SoundHound AI (NASDAQ:SOUN) Stock Price Up 1.8% – Time to Buy?

SoundHound AI, Inc. (NASDAQ:SOUN)’s stock price traded up 1.8% during trading on Tuesday . The company traded as high as $8.95 and last traded at $8.72. 11,012,576 shares traded hands during mid-day trading, a decline of 74% from the average session volume of 42,001,506 shares. The stock had previously closed at $8.57.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the stock. HC Wainwright reissued a “buy” rating and set a $26.00 target price on shares of SoundHound AI in a research note on Monday, March 3rd. LADENBURG THALM/SH SH reissued a “neutral” rating and issued a $7.00 price objective on shares of SoundHound AI in a research note on Wednesday, November 13th. DA Davidson raised their target price on SoundHound AI from $9.50 to $13.00 and gave the stock a “buy” rating in a research note on Friday, February 28th. Wedbush boosted their price target on SoundHound AI from $10.00 to $22.00 and gave the company an “outperform” rating in a research note on Monday, December 16th. Finally, Barclays reaffirmed a “neutral” rating and set a $7.00 price objective on shares of SoundHound AI in a research report on Wednesday, November 13th. Four equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, SoundHound AI currently has a consensus rating of “Hold” and an average target price of $12.86.

SoundHound AI Price Performance

The business has a 50-day moving average price of $13.28 and a two-hundred day moving average price of $10.16. The company has a quick ratio of 2.58, a current ratio of 2.58 and a debt-to-equity ratio of 0.13. The company has a market capitalization of $3.50 billion, a price-to-earnings ratio of -24.75 and a beta of 2.62.

SoundHound AI (NASDAQ:SOUN) last released its quarterly earnings data on Thursday, February 27th. The company reported ($0.69) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.58). The business had revenue of $34.54 million during the quarter, compared to the consensus estimate of $33.70 million. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. As a group, research analysts anticipate that SoundHound AI, Inc. will post -0.38 EPS for the current year.

Insider Activity at SoundHound AI

In related news, insider James Ming Hom sold 58,382 shares of the firm’s stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $18.35, for a total transaction of $1,071,309.70. Following the transaction, the insider now directly owns 754,811 shares of the company’s stock, valued at $13,850,781.85. This trade represents a 7.18 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, COO Michael Zagorsek sold 138,906 shares of the company’s stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $17.63, for a total transaction of $2,448,912.78. Following the completion of the sale, the chief operating officer now directly owns 1,473,322 shares of the company’s stock, valued at $25,974,666.86. The trade was a 8.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 999,777 shares of company stock valued at $20,062,443 over the last 90 days. Insiders own 12.28% of the company’s stock.

Hedge Funds Weigh In On SoundHound AI

Hedge funds and other institutional investors have recently modified their holdings of the business. Creative Planning bought a new stake in SoundHound AI during the third quarter worth $91,000. Farther Finance Advisors LLC raised its stake in shares of SoundHound AI by 298.5% during the 3rd quarter. Farther Finance Advisors LLC now owns 8,966 shares of the company’s stock worth $42,000 after purchasing an additional 6,716 shares during the period. Sigma Planning Corp boosted its holdings in shares of SoundHound AI by 79.7% in the 3rd quarter. Sigma Planning Corp now owns 21,640 shares of the company’s stock worth $101,000 after buying an additional 9,600 shares during the last quarter. Wolverine Asset Management LLC grew its position in SoundHound AI by 7.7% during the third quarter. Wolverine Asset Management LLC now owns 35,102 shares of the company’s stock valued at $164,000 after buying an additional 2,522 shares during the period. Finally, Harbour Investments Inc. increased its holdings in SoundHound AI by 4.7% during the third quarter. Harbour Investments Inc. now owns 62,534 shares of the company’s stock worth $291,000 after buying an additional 2,788 shares during the last quarter. Hedge funds and other institutional investors 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.