued at $6,657,949.25. This trade represents a 11.34 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 2,722,918 shares of company stock valued at $44,935,943 over the last three months. Company insiders own 12.28% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of SOUN. Creative Planning purchased a new position in SoundHound AI in the third quarter valued at about $91,000. International Assets Investment Management LLC grew its stake in SoundHound AI by 914.6% in the third quarter. International Assets Investment Management LLC now owns 80,152 shares of the company’s stock valued at $374,000 after purchasing an additional 72,252 shares in the last quarter. Nisa Investment Advisors LLC lifted its position in shares of SoundHound AI by 2,198.7% in the third quarter. Nisa Investment Advisors LLC now owns 88,111 shares of the company’s stock worth $411,000 after buying an additional 84,278 shares during the last quarter. Financial Advocates Investment Management lifted its position in shares of SoundHound AI by 6.3% in the third quarter. Financial Advocates Investment Management now owns 46,685 shares of the company’s stock worth $218,000 after buying an additional 2,750 shares during the last quarter. Finally, Focus Financial Network Inc. acquired a new stake in shares of SoundHound AI in the third quarter worth about $120,000. Hedge funds and other institutional investors own 19.28% of the company’s stock.

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.