SoundHound AI (NASDAQ:SOUN) Trading 0.6% Higher

Shares of SoundHound AI, Inc. (NASDAQ:SOUN) rose 0.6% on Tuesday . The company traded as high as $5.11 and last traded at $5.01. Approximately 6,263,050 shares were traded during mid-day trading, a decline of 85% from the average daily volume of 41,484,188 shares. The stock had previously closed at $4.98.

Analysts Set New Price Targets

Several brokerages recently issued reports on SOUN. HC Wainwright reiterated a “buy” rating and set a $7.00 price target on shares of SoundHound AI in a report on Monday, May 13th. Wedbush restated an “outperform” rating and set a $9.00 price target on shares of SoundHound AI in a report on Friday, May 10th. Finally, 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 research note on Thursday, April 11th. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $6.88.

SoundHound AI Trading Up 6.2 %

The firm’s 50-day simple moving average is $4.69 and its 200 day simple moving average is $4.42. The firm has a market cap of $1.59 billion, a P/E ratio of -12.79 and a beta of 2.76. 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 quarterly earnings data on Thursday, May 9th. The company reported ($0.07) earnings per share for the quarter, beating the consensus estimate of ($0.09) by $0.02. SoundHound AI had a negative return on equity of 163.00% and a negative net margin of 183.49%. The business had revenue of $11.59 million during the quarter, compared to analyst estimates of $10.10 million. During the same period in the prior year, the company earned ($0.12) earnings per share. SoundHound AI’s revenue was up 72.9% compared to the same quarter last year. As a group, analysts expect that SoundHound AI, Inc. will post -0.33 earnings per share for the current year.

Insiders Place Their Bets

In other news, CEO Keyvan Mohajer sold 116,504 shares of the business’s 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 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 legal filing with the SEC, which is accessible through the SEC website. In other news, insider James Ming Hom sold 16,716 shares of SoundHound AI stock in a transaction on Thursday, June 20th. The stock was sold at an average price of $4.04, for a total value of $67,532.64. Following the completion of the transaction, the insider now directly owns 486,989 shares in the company, valued at $1,967,435.56. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Keyvan Mohajer sold 116,504 shares of the business’s stock in a transaction 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 sale, the chief executive officer now owns 953,333 shares in the company, valued at $3,765,665.35. The disclosure for this sale can be found here. Insiders sold 625,728 shares of company stock worth $3,011,476 over the last quarter. 21.30% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On SoundHound AI

Several hedge funds and other institutional investors have recently modified their holdings of SOUN. Independent Advisor Alliance bought a new stake in SoundHound AI during the 4th quarter worth approximately $28,000. Hexagon Capital Partners LLC bought a new stake in shares of SoundHound AI in the 1st quarter worth approximately $29,000. HighPoint Advisor Group LLC purchased a new stake in shares of SoundHound AI during the fourth quarter worth about $37,000. DecisionPoint Financial LLC bought a new stake in shares of SoundHound AI in the 1st quarter worth approximately $40,000. Finally, Great Valley Advisor Group Inc. purchased a new position in shares of SoundHound AI during the fourth quarter valued at approximately $42,000. 19.28% of the stock is currently owned by institutional investors.

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.