SoundHound AI (NASDAQ:SOUN) Stock Price Up 3% – Still a Buy?

SoundHound AI, Inc. (NASDAQ:SOUN) rose 3% on Tuesday . The stock traded as high as $11.15 and last traded at $11.11. 18,314,227 shares traded hands during trading, a decline of 58% from the average daily volume of 44,013,277 shares. The stock had previously closed at $10.79.

Analyst Upgrades and Downgrades

SOUN has been the topic of several recent research reports. 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. HC Wainwright lifted their target price on shares of SoundHound AI from $18.00 to $26.00 and gave the company a “buy” rating in a report on Thursday, October 16th. Weiss Ratings reissued a “sell (d-)” rating on shares of SoundHound AI in a report on Tuesday, October 14th. Oppenheimer initiated coverage on SoundHound AI in a report on Thursday, September 11th. They issued a “market perform” rating on the stock. Finally, Cantor Fitzgerald upgraded SoundHound AI from a “neutral” rating to an “overweight” rating and boosted their target price for the stock from $13.00 to $15.00 in a research report on Friday. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, SoundHound AI presently has an average rating of “Moderate Buy” and an average price target of $17.07.

SoundHound AI Trading Up 3.0%

The firm has a market cap of $4.67 billion, a PE ratio of -13.23 and a beta of 2.63. The company has a 50 day moving average price of $14.89 and a 200 day moving average price of $13.40.

SoundHound AI (NASDAQ:SOUN) last issued its quarterly earnings data on Thursday, November 6th. The company reported ($0.03) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.09) by $0.06. The firm 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% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.04) earnings per share. As a group, equities research analysts anticipate that SoundHound AI, Inc. will post -0.38 earnings per share for the current fiscal year.

Insider Transactions at SoundHound AI

In other news, CTO Timothy Stonehocker sold 70,524 shares of the stock in a transaction that occurred on Wednesday, October 8th. The shares were sold at an average price of $20.00, for a total value of $1,410,480.00. Following the sale, the chief technology officer directly owned 606,525 shares in the company, valued at $12,130,500. This represents a 10.42% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Nitesh Sharan sold 60,376 shares of SoundHound AI stock in a transaction that occurred on Tuesday, October 14th. The stock was sold at an average price of $21.21, for a total value of $1,280,574.96. Following the transaction, the chief financial officer owned 1,765,928 shares of the company’s stock, valued at $37,455,332.88. This represents a 3.31% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 787,260 shares of company stock worth $13,973,056 in the last 90 days. Insiders own 9.17% of the company’s stock.

Hedge Funds Weigh In On SoundHound AI

Several hedge funds have recently bought and sold shares of the stock. Atria Wealth Solutions Inc. lifted its position in shares of SoundHound AI by 140.9% in the first quarter. Atria Wealth Solutions Inc. now owns 25,353 shares of the company’s stock valued at $206,000 after acquiring an additional 14,829 shares in the last quarter. Vanguard Group Inc. raised its stake in SoundHound AI by 9.5% in the 1st quarter. Vanguard Group Inc. now owns 35,059,943 shares of the company’s stock valued at $284,687,000 after purchasing an additional 3,028,281 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in SoundHound AI by 4.5% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 2,847,261 shares of the company’s stock valued at $23,120,000 after purchasing an additional 121,568 shares in the last quarter. Deutsche Bank AG boosted its stake in shares of SoundHound AI by 96.8% during the 1st quarter. Deutsche Bank AG now owns 520,635 shares of the company’s stock worth $4,228,000 after purchasing an additional 256,076 shares during the last quarter. Finally, Swiss National Bank grew its holdings in shares of SoundHound AI by 1.8% during the first quarter. Swiss National Bank now owns 652,900 shares of the company’s stock worth $5,302,000 after buying an additional 11,700 shares in the last quarter. Hedge funds and other institutional investors 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.