SoundHound AI (NASDAQ:SOUN) Shares Up 1.4% – Time to Buy?

SoundHound AI, Inc. (NASDAQ:SOUN)’s share price shot up 1.4% during mid-day trading on Thursday . The stock traded as high as $10.17 and last traded at $9.99. 7,656,819 shares traded hands during mid-day trading, a decline of 81% from the average session volume of 39,352,079 shares. The stock had previously closed at $9.85.

Wall Street Analyst Weigh In

A number of research firms have issued reports on SOUN. Cantor Fitzgerald upgraded shares of SoundHound AI to a “hold” rating in a research report on Monday, February 24th. Northland Securities upped their target price 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. DA Davidson increased their price objective on shares of SoundHound AI from $9.50 to $13.00 and gave the company a “buy” rating in a research report on Friday, February 28th. HC Wainwright restated a “buy” rating and set a $26.00 price objective on shares of SoundHound AI in a research report on Monday, March 3rd. Finally, Wedbush increased their price objective on shares of SoundHound AI from $10.00 to $22.00 and gave the company an “outperform” rating in a research report on Monday, December 16th. Four investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $12.86.

SoundHound AI Stock Down 1.8 %

The company’s 50-day simple moving average is $12.38 and its 200 day simple moving average is $10.33. The firm has a market cap of $3.81 billion, a P/E ratio of -27.18 and a beta of 2.62. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.58 and a quick ratio of 2.58.

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

Insider Transactions at SoundHound AI

In related news, CTO Timothy Stonehocker sold 34,407 shares of the company’s stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $20.30, for a total value of $698,462.10. Following the completion of the transaction, the chief technology officer now owns 796,581 shares of the company’s stock, valued at approximately $16,170,594.30. This represents a 4.14 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Keyvan Mohajer sold 121,194 shares of the business’s stock in a transaction on Friday, December 20th. The stock was sold at an average price of $20.30, for a total transaction of $2,460,238.20. Following the completion of the sale, the chief executive officer now directly owns 2,177,954 shares of the company’s stock, valued at approximately $44,212,466.20. The trade was a 5.27 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 524,676 shares of company stock valued at $10,638,694 in the last 90 days. Insiders own 12.28% of the company’s stock.

Institutional Investors Weigh In On SoundHound AI

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. boosted its stake in SoundHound AI by 35.6% during the 4th quarter. Vanguard Group Inc. now owns 32,031,662 shares of the company’s stock worth $635,508,000 after purchasing an additional 8,402,881 shares during the last quarter. Geode Capital Management LLC boosted its stake in SoundHound AI by 4.4% during the 4th quarter. Geode Capital Management LLC now owns 7,509,496 shares of the company’s stock worth $149,024,000 after purchasing an additional 315,897 shares during the last quarter. State Street Corp boosted its stake in SoundHound AI by 0.6% during the 3rd quarter. State Street Corp now owns 7,197,414 shares of the company’s stock worth $33,540,000 after purchasing an additional 42,869 shares during the last quarter. Northern Trust Corp boosted its position in shares of SoundHound AI by 10.0% during the 4th quarter. Northern Trust Corp now owns 2,906,245 shares of the company’s stock valued at $57,660,000 after acquiring an additional 264,382 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its position in shares of SoundHound AI by 5.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,725,693 shares of the company’s stock valued at $54,078,000 after acquiring an additional 143,487 shares during the last quarter. 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.