SoundHound AI (NASDAQ:SOUN) Shares Up 18.4% – Time to Buy?

Shares of SoundHound AI, Inc. (NASDAQ:SOUN) traded up 18.4% on Friday . The stock traded as high as $16.20 and last traded at $16.19. 51,214,255 shares were traded during mid-day trading, an increase of 35% from the average session volume of 37,963,480 shares. The stock had previously closed at $13.67.

Analyst Ratings Changes

Several brokerages have recently issued reports on SOUN. Wedbush reaffirmed an “outperform” rating and set a $9.00 target price on shares of SoundHound AI in a research report on Thursday, September 26th. Barclays reaffirmed a “neutral” rating and issued a $7.00 price objective on shares of SoundHound AI in a research report on Wednesday, November 13th. LADENBURG THALM/SH SH reissued a “neutral” rating and set a $7.00 target price on shares of SoundHound AI in a research report on Wednesday, November 13th. HC Wainwright upped their price objective on SoundHound AI from $7.00 to $8.00 and gave the company a “buy” rating in a research note on Thursday, November 14th. Finally, DA Davidson restated a “buy” rating and issued a $9.50 target price on shares of SoundHound AI in a research note on Monday, September 30th. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, SoundHound AI presently has an average rating of “Moderate Buy” and a consensus target price of $7.64.

SoundHound AI Stock Up 20.1 %

The company’s 50 day simple moving average is $7.23 and its 200-day simple moving average is $5.60. The firm has a market capitalization of $6.07 billion, a PE ratio of -44.97 and a beta of 3.03. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.58 and a current ratio of 2.58.

SoundHound AI (NASDAQ:SOUN) last released its quarterly earnings data on Tuesday, November 12th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating 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 firm 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 company earned ($0.09) earnings per share. The company’s revenue for the quarter was up 88.7% compared to the same quarter last year. On average, analysts forecast that SoundHound AI, Inc. will post -0.38 EPS for the current fiscal year.

Insider Buying and Selling at SoundHound AI

In related news, CEO Keyvan Mohajer sold 90,641 shares of the company’s stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $4.88, for a total value of $442,328.08. Following the sale, the chief executive officer now owns 2,362,692 shares in the company, valued at $11,529,936.96. This represents a 3.69 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, COO Michael Zagorsek sold 42,001 shares of the firm’s stock in a transaction on Friday, September 20th. The shares were sold at an average price of $4.88, for a total value of $204,964.88. Following the transaction, the chief operating officer now owns 1,473,322 shares of the company’s stock, valued at $7,189,811.36. The trade was a 2.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 2,035,416 shares of company stock valued at $26,334,544. 12.28% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On SoundHound AI

A number of institutional investors have recently made changes to their positions in SOUN. Kings Path Partners LLC bought a new position in SoundHound AI in the 2nd quarter valued at approximately $28,000. International Assets Investment Management LLC purchased a new stake in shares of SoundHound AI during the second quarter valued at $31,000. NBC Securities Inc. increased its holdings in SoundHound AI by 97.8% in the 3rd quarter. NBC Securities Inc. now owns 7,720 shares of the company’s stock worth $35,000 after buying an additional 3,818 shares in the last quarter. Amalgamated Bank raised its position in SoundHound AI by 108.0% in the 2nd quarter. Amalgamated Bank now owns 9,819 shares of the company’s stock worth $39,000 after buying an additional 5,099 shares during the last quarter. Finally, Signaturefd LLC boosted its holdings in shares of SoundHound AI by 27.3% during the 2nd quarter. Signaturefd LLC now owns 10,255 shares of the company’s stock valued at $41,000 after acquiring an additional 2,200 shares during 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.