SoundHound AI (NASDAQ:SOUN) Stock Price Up 1.8%

Shares of SoundHound AI, Inc. (NASDAQ:SOUN) shot up 1.8% during trading on Tuesday . The company traded as high as $4.08 and last traded at $3.96. 3,446,344 shares were traded during mid-day trading, a decline of 92% from the average session volume of 41,557,090 shares. The stock had previously closed at $3.89.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on SOUN shares. Wedbush reissued an “outperform” rating and set a $9.00 price objective on shares of SoundHound AI in a research report on Friday, May 10th. Cantor Fitzgerald upgraded shares of SoundHound AI from an “underweight” rating to a “neutral” rating and set a $4.90 price objective for the company in a report on Thursday, April 11th. HC Wainwright reiterated a “buy” rating and set a $7.00 target price on shares of SoundHound AI in a report on Monday, May 13th. Finally, DA Davidson increased their price target on shares of 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 given a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $6.88.

SoundHound AI Price Performance

The firm has a fifty day moving average price of $4.64 and a two-hundred day moving average price of $4.11. The company has a quick ratio of 8.84, a current ratio of 8.84 and a debt-to-equity ratio of 0.56. The stock has a market capitalization of $1.29 billion, a P/E ratio of -10.42 and a beta of 2.77.

SoundHound AI (NASDAQ:SOUN) last released its quarterly earnings data on Thursday, May 9th. The company reported ($0.07) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.09) by $0.02. SoundHound AI had a negative net margin of 183.49% and a negative return on equity of 163.00%. The business had revenue of $11.59 million during the quarter, compared to analyst estimates of $10.10 million. During the same period last year, the business earned ($0.12) EPS. SoundHound AI’s revenue was up 72.9% compared to the same quarter last year. On average, analysts expect that SoundHound AI, Inc. will post -0.33 EPS for the current year.

Insider Buying and Selling at SoundHound AI

In other news, CTO Timothy Stonehocker sold 104,000 shares of the company’s stock in a transaction on Wednesday, June 5th. The stock was sold at an average price of $5.00, for a total transaction of $520,000.00. Following the transaction, the chief technology officer now directly owns 883,570 shares of the company’s stock, valued at $4,417,850. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, CEO Keyvan Mohajer sold 116,504 shares of SoundHound AI stock in a transaction that occurred on Monday, June 24th. The shares were sold at an average price of $3.95, for a total value of $460,190.80. Following the completion of the sale, the chief executive officer now directly owns 953,333 shares in the company, valued at $3,765,665.35. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CTO Timothy Stonehocker sold 104,000 shares of the stock in a transaction that occurred on Wednesday, June 5th. The shares were sold at an average price of $5.00, for a total transaction of $520,000.00. Following the transaction, the chief technology officer now owns 883,570 shares in the company, valued at approximately $4,417,850. The disclosure for this sale can be found here. In the last three months, insiders have sold 417,728 shares of company stock worth $1,815,476. Insiders own 21.30% of the company’s stock.

Institutional Trading of SoundHound AI

A number of hedge funds have recently bought and sold shares of the company. Cetera Advisors LLC purchased a new stake in shares of SoundHound AI during the 1st quarter valued at about $327,000. Strategic Wealth Partners Ltd. bought a new position in SoundHound AI in the first quarter worth approximately $73,000. Janus Henderson Group PLC boosted its stake in shares of SoundHound AI by 563.0% during the 1st quarter. Janus Henderson Group PLC now owns 482,731 shares of the company’s stock worth $2,843,000 after acquiring an additional 409,917 shares during the last quarter. Bayesian Capital Management LP bought a new stake in shares of SoundHound AI during the 1st quarter valued at $162,000. Finally, Gendell Jeffrey L purchased a new stake in shares of SoundHound AI in the 1st quarter worth $589,000. 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.