SoundHound AI (NASDAQ:SOUN) Shares Up 0% – Here’s Why

SoundHound AI, Inc. (NASDAQ:SOUN) traded up 0% during mid-day trading on Wednesday . The stock traded as high as $16.15 and last traded at $15.71. 16,603,499 shares were traded during trading, a decline of 71% from the average session volume of 57,789,043 shares. The stock had previously closed at $15.71.

Analyst Upgrades and Downgrades

Several research analysts have commented on SOUN shares. LADENBURG THALM/SH SH reaffirmed a “neutral” rating and issued a $7.00 price target on shares of SoundHound AI in a research report on Wednesday, November 13th. Barclays reiterated a “neutral” rating and issued a $7.00 price target on shares of SoundHound AI in a research report on Wednesday, November 13th. Wedbush upped their target price on shares of SoundHound AI from $10.00 to $22.00 and gave the stock an “outperform” rating in a report on Monday, December 16th. HC Wainwright reiterated a “buy” rating and issued a $26.00 target price on shares of SoundHound AI in a research note on Monday, January 13th. Finally, Northland Securities upped their price target on shares of SoundHound AI from $6.00 to $8.00 and gave the stock a “market perform” rating in a research report on Tuesday, January 14th. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, SoundHound AI has a consensus rating of “Moderate Buy” and an average target price of $12.36.

SoundHound AI Stock Up 2.1 %

The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.58 and a current ratio of 2.58. The firm has a market capitalization of $5.93 billion, a price-to-earnings ratio of -44.60 and a beta of 2.56. The business’s 50-day moving average is $15.92 and its two-hundred day moving average is $9.01.

SoundHound AI (NASDAQ:SOUN) last posted its earnings results on Tuesday, November 12th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.01. SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. The firm had revenue of $25.10 million during the quarter, compared to analysts’ expectations of $23.02 million. During the same period in the previous year, the firm earned ($0.09) earnings per share. The company’s revenue was up 88.7% on a year-over-year basis. On average, equities analysts anticipate that SoundHound AI, Inc. will post -0.38 earnings per share for the current year.

Insider Buying and Selling at SoundHound AI

In other SoundHound AI news, CTO Timothy Stonehocker sold 34,407 shares of the company’s stock in a transaction on Friday, December 20th. The shares were sold at an average price of $20.30, for a total transaction of $698,462.10. Following the sale, the chief technology officer now directly owns 796,581 shares of the company’s stock, valued at approximately $16,170,594.30. This represents a 4.14 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Eric R. Ball sold 30,000 shares of the business’s stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $8.03, for a total value of $240,900.00. Following the transaction, the director now directly owns 110,907 shares in the company, valued at approximately $890,583.21. This trade represents a 21.29 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 2,782,918 shares of company stock valued at $45,391,343 in the last 90 days. 12.28% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On SoundHound AI

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Blue Trust Inc. raised its position in shares of SoundHound AI by 197.6% in the 4th quarter. Blue Trust Inc. now owns 1,250 shares of the company’s stock valued at $25,000 after buying an additional 830 shares in the last quarter. Sound Income Strategies LLC raised its position in SoundHound AI by 2,542.0% in the fourth quarter. Sound Income Strategies LLC now owns 1,321 shares of the company’s stock valued at $26,000 after purchasing an additional 1,271 shares during the last quarter. NBC Securities Inc. boosted its position in SoundHound AI by 97.8% during the 3rd quarter. NBC Securities Inc. now owns 7,720 shares of the company’s stock worth $35,000 after buying an additional 3,818 shares during the period. Future Financial Wealth Managment LLC bought a new stake in shares of SoundHound AI in the fourth quarter worth $40,000. Finally, Compagnie Lombard Odier SCmA acquired a new stake in shares of SoundHound AI in the fourth quarter valued at about $40,000. 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.