SoundHound AI (NASDAQ:SOUN) Trading Up 12.3% – Should You Buy?

SoundHound AI, Inc. (NASDAQ:SOUN)’s stock price traded up 12.3% on Friday . The stock traded as high as $10.00 and last traded at $10.01. 16,885,682 shares traded hands during mid-day trading, a decline of 59% from the average session volume of 41,148,432 shares. The stock had previously closed at $8.91.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on SOUN shares. Wedbush raised their price objective on shares of SoundHound AI from $10.00 to $22.00 and gave the stock an “outperform” rating in a research note on Monday, December 16th. Cantor Fitzgerald raised shares of SoundHound AI to a “hold” rating in a research note on Monday, February 24th. HC Wainwright reaffirmed a “buy” rating and set a $26.00 price objective on shares of SoundHound AI in a research note on Monday, March 3rd. DA Davidson raised their price objective on shares of SoundHound AI from $9.50 to $13.00 and gave the stock a “buy” rating in a research note on Friday, February 28th. Finally, Northland Securities raised their price objective on shares of SoundHound AI from $6.00 to $8.00 and gave the stock a “market perform” rating in a research note on Tuesday, January 14th. Four investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, SoundHound AI presently has a consensus rating of “Hold” and an average target price of $12.86.

SoundHound AI Stock Up 16.0 %

The stock has a market cap of $4.07 billion, a PE ratio of -28.72 and a beta of 2.62. The company has a current ratio of 2.58, a quick ratio of 2.58 and a debt-to-equity ratio of 0.13. The business has a 50-day moving average price of $12.85 and a 200-day moving average price of $10.23.

SoundHound AI (NASDAQ:SOUN) last announced its earnings results on Thursday, February 27th. The company reported ($0.69) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.58). The business had revenue of $34.54 million for the quarter, compared to analysts’ expectations 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, analysts forecast 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, VP Majid Emami sold 37,459 shares of the firm’s stock in a transaction on Friday, December 20th. The stock was sold at an average price of $20.30, for a total value of $760,417.70. Following the transaction, the vice president now owns 698,226 shares in the company, valued at approximately $14,173,987.80. This trade represents a 5.09 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Keyvan Mohajer sold 121,194 shares of the firm’s stock in a transaction on Friday, December 20th. The shares were sold at an average price of $20.30, for a total value of $2,460,238.20. Following the completion of the transaction, the chief executive officer now owns 2,177,954 shares in the company, valued at $44,212,466.20. The trade was a 5.27 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 999,777 shares of company stock worth $20,062,443. Corporate insiders own 12.28% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Commons Capital LLC raised its holdings in shares of SoundHound AI by 2.7% during the 4th quarter. Commons Capital LLC now owns 27,349 shares of the company’s stock worth $543,000 after acquiring an additional 723 shares during the period. ST Germain D J Co. Inc. raised its holdings in shares of SoundHound AI by 33.2% during the 4th quarter. ST Germain D J Co. Inc. now owns 3,008 shares of the company’s stock worth $60,000 after acquiring an additional 750 shares during the period. Keynote Financial Services LLC raised its holdings in shares of SoundHound AI by 4.7% during the 4th quarter. Keynote Financial Services LLC now owns 16,587 shares of the company’s stock worth $329,000 after acquiring an additional 752 shares during the period. Blue Trust Inc. raised its holdings in shares of SoundHound AI by 197.6% during the 4th quarter. Blue Trust Inc. now owns 1,250 shares of the company’s stock worth $25,000 after acquiring an additional 830 shares during the period. Finally, Russell Investments Group Ltd. raised its holdings in shares of SoundHound AI by 16.4% during the 4th quarter. Russell Investments Group Ltd. now owns 6,598 shares of the company’s stock worth $131,000 after acquiring an additional 929 shares during the period. Hedge funds and other institutional investors 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.