SoundHound AI (NASDAQ:SOUN) Trading 0.4% Higher

Shares of SoundHound AI, Inc. (NASDAQ:SOUN) rose 0.4% during mid-day trading on Thursday . The company traded as high as $5.16 and last traded at $5.00. Approximately 8,888,993 shares changed hands during trading, a decline of 78% from the average daily volume of 39,742,598 shares. The stock had previously closed at $4.98.

Wall Street Analysts Forecast Growth

SOUN has been the subject of several recent research reports. Wedbush restated an “outperform” rating and set a $9.00 price objective on shares of SoundHound AI in a report on Friday, August 9th. HC Wainwright restated a “buy” rating and set a $7.00 price objective on shares of SoundHound AI in a research note on Monday. Cantor Fitzgerald upgraded shares of SoundHound AI from a “neutral” rating to an “overweight” rating and upped their target price for the stock from $5.00 to $7.00 in a research note on Friday, August 9th. Finally, Northland Securities increased their price objective on shares of SoundHound AI from $5.50 to $6.00 and gave the company a “market perform” rating in a research note on Friday, August 9th. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $7.08.

SoundHound AI Stock Performance

The company has a debt-to-equity ratio of 0.56, a quick ratio of 8.84 and a current ratio of 8.84. The company has a market cap of $1.63 billion, a PE ratio of -13.16 and a beta of 2.77. The company’s 50 day moving average price is $4.63 and its 200-day moving average price is $4.73.

SoundHound AI (NASDAQ:SOUN) last released its earnings results on Thursday, August 8th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $13.46 million during the quarter, compared to analysts’ expectations of $13.09 million. During the same period in the prior year, the business earned ($0.10) earnings per share. The business’s quarterly revenue was up 53.8% compared to the same quarter last year. Equities research analysts anticipate that SoundHound AI, Inc. will post -0.3 earnings per share for the current fiscal 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 related news, insider James Ming Hom sold 16,716 shares of the company’s 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 $67,532.64. Following the sale, the insider now owns 486,989 shares of the company’s stock, valued at approximately $1,967,435.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Keyvan Mohajer sold 116,504 shares of the firm’s stock in a transaction 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 completion of the transaction, the chief executive officer now directly owns 953,333 shares of the company’s stock, 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 Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Independent Advisor Alliance purchased a new stake in SoundHound AI in the fourth quarter valued at approximately $28,000. Kings Path Partners LLC purchased a new position in SoundHound AI in the 2nd quarter worth $28,000. Hexagon Capital Partners LLC bought a new stake in SoundHound AI in the first quarter worth $29,000. International Assets Investment Management LLC purchased a new stake in SoundHound AI during the second quarter valued at about $31,000. Finally, HighPoint Advisor Group LLC purchased a new position in shares of SoundHound AI in the fourth quarter worth about $37,000. 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.