SoundHound AI (NASDAQ:SOUN) Trading Up 1.8%

SoundHound AI, Inc. (NASDAQ:SOUN) shares were up 1.8% on Tuesday . The stock traded as high as $4.08 and last traded at $3.96. Approximately 3,446,344 shares changed hands during trading, a decline of 92% from the average daily volume of 41,557,090 shares. The stock had previously closed at $3.89.

Wall Street Analyst Weigh In

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

SoundHound AI Stock Down 0.3 %

The stock has a market capitalization of $1.29 billion, a PE ratio of -10.34 and a beta of 2.77. The firm’s fifty day moving average is $4.63 and its 200-day moving average is $4.12. 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 posted its quarterly 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. SoundHound AI had a negative net margin of 183.49% and a negative return on equity of 163.00%. The company had revenue of $11.59 million during the quarter, compared to the consensus estimate of $10.10 million. During the same period last year, the firm earned ($0.12) EPS. The company’s revenue for the quarter was up 72.9% on a year-over-year basis. On average, equities research analysts predict that SoundHound AI, Inc. will post -0.33 earnings per share for the current year.

Insider Activity

In other news, CTO Timothy Stonehocker sold 104,000 shares of SoundHound AI stock in a transaction that occurred on 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 sale, the chief technology officer now directly owns 883,570 shares in the company, valued at approximately $4,417,850. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, CFO Nitesh Sharan sold 22,384 shares of SoundHound AI stock in a transaction that occurred on Thursday, June 20th. The stock was sold at an average price of $4.04, for a total transaction of $90,431.36. Following the completion of the transaction, the chief financial officer now directly owns 728,633 shares in the company, valued at approximately $2,943,677.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CTO Timothy Stonehocker sold 104,000 shares of SoundHound AI stock in a transaction that occurred on Wednesday, June 5th. The stock was sold at an average price of $5.00, for a total value of $520,000.00. Following the transaction, the chief technology officer now owns 883,570 shares of the company’s stock, valued at $4,417,850. The disclosure for this sale can be found here. In the last three months, insiders sold 417,728 shares of company stock worth $1,815,476. Company insiders own 21.30% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of SOUN. Kestra Advisory Services LLC acquired a new position in shares of SoundHound AI during the 3rd quarter worth approximately $191,000. Quadrature Capital Ltd purchased a new stake in SoundHound AI in the 3rd quarter worth approximately $457,000. Vanguard Group Inc. grew its stake 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 acquiring an additional 2,064,340 shares during the period. IAM Advisory LLC purchased a new stake in SoundHound AI in the 4th quarter worth approximately $29,000. Finally, SG Americas Securities LLC grew its stake in SoundHound AI by 40.2% in the 4th quarter. SG Americas Securities LLC now owns 38,243 shares of the company’s stock worth $81,000 after acquiring an additional 10,957 shares during the period. 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.