SoundHound AI (NASDAQ:SOUN) Trading Up 0.5% – Should You Buy?

SoundHound AI, Inc. (NASDAQ:SOUN) traded up 0.5% on Thursday . The stock traded as high as $16.59 and last traded at $15.88. 20,087,378 shares were traded during trading, a decline of 65% from the average session volume of 57,205,223 shares. The stock had previously closed at $15.81.

Wall Street Analyst Weigh In

Several research firms recently commented on SOUN. Barclays reiterated a “neutral” rating and set a $7.00 target price on shares of SoundHound AI in a research report on Wednesday, November 13th. LADENBURG THALM/SH SH reiterated a “neutral” rating and issued a $7.00 target price on shares of SoundHound AI in a report on Wednesday, November 13th. Northland Securities increased their price objective on shares of SoundHound AI from $6.00 to $8.00 and gave the stock a “market perform” rating in a research report on Tuesday, January 14th. Wedbush lifted their price target on shares of SoundHound AI from $10.00 to $22.00 and gave the company an “outperform” rating in a research report on Monday, December 16th. Finally, HC Wainwright reissued a “buy” rating and issued a $26.00 price target on shares of SoundHound AI in a research report on Monday, January 13th. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, SoundHound AI currently has an average rating of “Moderate Buy” and an average target price of $12.36.

SoundHound AI Price Performance

The firm’s 50 day moving average price is $16.36 and its two-hundred day moving average price is $9.18. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.58 and a quick ratio of 2.58.

SoundHound AI (NASDAQ:SOUN) last issued its earnings results 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 business 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. The business’s revenue for the quarter was up 88.7% compared to the same quarter last year. On average, equities research analysts anticipate that SoundHound AI, Inc. will post -0.38 EPS for the current fiscal year.

Insider Activity

In other SoundHound AI news, Director Eric R. Ball sold 30,000 shares of the business’s stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $8.03, for a total value of $240,900.00. Following the completion of the transaction, the director now owns 110,907 shares of the company’s stock, valued at $890,583.21. The trade was a 21.29 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Lawrence Marcus sold 20,000 shares of the firm’s stock in a transaction dated Monday, December 23rd. The shares were sold at an average price of $20.47, for a total value of $409,400.00. Following the transaction, the director now directly owns 108,117 shares in the company, valued at approximately $2,213,154.99. This represents a 15.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 2,782,918 shares of company stock worth $45,391,343 over the last ninety days. Company insiders own 12.28% of the company’s stock.

Institutional Investors Weigh In On SoundHound AI

A number of large investors have recently added to or reduced their stakes in SOUN. State Street Corp boosted its holdings in SoundHound AI by 0.6% in the third quarter. State Street Corp now owns 7,197,414 shares of the company’s stock valued at $33,540,000 after acquiring an additional 42,869 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of SoundHound AI by 9.1% in the 3rd quarter. Geode Capital Management LLC now owns 7,193,599 shares of the company’s stock worth $33,529,000 after buying an additional 602,311 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in SoundHound AI by 5.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,725,693 shares of the company’s stock valued at $54,078,000 after buying an additional 143,487 shares in the last quarter. Carnegie Investment Counsel raised its stake in SoundHound AI by 9.1% during the fourth quarter. Carnegie Investment Counsel now owns 982,050 shares of the company’s stock valued at $19,484,000 after buying an additional 82,300 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its holdings in SoundHound AI by 2.8% in the fourth quarter. Bank of New York Mellon Corp now owns 870,843 shares of the company’s stock worth $17,278,000 after acquiring an additional 23,962 shares in the last quarter. 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.