SoundHound AI (NASDAQ:SOUN) Stock Price Up 5% – Time to Buy?

SoundHound AI, Inc. (NASDAQ:SOUN)’s stock price traded up 5% on Wednesday . The company traded as high as $11.80 and last traded at $11.78. 20,041,413 shares traded hands during trading, a decline of 55% from the average session volume of 44,827,574 shares. The stock had previously closed at $11.22.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on the company. Weiss Ratings reissued a “sell (d-)” rating on shares of SoundHound AI in a report on Tuesday, October 14th. LADENBURG THALM/SH SH raised shares of SoundHound AI from a “neutral” rating to a “buy” rating and raised their target price for the company from $9.00 to $16.00 in a report on Monday, August 11th. HC Wainwright boosted their target price on shares of SoundHound AI from $18.00 to $26.00 and gave the company a “buy” rating in a research report on Thursday, October 16th. DA Davidson reaffirmed a “buy” rating and set a $17.00 price target on shares of SoundHound AI in a report on Tuesday, November 18th. Finally, Wedbush reissued an “outperform” rating and issued a $16.00 price objective on shares of SoundHound AI in a research note on Thursday, September 11th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $17.42.

SoundHound AI Price Performance

The business’s 50-day simple moving average is $15.49 and its two-hundred day simple moving average is $13.28. The stock has a market cap of $5.36 billion, a price-to-earnings ratio of -15.19 and a beta of 2.63.

SoundHound AI (NASDAQ:SOUN) last announced its quarterly earnings results on Thursday, November 6th. The company reported ($0.03) EPS for the quarter, beating analysts’ consensus estimates of ($0.09) by $0.06. The company had revenue of $42.05 million during the quarter, compared to analysts’ expectations of $40.48 million. SoundHound AI had a negative return on equity of 93.64% and a negative net margin of 211.16%.SoundHound AI’s revenue was up 67.6% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.04) EPS. Equities research analysts forecast that SoundHound AI, Inc. will post -0.38 earnings per share for the current year.

Insider Activity at SoundHound AI

In other SoundHound AI news, CEO Keyvan Mohajer sold 118,654 shares of the business’s stock in a transaction that occurred on Wednesday, October 8th. The shares were sold at an average price of $20.00, for a total transaction of $2,373,080.00. Following the sale, the chief executive officer directly owned 2,342,613 shares of the company’s stock, valued at $46,852,260. The trade was a 4.82% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, COO Michael Zagorsek sold 69,837 shares of the firm’s stock in a transaction on Monday, September 22nd. The shares were sold at an average price of $16.00, for a total transaction of $1,117,392.00. Following the transaction, the chief operating officer directly owned 1,860,790 shares of the company’s stock, valued at $29,772,640. The trade was a 3.62% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 787,260 shares of company stock valued at $13,973,056. Corporate insiders own 9.17% of the company’s stock.

Institutional Trading of SoundHound AI

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. grew its position in shares of SoundHound AI by 16.4% in the 3rd quarter. Vanguard Group Inc. now owns 43,457,569 shares of the company’s stock valued at $698,798,000 after buying an additional 6,132,648 shares during the last quarter. Geode Capital Management LLC lifted its stake in shares of SoundHound AI by 8.3% in the second quarter. Geode Capital Management LLC now owns 8,830,144 shares of the company’s stock worth $94,759,000 after acquiring an additional 679,436 shares during the period. State Street Corp boosted its holdings in SoundHound AI by 9.1% in the second quarter. State Street Corp now owns 8,476,348 shares of the company’s stock valued at $90,951,000 after acquiring an additional 708,369 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in SoundHound AI by 13.4% in the third quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 5,697,346 shares of the company’s stock valued at $91,604,000 after acquiring an additional 672,714 shares during the last quarter. Finally, Northern Trust Corp increased its position in SoundHound AI by 1.2% during the 3rd quarter. Northern Trust Corp now owns 3,181,651 shares of the company’s stock valued at $51,161,000 after purchasing an additional 38,966 shares during the period. 19.28% of the stock is currently owned by institutional investors and hedge funds.

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.