SoundHound AI (NASDAQ:SOUN) Stock Price Up 2.8% – Time to Buy?

SoundHound AI, Inc. (NASDAQ:SOUN)’s share price rose 2.8% during mid-day trading on Monday . The stock traded as high as $9.52 and last traded at $9.25. Approximately 33,787,419 shares were traded during mid-day trading, an increase of 22% from the average daily volume of 27,597,344 shares. The stock had previously closed at $9.00.

Analysts Set New Price Targets

Several equities analysts recently weighed in on SOUN shares. LADENBURG THALM/SH SH upgraded shares of SoundHound AI to a “strong-buy” rating in a report on Wednesday, May 6th. HC Wainwright reduced their price objective on SoundHound AI from $26.00 to $20.00 and set a “buy” rating on the stock in a research note on Monday, March 2nd. Piper Sandler reaffirmed a “neutral” rating and issued a $9.00 target price (down from $11.00) on shares of SoundHound AI in a research report on Friday, February 27th. Zacks Research upgraded SoundHound AI from a “strong sell” rating to a “hold” rating in a research note on Monday, February 9th. Finally, DA Davidson reiterated a “buy” rating and set a $14.00 target price on shares of SoundHound AI in a report on Wednesday, April 22nd. One research analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, SoundHound AI has an average rating of “Moderate Buy” and an average price target of $14.93.

SoundHound AI Stock Performance

The firm has a market capitalization of $4.00 billion, a PE ratio of -19.68 and a beta of 2.56. The firm has a fifty day moving average of $7.67 and a 200 day moving average of $9.22.

SoundHound AI (NASDAQ:SOUN) last announced its earnings results on Thursday, May 7th. The company reported ($0.06) EPS for the quarter, missing the consensus estimate of ($0.05) by ($0.01). SoundHound AI had a negative net margin of 91.84% and a negative return on equity of 40.15%. The company had revenue of $44.20 million for the quarter, compared to analysts’ expectations of $42.56 million. During the same quarter in the previous year, the business posted ($0.06) earnings per share. The business’s quarterly revenue was up 51.7% compared to the same quarter last year. Research analysts forecast that SoundHound AI, Inc. will post -0.43 earnings per share for the current fiscal year.

Insider Buying and Selling at SoundHound AI

In related news, SVP Majid Emami sold 31,019 shares of SoundHound AI stock in a transaction on Friday, March 20th. The shares were sold at an average price of $6.79, for a total value of $210,619.01. Following the completion of the sale, the senior vice president owned 501,826 shares in the company, valued at approximately $3,407,398.54. The trade was a 5.82% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider James Ming Hom sold 31,019 shares of SoundHound AI stock in a transaction that occurred on Friday, March 20th. The stock was sold at an average price of $6.79, for a total value of $210,619.01. Following the completion of the transaction, the insider owned 772,364 shares of the company’s stock, valued at approximately $5,244,351.56. The trade was a 3.86% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 307,973 shares of company stock valued at $2,091,110. Corporate insiders own 8.84% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the company. EP Wealth Advisors LLC boosted its position in SoundHound AI by 5.3% during the 2nd quarter. EP Wealth Advisors LLC now owns 14,100 shares of the company’s stock valued at $151,000 after purchasing an additional 706 shares during the period. Newbridge Financial Services Group Inc. boosted its position in SoundHound AI by 2.7% during the 3rd quarter. Newbridge Financial Services Group Inc. now owns 31,880 shares of the company’s stock valued at $513,000 after purchasing an additional 830 shares during the period. Insigneo Advisory Services LLC boosted its position in SoundHound AI by 7.4% during the 3rd quarter. Insigneo Advisory Services LLC now owns 12,416 shares of the company’s stock valued at $200,000 after purchasing an additional 858 shares during the period. Clear Creek Financial Management LLC boosted its position in SoundHound AI by 1.6% during the 4th quarter. Clear Creek Financial Management LLC now owns 58,091 shares of the company’s stock valued at $579,000 after purchasing an additional 941 shares during the period. Finally, PNC Financial Services Group Inc. boosted its position in SoundHound AI by 15.5% during the 3rd quarter. PNC Financial Services Group Inc. now owns 7,127 shares of the company’s stock valued at $115,000 after purchasing an additional 956 shares during the period. Institutional investors and hedge funds own 19.28% of the company’s stock.

About SoundHound AI

SoundHound AI, Inc is a voice AI and conversational intelligence company specializing in speech recognition, natural language understanding and sound identification technologies. Founded in 2005 and headquartered in Santa Clara, California, the company initially gained recognition with its music discovery app before pivoting to enterprise-grade voice AI solutions. Over the years, SoundHound AI has built a comprehensive platform that enables developers and businesses to embed conversational intelligence into a wide range of products and services.

The company’s core offering is the Houndify voice AI platform, which provides customizable speech-to-meaning technology, domain-specific natural language understanding and text-to-speech capabilities.