SoundHound AI (NASDAQ:SOUN) Stock Price Up 6.7% – Time to Buy?

SoundHound AI, Inc. (NASDAQ:SOUN)’s stock price was up 6.7% during mid-day trading on Friday . The stock traded as high as $21.64 and last traded at $21.52. Approximately 32,755,479 shares were traded during trading, a decline of 25% from the average daily volume of 43,449,074 shares. The stock had previously closed at $20.16.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the company. Wedbush upped their price target on SoundHound AI from $10.00 to $22.00 and gave the stock an “outperform” rating in a report on Monday, December 16th. DA Davidson reiterated a “buy” rating and issued a $9.50 target price on shares of SoundHound AI in a report on Monday, September 30th. LADENBURG THALM/SH SH restated a “neutral” rating and set a $7.00 price target on shares of SoundHound AI in a report on Wednesday, November 13th. Barclays reiterated a “neutral” rating and issued a $7.00 price objective on shares of SoundHound AI in a research note on Wednesday, November 13th. Finally, HC Wainwright lifted their target price on shares of SoundHound AI from $8.00 to $26.00 and gave the stock a “buy” rating in a research report on Monday, December 23rd. Three analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $12.07.

SoundHound AI Trading Up 2.3 %

The company has a quick ratio of 2.58, a current ratio of 2.58 and a debt-to-equity ratio of 0.13. The firm has a market cap of $7.62 billion, a P/E ratio of -57.28 and a beta of 3.03. The firm’s 50-day simple moving average is $12.20 and its 200 day simple moving average is $7.38.

SoundHound AI (NASDAQ:SOUN) last posted its quarterly earnings results on Tuesday, November 12th. The company reported ($0.06) EPS for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.01. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. The company had revenue of $25.10 million for the quarter, compared to analysts’ expectations of $23.02 million. During the same quarter in the previous year, the firm posted ($0.09) EPS. SoundHound AI’s revenue was up 88.7% on a year-over-year basis. As a group, analysts expect that SoundHound AI, Inc. will post -0.38 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO Keyvan Mohajer sold 465,394 shares of the business’s stock in a transaction on Monday, December 9th. The stock was sold at an average price of $15.04, for a total transaction of $6,999,525.76. Following the sale, the chief executive officer now directly owns 2,299,148 shares in the company, valued at approximately $34,579,185.92. The trade was a 16.83 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Lawrence Marcus sold 20,000 shares of the stock in a transaction dated Monday, December 23rd. The stock was sold at an average price of $20.47, for a total value of $409,400.00. Following the sale, the director now directly owns 108,117 shares in the company, valued at $2,213,154.99. This trade represents a 15.61 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 2,782,918 shares of company stock valued at $45,391,343. 12.28% of the stock is owned by insiders.

Institutional Investors Weigh In On SoundHound AI

Several hedge funds and other institutional investors have recently modified their holdings of SOUN. Franklin Resources Inc. purchased a new position in SoundHound AI during the third quarter valued at approximately $177,000. Sanctuary Advisors LLC grew its position in shares of SoundHound AI by 13.8% during the 3rd quarter. Sanctuary Advisors LLC now owns 29,976 shares of the company’s stock valued at $140,000 after purchasing an additional 3,642 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of SoundHound AI by 9.1% in the third quarter. Geode Capital Management LLC now owns 7,193,599 shares of the company’s stock worth $33,529,000 after purchasing an additional 602,311 shares during the period. MML Investors Services LLC purchased a new stake in shares of SoundHound AI in the third quarter worth $86,000. Finally, State Street Corp boosted its stake in SoundHound AI by 0.6% during the third quarter. State Street Corp now owns 7,197,414 shares of the company’s stock valued at $33,540,000 after buying an additional 42,869 shares during the period. 19.28% of the stock is currently owned by institutional investors.

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.