SoundHound AI (NASDAQ:SOUN) Stock Price Up 0.3%

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

Analyst Ratings Changes

SOUN has been the subject of a number of recent analyst reports. HC Wainwright reissued a “buy” rating and set a $7.00 target price on shares of SoundHound AI in a research report on Monday, May 13th. Wedbush reiterated an “outperform” rating and set a $9.00 price objective on shares of SoundHound AI in a research report on Friday, May 10th. Cantor Fitzgerald raised shares of SoundHound AI from an “underweight” rating to a “neutral” rating and set a $4.90 target price for the company in a research note on Thursday, April 11th. Finally, DA Davidson upped their price target on shares of SoundHound AI from $7.50 to $9.50 and gave the company a “buy” rating in a research report on Friday, March 15th. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, SoundHound AI presently has a consensus rating of “Moderate Buy” and an average price target of $6.88.

SoundHound AI Stock Down 1.0 %

The company has a market cap of $1.30 billion, a P/E ratio of -10.39 and a beta of 2.87. The firm’s 50 day moving average price is $4.64 and its two-hundred day moving average price is $4.09. The company has a debt-to-equity ratio of 0.56, a quick ratio of 8.84 and a current ratio of 8.84.

SoundHound AI (NASDAQ:SOUN) last posted its quarterly earnings results 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. The firm had revenue of $11.59 million during the quarter, compared to the consensus estimate of $10.10 million. SoundHound AI had a negative net margin of 183.49% and a negative return on equity of 163.00%. The business’s revenue was up 72.9% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.12) earnings per share. Equities research analysts anticipate that SoundHound AI, Inc. will post -0.33 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CTO Timothy Stonehocker sold 104,000 shares of the business’s stock in a transaction that occurred on Wednesday, June 5th. The stock was sold at an average price of $5.00, for a total transaction of $520,000.00. Following the completion of the sale, the chief technology officer now owns 883,570 shares in the company, valued at $4,417,850. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other news, CTO Timothy Stonehocker sold 104,000 shares of SoundHound AI stock in a transaction dated Wednesday, June 5th. The shares were sold at an average price of $5.00, for a total transaction of $520,000.00. Following the completion of the transaction, the chief technology officer now directly owns 883,570 shares in the company, valued at $4,417,850. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Lawrence Marcus sold 50,000 shares of the business’s stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $4.81, for a total transaction of $240,500.00. Following the sale, the director now directly owns 208,117 shares of the company’s stock, valued at $1,001,042.77. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 417,728 shares of company stock worth $1,815,476. Corporate insiders own 21.30% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Swiss National Bank lifted its stake in SoundHound AI by 12.0% during the 3rd quarter. Swiss National Bank now owns 351,500 shares of the company’s stock valued at $707,000 after acquiring an additional 37,700 shares in the last quarter. Kestra Advisory Services LLC bought a new position in shares of SoundHound AI during the third quarter valued at about $191,000. Quadrature Capital Ltd purchased a new position in SoundHound AI during the third quarter worth about $457,000. Vanguard Group Inc. grew its position in SoundHound AI by 18.6% in the 3rd quarter. Vanguard Group Inc. now owns 13,166,989 shares of the company’s stock worth $26,466,000 after purchasing an additional 2,064,340 shares in the last quarter. Finally, IAM Advisory LLC purchased a new stake in SoundHound AI in the 4th quarter valued at about $29,000. Hedge funds and other 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.