SoundHound AI (NASDAQ:SOUN) Shares Up 0.4% – Still a Buy?

SoundHound AI, Inc. (NASDAQ:SOUN)’s stock price shot up 0.4% on Wednesday . The company traded as high as $7.81 and last traded at $7.64. 10,737,404 shares were traded during mid-day trading, a decline of 69% from the average session volume of 35,105,352 shares. The stock had previously closed at $7.61.

Analyst Ratings Changes

A number of research firms recently weighed in on SOUN. Northland Securities increased their price target on SoundHound AI from $5.50 to $6.00 and gave the company a “market perform” rating in a research report on Friday, August 9th. HC Wainwright increased their price target on SoundHound AI from $7.00 to $8.00 and gave the company a “buy” rating in a research report on Thursday, November 14th. Wedbush reiterated an “outperform” rating and issued a $9.00 price target on shares of SoundHound AI in a research report on Thursday, September 26th. 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. Finally, Cantor Fitzgerald raised SoundHound AI from a “neutral” rating to an “overweight” rating and increased their price objective for the stock from $5.00 to $7.00 in a research note on Friday, August 9th. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $7.64.

SoundHound AI Price Performance

The stock has a 50 day moving average price of $5.57 and a two-hundred day moving average price of $5.05. 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 company has a market capitalization of $2.82 billion, a PE ratio of -21.22 and a beta of 2.71.

SoundHound AI (NASDAQ:SOUN) last posted its quarterly earnings results on Tuesday, November 12th. The company reported ($0.06) earnings per share for the quarter, topping 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 company had revenue of $25.10 million during the quarter, compared to the consensus estimate of $23.02 million. During the same period last year, the business earned ($0.09) EPS. The business’s quarterly revenue was up 88.7% on a year-over-year basis. Equities analysts forecast that SoundHound AI, Inc. will post -0.38 earnings per share for the current year.

Insider Transactions at SoundHound AI

In other news, CTO Timothy Stonehocker sold 20,337 shares of the stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $4.88, for a total transaction of $99,244.56. Following the transaction, the chief technology officer now owns 1,039,194 shares of the company’s stock, valued at approximately $5,071,266.72. This represents a 1.92 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Keyvan Mohajer sold 90,641 shares of the stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $4.88, for a total value of $442,328.08. Following the transaction, the chief executive officer now directly owns 2,362,692 shares in the company, valued at approximately $11,529,936.96. This represents a 3.69 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 337,275 shares of company stock valued at $1,811,044 in the last three months. Corporate insiders own 12.28% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. Oppenheimer & Co. Inc. increased its holdings in shares of SoundHound AI by 11.0% during the 3rd quarter. Oppenheimer & Co. Inc. now owns 19,000 shares of the company’s stock valued at $89,000 after acquiring an additional 1,887 shares during the last quarter. Integrated Wealth Concepts LLC grew its holdings in SoundHound AI by 13.0% in the 3rd quarter. Integrated Wealth Concepts LLC now owns 17,150 shares of the company’s stock valued at $80,000 after buying an additional 1,975 shares during the last quarter. Genesee Capital Advisors LLC grew its holdings in SoundHound AI by 11.4% in the 2nd quarter. Genesee Capital Advisors LLC now owns 19,468 shares of the company’s stock valued at $77,000 after buying an additional 2,000 shares during the last quarter. Signaturefd LLC grew its holdings in SoundHound AI by 19.5% in the 3rd quarter. Signaturefd LLC now owns 12,255 shares of the company’s stock valued at $57,000 after buying an additional 2,000 shares during the last quarter. Finally, Newbridge Financial Services Group Inc. grew its holdings in SoundHound AI by 24.7% in the 2nd quarter. Newbridge Financial Services Group Inc. now owns 11,720 shares of the company’s stock valued at $46,000 after buying an additional 2,320 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.