SoundHound AI (NASDAQ:SOUN) Stock Price Up 1.4% – What’s Next?

SoundHound AI, Inc. (NASDAQ:SOUN) rose 1.4% on Thursday . The company traded as high as $10.17 and last traded at $9.99. Approximately 7,656,819 shares traded hands during trading, a decline of 81% from the average daily volume of 39,352,079 shares. The stock had previously closed at $9.85.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on SOUN. Wedbush boosted their price objective on SoundHound AI from $10.00 to $22.00 and gave the company an “outperform” rating in a research note on Monday, December 16th. DA Davidson lifted their price objective on shares of SoundHound AI from $9.50 to $13.00 and gave the company a “buy” rating in a research note on Friday, February 28th. Cantor Fitzgerald raised shares of SoundHound AI to a “hold” rating in a research note on Monday, February 24th. HC Wainwright reaffirmed a “buy” rating and issued a $26.00 price target on shares of SoundHound AI in a research note on Monday, March 3rd. Finally, Northland Securities upped their price objective on shares of SoundHound AI from $6.00 to $8.00 and gave the company a “market perform” rating in a report on Tuesday, January 14th. Four equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $12.86.

SoundHound AI Price Performance

The stock has a market cap of $3.88 billion, a PE ratio of -27.39 and a beta of 2.62. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.58 and a quick ratio of 2.58. The firm’s 50 day moving average price is $12.19 and its two-hundred day moving average price is $10.36.

SoundHound AI (NASDAQ:SOUN) last issued its earnings results on Thursday, February 27th. The company reported ($0.69) EPS for the quarter, missing the consensus estimate of ($0.11) by ($0.58). SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. The company had revenue of $34.54 million during the quarter, compared to the consensus estimate of $33.70 million. On average, research analysts expect that SoundHound AI, Inc. will post -0.38 earnings per share for the current year.

Insider Buying and Selling

In other SoundHound AI news, Director Lawrence Marcus sold 20,000 shares of the business’s stock in a transaction that occurred on Monday, December 23rd. The shares were sold at an average price of $20.47, for a total value of $409,400.00. Following the completion of the transaction, the director now owns 108,117 shares of the company’s stock, valued at $2,213,154.99. The trade was a 15.61 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Keyvan Mohajer sold 156,288 shares of the stock in a transaction on Tuesday, December 24th. The stock was sold at an average price of $20.20, for a total transaction of $3,157,017.60. Following the completion of the transaction, the chief executive officer now directly owns 2,021,666 shares in the company, valued at $40,837,653.20. The trade was a 7.18 % decrease in their position. The disclosure for this sale can be found here. 12.28% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On SoundHound AI

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Blue Trust Inc. raised its stake in shares of SoundHound AI by 197.6% during the fourth quarter. Blue Trust Inc. now owns 1,250 shares of the company’s stock worth $25,000 after acquiring an additional 830 shares in the last quarter. Sound Income Strategies LLC grew its stake in shares of SoundHound AI by 2,542.0% during the fourth quarter. Sound Income Strategies LLC now owns 1,321 shares of the company’s stock valued at $26,000 after buying an additional 1,271 shares during the last quarter. Orion Capital Management LLC purchased a new position in shares of SoundHound AI in the fourth quarter worth about $30,000. Future Financial Wealth Managment LLC bought a new stake in shares of SoundHound AI in the 4th quarter valued at about $40,000. Finally, Compagnie Lombard Odier SCmA purchased a new stake in SoundHound AI during the 4th quarter valued at about $40,000. 19.28% of the stock is currently owned by hedge funds and other institutional investors.

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.