SoundHound AI (NASDAQ:SOUN) Trading 0.3% Higher

SoundHound AI, Inc. (NASDAQ:SOUN)’s share price traded up 0.3% on Friday . The stock traded as high as $4.13 and last traded at $4.00. 3,816,449 shares changed hands during trading, a decline of 91% from the average session volume of 41,877,000 shares. The stock had previously closed at $3.99.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the stock. Wedbush reissued an “outperform” rating and set a $9.00 price objective on shares of SoundHound AI in a research note on Friday, May 10th. HC Wainwright reaffirmed a “buy” rating and issued a $7.00 price target on shares of SoundHound AI in a research note on Monday, May 13th. DA Davidson lifted their price objective on shares of SoundHound AI from $7.50 to $9.50 and gave the company a “buy” rating in a report on Friday, March 15th. Finally, Cantor Fitzgerald upgraded shares of SoundHound AI from an “underweight” rating to a “neutral” rating and set a $4.90 price objective on the stock in a report on Thursday, April 11th. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, SoundHound AI currently has an average rating of “Moderate Buy” and a consensus target price of $6.88.

SoundHound AI Stock Performance

The stock has a market capitalization of $1.30 billion, a price-to-earnings ratio of -10.53 and a beta of 2.87. The company’s fifty day simple moving average is $4.63 and its 200 day simple moving average is $4.06. The company has a quick ratio of 8.84, a current ratio of 8.84 and a debt-to-equity ratio of 0.56.

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

Insider Buying and Selling

In related news, CEO Keyvan Mohajer sold 116,504 shares of the company’s stock in a transaction dated Monday, June 24th. The shares were sold at an average price of $3.95, for a total transaction of $460,190.80. Following the completion of the sale, the chief executive officer now owns 953,333 shares of the company’s stock, valued at $3,765,665.35. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other SoundHound AI news, CFO Nitesh Sharan sold 22,384 shares of the stock in a transaction that occurred on 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Keyvan Mohajer sold 116,504 shares of the stock in a transaction that occurred on Monday, June 24th. The shares were sold at an average price of $3.95, for a total transaction of $460,190.80. Following the sale, the chief executive officer now directly owns 953,333 shares of the company’s stock, valued at approximately $3,765,665.35. The disclosure for this sale can be found here. Insiders sold 417,728 shares of company stock valued at $1,815,476 over the last quarter. 21.30% of the stock is owned by company insiders.

Institutional Trading of SoundHound AI

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Ameritas Investment Partners Inc. increased its position in SoundHound AI by 17.3% during the 1st quarter. Ameritas Investment Partners Inc. now owns 13,561 shares of the company’s stock valued at $80,000 after purchasing an additional 2,000 shares during the period. Principal Financial Group Inc. boosted its holdings in shares of SoundHound AI by 16.5% during the 1st quarter. Principal Financial Group Inc. now owns 18,560 shares of the company’s stock worth $109,000 after buying an additional 2,629 shares in the last quarter. Hexagon Capital Partners LLC bought a new position in shares of SoundHound AI during the 1st quarter worth approximately $29,000. DecisionPoint Financial LLC bought a new position in shares of SoundHound AI during the 1st quarter worth approximately $40,000. Finally, Prosperity Wealth Management Inc. boosted its holdings in shares of SoundHound AI by 18.5% during the 4th quarter. Prosperity Wealth Management Inc. now owns 50,600 shares of the company’s stock worth $107,000 after buying an additional 7,900 shares in the last quarter. Institutional investors and hedge funds 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.