SoundHound AI (NASDAQ:SOUN) Stock Price Up 2.4%

SoundHound AI, Inc. (NASDAQ:SOUN) traded up 2.4% during mid-day trading on Thursday . The stock traded as high as $4.68 and last traded at $4.66. 6,722,382 shares changed hands during trading, a decline of 84% from the average session volume of 41,100,316 shares. The stock had previously closed at $4.55.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the stock. Cantor Fitzgerald raised shares of SoundHound AI from an “underweight” rating to a “neutral” rating and set a $4.90 price objective for the company in a research note on Thursday, April 11th. Wedbush reaffirmed an “outperform” rating and set a $9.00 price target on shares of SoundHound AI in a research report on Friday, May 10th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $7.00 price target on shares of SoundHound AI in a research report on Monday, May 13th. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, SoundHound AI presently has a consensus rating of “Moderate Buy” and an average target price of $6.88.

SoundHound AI Trading Up 6.0 %

The company has a debt-to-equity ratio of 0.56, a current ratio of 8.84 and a quick ratio of 8.84. The business’s fifty day simple moving average is $4.68 and its 200 day simple moving average is $4.45.

SoundHound AI (NASDAQ:SOUN) last issued its quarterly earnings data on Thursday, May 9th. The company reported ($0.07) EPS for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.02. The firm had revenue of $11.59 million for the quarter, compared to analyst estimates of $10.10 million. SoundHound AI had a negative net margin of 183.49% and a negative return on equity of 163.00%. The firm’s revenue was up 72.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted ($0.12) EPS. Sell-side analysts forecast that SoundHound AI, Inc. will post -0.33 EPS for the current fiscal year.

Insider Activity

In other news, CTO Timothy Stonehocker sold 104,000 shares of the company’s stock in a transaction dated Wednesday, June 5th. The shares were sold at an average price of $5.00, for a total value of $520,000.00. Following the sale, the chief technology officer now owns 883,570 shares in the company, valued at approximately $4,417,850. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, CFO Nitesh Sharan sold 22,384 shares of the business’s stock in a transaction dated Thursday, June 20th. The shares were sold at an average price of $4.04, for a total transaction of $90,431.36. Following the completion of the sale, the chief financial officer now owns 728,633 shares of the company’s stock, valued at approximately $2,943,677.32. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CTO Timothy Stonehocker sold 104,000 shares of the business’s stock in a transaction dated Wednesday, June 5th. The shares were sold at an average price of $5.00, for a total transaction of $520,000.00. Following the sale, the chief technology officer now directly owns 883,570 shares of the company’s stock, valued at approximately $4,417,850. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 625,728 shares of company stock worth $3,011,476. 21.30% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On SoundHound AI

A number of institutional investors have recently modified their holdings of SOUN. Vanguard Group Inc. grew its position in shares of SoundHound AI by 18.6% during the 3rd quarter. Vanguard Group Inc. now owns 13,166,989 shares of the company’s stock valued at $26,466,000 after buying an additional 2,064,340 shares during the last quarter. SG Americas Securities LLC grew its position in shares of SoundHound AI by 40.2% during the 4th quarter. SG Americas Securities LLC now owns 38,243 shares of the company’s stock valued at $81,000 after buying an additional 10,957 shares during the last quarter. Good Life Advisors LLC bought a new stake in shares of SoundHound AI during the 4th quarter valued at about $174,000. Arizona State Retirement System grew its position in shares of SoundHound AI by 24.8% during the 4th quarter. Arizona State Retirement System now owns 56,809 shares of the company’s stock valued at $120,000 after buying an additional 11,283 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its position in SoundHound AI by 102.1% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 45,840 shares of the company’s stock worth $97,000 after purchasing an additional 23,163 shares during the last quarter. Institutional investors 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.