SoundHound AI (NASDAQ:SOUN) Trading Up 10.2%

SoundHound AI, Inc. (NASDAQ:SOUN) shares were up 10.2% during mid-day trading on Friday . The stock traded as high as $5.95 and last traded at $5.92. Approximately 24,392,445 shares changed hands during mid-day trading, a decline of 41% from the average daily volume of 41,526,375 shares. The stock had previously closed at $5.37.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on SOUN shares. Wedbush reiterated 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 reiterated a “buy” rating and issued a $7.00 price objective on shares of SoundHound AI in a research note on Monday, May 13th. Finally, Cantor Fitzgerald upgraded SoundHound AI from an “underweight” rating to a “neutral” rating and set a $4.90 price objective for the company in a research note on Thursday, April 11th. 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, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $6.88.

SoundHound AI Stock Performance

The firm has a 50 day moving average of $4.68 and a two-hundred day moving average of $4.25. The stock has a market cap of $2.04 billion, a PE ratio of -16.32 and a beta of 2.76. 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 posted its earnings results 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 firm had revenue of $11.59 million during the quarter, compared to analysts’ expectations of $10.10 million. SoundHound AI had a negative return on equity of 163.00% and a negative net margin of 183.49%. The firm’s revenue was up 72.9% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.12) earnings per share. Research analysts predict that SoundHound AI, Inc. will post -0.33 EPS for the current fiscal year.

Insider Buying and Selling

In other SoundHound AI news, insider James Ming Hom sold 16,716 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 $67,532.64. Following the transaction, the insider now owns 486,989 shares of the company’s stock, valued at $1,967,435.56. The transaction was disclosed in a filing with the SEC, which is available at this link. In other SoundHound AI news, CEO Keyvan Mohajer sold 67,994 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 $274,695.76. Following the transaction, the chief executive officer now owns 1,069,837 shares of the company’s stock, valued at $4,322,141.48. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider James Ming Hom sold 16,716 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 value of $67,532.64. Following the transaction, the insider now directly owns 486,989 shares in the company, valued at approximately $1,967,435.56. The disclosure for this sale can be found here. Insiders sold a total of 417,728 shares of company stock worth $1,815,476 over the last 90 days. 21.30% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Hexagon Capital Partners LLC acquired a new position in shares of SoundHound AI in the first quarter valued at approximately $29,000. DecisionPoint Financial LLC acquired a new position in shares of SoundHound AI in the first quarter valued at approximately $40,000. Newbridge Financial Services Group Inc. acquired a new position in shares of SoundHound AI in the first quarter valued at approximately $55,000. Wesbanco Bank Inc. acquired a new position in shares of SoundHound AI in the first quarter valued at approximately $59,000. Finally, Emerald Advisors LLC acquired a new position in shares of SoundHound AI in the first quarter valued at approximately $59,000. Institutional investors and hedge funds 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.