SoundHound AI (NASDAQ:SOUN) Shares Up 2.5%

SoundHound AI, Inc. (NASDAQ:SOUNGet Free Report)’s stock price shot up 2.5% on Friday . The company traded as high as $4.04 and last traded at $4.03. 3,793,217 shares traded hands during mid-day trading, a decline of 91% from the average session volume of 41,040,352 shares. The stock had previously closed at $3.93.

Wall Street Analysts Forecast Growth

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

View Our Latest Research Report on SOUN

SoundHound AI Stock Performance

The company has a 50-day moving average price of $4.62 and a two-hundred day moving average price of $4.15. The stock has a market capitalization of $1.38 billion, a P/E ratio of -11.03 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:SOUNGet Free Report) last announced 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. SoundHound AI had a negative return on equity of 163.00% and a negative net margin of 183.49%. The firm had revenue of $11.59 million for the quarter, compared to analysts’ expectations of $10.10 million. During the same period in the prior year, the business posted ($0.12) earnings per share. The company’s revenue was up 72.9% on a year-over-year basis. Equities analysts expect that SoundHound AI, Inc. will post -0.33 earnings per share for the current year.

Insider Activity

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 value of $67,532.64. Following the transaction, the insider now directly owns 486,989 shares in the company, valued at $1,967,435.56. The transaction was disclosed in a document filed with the SEC, which can be accessed 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 value of $67,532.64. Following the transaction, the insider now directly owns 486,989 shares in the company, valued at $1,967,435.56. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CTO Timothy Stonehocker sold 16,039 shares of the company’s 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 $64,797.56. Following the completion of the transaction, the chief technology officer now owns 867,531 shares in the company, valued at $3,504,825.24. The disclosure for this sale can be found here. Insiders have sold a total of 417,728 shares of company stock worth $1,815,476 over the last ninety days. Company insiders own 21.30% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Cetera Advisors LLC bought a new position in shares of SoundHound AI in the first quarter worth approximately $327,000. Strategic Wealth Partners Ltd. purchased a new stake in SoundHound AI in the first quarter worth approximately $73,000. Janus Henderson Group PLC boosted its stake in SoundHound AI by 563.0% in the first quarter. Janus Henderson Group PLC now owns 482,731 shares of the company’s stock worth $2,843,000 after buying an additional 409,917 shares in the last quarter. Bayesian Capital Management LP purchased a new stake in SoundHound AI in the first quarter worth approximately $162,000. Finally, Gendell Jeffrey L purchased a new stake in SoundHound AI in the first quarter worth approximately $589,000. 19.28% of the stock is currently owned by institutional investors.

SoundHound AI Company Profile

(Get Free Report)

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.

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