SoundHound AI (NASDAQ:SOUN) Shares Up 0.3%

SoundHound AI, Inc. (NASDAQ:SOUN) shares were up 0.3% during trading on Friday . The company traded as high as $4.13 and last traded at $4.00. Approximately 3,816,449 shares traded hands during mid-day trading, a decline of 91% from the average daily volume of 41,877,000 shares. The stock had previously closed at $3.99.

Wall Street Analysts Forecast Growth

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

SoundHound AI Stock Down 1.0 %

The stock has a market cap of $1.30 billion, a price-to-earnings ratio of -10.39 and a beta of 2.87. The firm has a 50 day simple moving average of $4.64 and a two-hundred day simple moving average of $4.09. The company has a debt-to-equity ratio of 0.56, a current ratio of 8.84 and a quick ratio of 8.84.

SoundHound AI (NASDAQ:SOUN) last released its quarterly earnings data on Thursday, May 9th. The company reported ($0.07) earnings per share for the quarter, topping the consensus estimate of ($0.09) by $0.02. The business 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%. SoundHound AI’s quarterly revenue was up 72.9% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.12) EPS. As a group, sell-side analysts expect that SoundHound AI, Inc. will post -0.33 EPS for the current year.

Insider Buying and Selling

In other SoundHound AI news, CTO Timothy Stonehocker sold 16,039 shares of the business’s stock in a transaction dated Thursday, June 20th. The stock was sold at an average price of $4.04, for a total value of $64,797.56. Following the completion of the transaction, the chief technology officer now directly owns 867,531 shares of the company’s stock, valued at $3,504,825.24. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, CTO Timothy Stonehocker sold 16,039 shares of the stock in a transaction on Thursday, June 20th. The shares were sold at an average price of $4.04, for a total transaction of $64,797.56. Following the completion of the sale, the chief technology officer now owns 867,531 shares of the company’s stock, valued at $3,504,825.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Keyvan Mohajer sold 116,504 shares of SoundHound AI stock in a transaction dated Monday, June 24th. The shares were sold at an average price of $3.95, for a total value of $460,190.80. Following the completion of the sale, the chief executive officer now directly owns 953,333 shares in the company, valued at approximately $3,765,665.35. The disclosure for this sale can be found here. In the last quarter, insiders have sold 417,728 shares of company stock valued at $1,815,476. 21.30% of the stock is owned by company insiders.

Institutional Trading of SoundHound AI

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Ameritas Investment Partners Inc. boosted its holdings in SoundHound AI by 17.3% during the first quarter. Ameritas Investment Partners Inc. now owns 13,561 shares of the company’s stock worth $80,000 after purchasing an additional 2,000 shares during the last quarter. Principal Financial Group Inc. boosted its stake 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 during the last quarter. Hexagon Capital Partners LLC bought a new position in shares of SoundHound AI in the 1st quarter valued at about $29,000. DecisionPoint Financial LLC acquired a new stake in shares of SoundHound AI in the first quarter valued at about $40,000. Finally, Prosperity Wealth Management Inc. raised its holdings in SoundHound AI by 18.5% during the fourth quarter. Prosperity Wealth Management Inc. now owns 50,600 shares of the company’s stock worth $107,000 after acquiring an additional 7,900 shares in the last quarter. 19.28% of the stock is currently owned by institutional investors and hedge funds.

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.