SoundHound AI (NASDAQ:SOUN) Trading Up 2.3% – Still a Buy?

SoundHound AI, Inc. (NASDAQ:SOUN)’s share price shot up 2.3% on Thursday . The company traded as high as $5.63 and last traded at $5.37. 11,069,018 shares changed hands during trading, a decline of 68% from the average session volume of 34,324,918 shares. The stock had previously closed at $5.25.

Wall Street Analyst Weigh In

Several research firms recently weighed in on SOUN. HC Wainwright restated a “buy” rating and set a $7.00 price target on shares of SoundHound AI in a research report on Wednesday, September 18th. Cantor Fitzgerald raised SoundHound AI from a “neutral” rating to an “overweight” rating and increased their target price for the stock from $5.00 to $7.00 in a research note on Friday, August 9th. DA Davidson reiterated a “buy” rating and set a $9.50 price target on shares of SoundHound AI in a report on Monday, September 30th. Northland Securities lifted their target price on SoundHound AI from $5.50 to $6.00 and gave the stock a “market perform” rating in a report on Friday, August 9th. Finally, Wedbush reissued an “outperform” rating and set a $9.00 price target on shares of SoundHound AI in a report on Thursday, September 26th. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, SoundHound AI has an average rating of “Moderate Buy” and an average target price of $7.08.

SoundHound AI Stock Performance

The firm has a market cap of $1.74 billion, a PE ratio of -13.89 and a beta of 2.73. The stock has a 50 day simple moving average of $4.86 and a two-hundred day simple moving average of $4.74.

SoundHound AI (NASDAQ:SOUN) last announced its quarterly earnings data on Thursday, August 8th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.09) by ($0.02). SoundHound AI had a negative net margin of 195.65% and a negative return on equity of 93.28%. The business had revenue of $13.46 million for the quarter, compared to analysts’ expectations of $13.09 million. During the same period in the prior year, the company posted ($0.10) EPS. The firm’s revenue was up 53.8% on a year-over-year basis. Equities research analysts forecast that SoundHound AI, Inc. will post -0.36 earnings per share for the current year.

Insider Activity at SoundHound AI

In other SoundHound AI news, CEO Keyvan Mohajer sold 63,544 shares of the firm’s stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $4.92, for a total transaction of $312,636.48. Following the transaction, the chief executive officer now owns 2,299,148 shares of the company’s stock, valued at approximately $11,311,808.16. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, CFO Nitesh Sharan sold 39,728 shares of the firm’s stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $4.88, for a total transaction of $193,872.64. Following the completion of the transaction, the chief financial officer now directly owns 1,560,411 shares of the company’s stock, valued at $7,614,805.68. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Keyvan Mohajer sold 63,544 shares of SoundHound AI stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $4.92, for a total transaction of $312,636.48. Following the completion of the sale, the chief executive officer now directly owns 2,299,148 shares of the company’s stock, valued at $11,311,808.16. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 327,275 shares of company stock worth $1,606,644. Insiders own 21.30% of the company’s stock.

Hedge Funds Weigh In On SoundHound AI

Hedge funds have recently made changes to their positions in the business. Hexagon Capital Partners LLC acquired a new stake in shares of SoundHound AI during the 1st quarter valued at approximately $29,000. DecisionPoint Financial LLC bought a new stake in shares of SoundHound AI during the 1st quarter worth about $40,000. Kings Path Partners LLC acquired a new stake in shares of SoundHound AI in the 2nd quarter worth approximately $28,000. NBC Securities Inc. boosted its holdings in shares of SoundHound AI by 97.8% in the third quarter. NBC Securities Inc. now owns 7,720 shares of the company’s stock valued at $35,000 after acquiring an additional 3,818 shares in the last quarter. Finally, International Assets Investment Management LLC acquired a new stake in SoundHound AI in the second quarter worth approximately $31,000. Hedge funds and other institutional investors own 19.28% of the company’s stock.

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.