SoundHound AI (NASDAQ:SOUN) Trading Up 3.4% – Should You Buy?

SoundHound AI, Inc. (NASDAQ:SOUN)’s share price was up 3.4% during mid-day trading on Monday . The company traded as high as $6.65 and last traded at $6.47. Approximately 28,450,710 shares traded hands during mid-day trading, an increase of 0% from the average daily volume of 28,414,217 shares. The stock had previously closed at $6.26.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on SOUN. Wall Street Zen raised shares of SoundHound AI from a “strong sell” rating to a “sell” rating in a research report on Sunday. DA Davidson decreased their price objective on shares of SoundHound AI from $12.00 to $10.00 and set a “buy” rating for the company in a research report on Thursday, August 6th. Piper Sandler lowered their target price on shares of SoundHound AI from $8.00 to $7.00 and set a “neutral” rating for the company in a research note on Thursday, August 6th. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of SoundHound AI in a report on Friday. One research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $13.00.

SoundHound AI Stock Up 3.4%

The business’s fifty day simple moving average is $6.74 and its two-hundred day simple moving average is $7.29. The company has a market cap of $2.87 billion, a price-to-earnings ratio of -17.03 and a beta of 2.66.

SoundHound AI (NASDAQ:SOUN) last issued its earnings results on Wednesday, August 5th. The company reported ($0.02) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.13) by $0.11. SoundHound AI had a negative net margin of 67.45% and a negative return on equity of 30.22%. The business had revenue of $61.90 million during the quarter, compared to analysts’ expectations of $52.38 million. During the same quarter in the prior year, the business posted ($0.19) EPS. The company’s revenue for the quarter was up 45.0% on a year-over-year basis. Sell-side analysts predict that SoundHound AI, Inc. will post -0.33 EPS for the current fiscal year.

Hedge Funds Weigh In On SoundHound AI

Large investors have recently bought and sold shares of the stock. SHP Wealth Management purchased a new position in shares of SoundHound AI during the fourth quarter worth about $27,000. Hollencrest Capital Management increased its position in shares of SoundHound AI by 197.5% during the first quarter. Hollencrest Capital Management now owns 3,615 shares of the company’s stock worth $25,000 after purchasing an additional 2,400 shares in the last quarter. Vermillion Wealth Management Inc. lifted its holdings in shares of SoundHound AI by 5,164.8% in the 4th quarter. Vermillion Wealth Management Inc. now owns 4,791 shares of the company’s stock valued at $48,000 after purchasing an additional 4,700 shares during the last quarter. Clarus Group Inc. acquired a new stake in shares of SoundHound AI in the 1st quarter valued at about $69,000. Finally, 180 Wealth Advisors LLC acquired a new stake in shares of SoundHound AI in the 1st quarter valued at about $69,000. Institutional investors and hedge funds own 19.28% of the company’s stock.

SoundHound AI Company Profile

SoundHound AI, Inc develops conversational artificial intelligence and voice-enabled technologies. Its platform is designed to let users interact with devices, applications and services through natural-language speech, supporting functions such as information retrieval, question answering and task completion.

The company’s offerings include the Houndify conversational AI platform, which businesses can use to build branded voice assistants, as well as SoundHound Chat AI, an in-car and consumer-oriented voice assistant that combines conversational capabilities with access to information and services.