SoundHound AI (NASDAQ:SOUN) Shares Gap Up to $5.86

SoundHound AI, Inc. (NASDAQ:SOUN)’s share price gapped up prior to trading on Tuesday . The stock had previously closed at $5.86, but opened at $6.12. SoundHound AI shares last traded at $6.01, with a volume of 13,707,844 shares changing hands.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. Wedbush upped their price objective on shares of SoundHound AI from $5.00 to $9.00 and gave the company an “outperform” rating in a research note on Friday, March 1st. Cantor Fitzgerald reaffirmed an “underweight” rating and issued a $4.90 price objective (down previously from $5.80) on shares of SoundHound AI in a research note on Wednesday, March 20th. Northland Securities reissued a “market perform” rating on shares of SoundHound AI in a research report on Wednesday, February 28th. DA Davidson raised their target price on shares of SoundHound AI from $7.50 to $9.50 and gave the stock a “buy” rating in a research report on Friday, March 15th. Finally, LADENBURG THALM/SH SH initiated coverage on shares of SoundHound AI in a research report on Tuesday, January 30th. They issued a “buy” rating and a $4.00 target price for the company. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $6.88.

SoundHound AI Price Performance

The firm has a market cap of $1.83 billion, a PE ratio of -15.21 and a beta of 2.84. The company has a quick ratio of 4.69, a current ratio of 4.69 and a debt-to-equity ratio of 6.03. The firm’s fifty day simple moving average is $4.37 and its two-hundred day simple moving average is $2.82.

SoundHound AI (NASDAQ:SOUN) last released its quarterly earnings data on Thursday, February 29th. The company reported ($0.06) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.05) by ($0.01). The company had revenue of $17.10 million for the quarter, compared to the consensus estimate of $17.75 million. SoundHound AI had a negative net margin of 188.57% and a negative return on equity of 1,955.68%. The company’s quarterly revenue was up 80.0% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.15) EPS. As a group, research analysts expect that SoundHound AI, Inc. will post -0.29 EPS for the current year.

Insider Buying and Selling

In other SoundHound AI news, Director Eric R. Ball sold 50,000 shares of the stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $5.00, for a total transaction of $250,000.00. Following the completion of the sale, the director now directly owns 530,250 shares of the company’s stock, valued at $2,651,250. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other SoundHound AI news, CEO Keyvan Mohajer sold 107,927 shares of the stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $3.70, for a total transaction of $399,329.90. Following the completion of the sale, the chief executive officer now directly owns 1,218,712 shares of the company’s stock, valued at $4,509,234.40. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Eric R. Ball sold 50,000 shares of the stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $5.00, for a total transaction of $250,000.00. Following the sale, the director now directly owns 530,250 shares of the company’s stock, valued at $2,651,250. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 410,714 shares of company stock worth $2,598,723. Insiders own 21.30% of the company’s stock.

Hedge Funds Weigh In On SoundHound AI

Hedge funds have recently modified their holdings of the stock. Bank of America Corp DE increased its holdings in shares of SoundHound AI by 1,238.7% during the fourth quarter. Bank of America Corp DE now owns 14,726 shares of the company’s stock valued at $26,000 after acquiring an additional 13,626 shares in the last quarter. Independent Advisor Alliance acquired a new position in shares of SoundHound AI during the fourth quarter valued at about $28,000. Two Sigma Securities LLC acquired a new position in shares of SoundHound AI during the first quarter valued at about $28,000. IAM Advisory LLC acquired a new position in shares of SoundHound AI during the fourth quarter valued at about $29,000. Finally, Cambridge Investment Research Advisors Inc. acquired a new position in SoundHound AI in the 4th quarter worth approximately $32,000. Institutional investors and hedge funds own 19.28% of the company’s stock.

SoundHound AI Company Profile

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.