SoundHound AI (NASDAQ:SOUN) Trading 0.7% Higher – Still a Buy?

SoundHound AI, Inc. (NASDAQ:SOUN)’s stock price shot up 0.7% during trading on Wednesday . The company traded as high as $10.03 and last traded at $9.64. 7,400,484 shares traded hands during trading, a decline of 81% from the average session volume of 39,666,592 shares. The stock had previously closed at $9.57.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on SOUN. DA Davidson lifted their price target on SoundHound AI from $9.50 to $13.00 and gave the company a “buy” rating in a research note on Friday, February 28th. HC Wainwright reiterated a “buy” rating and set a $26.00 target price on shares of SoundHound AI in a research report on Monday, March 3rd. Cantor Fitzgerald raised shares of SoundHound AI to a “hold” rating in a report on Monday, February 24th. Wedbush increased their price objective on shares of SoundHound AI from $10.00 to $22.00 and gave the company an “outperform” rating in a report on Monday, December 16th. Finally, Northland Securities boosted their target price on shares of SoundHound AI from $6.00 to $8.00 and gave the stock a “market perform” rating in a research note on Tuesday, January 14th. Four research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $12.86.

SoundHound AI Trading Up 0.3 %

The stock has a market capitalization of $3.77 billion, a PE ratio of -26.74 and a beta of 2.62. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.58 and a quick ratio of 2.58. The company’s 50 day moving average price is $12.48 and its two-hundred day moving average price is $10.33.

SoundHound AI (NASDAQ:SOUN) last issued its quarterly earnings results on Thursday, February 27th. The company reported ($0.69) earnings per share for the quarter, missing the consensus estimate of ($0.11) by ($0.58). SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. The company had revenue of $34.54 million for the quarter, compared to analysts’ expectations of $33.70 million. As a group, analysts expect that SoundHound AI, Inc. will post -0.38 earnings per share for the current year.

Insider Buying and Selling at SoundHound AI

In other news, Director Lawrence Marcus sold 20,000 shares of the firm’s stock in a transaction dated Monday, December 23rd. The stock was sold at an average price of $20.47, for a total transaction of $409,400.00. Following the sale, the director now owns 108,117 shares of the company’s stock, valued at approximately $2,213,154.99. This trade represents a 15.61 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Majid Emami sold 37,459 shares of the company’s stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $20.30, for a total value of $760,417.70. Following the completion of the transaction, the vice president now directly owns 698,226 shares of the company’s stock, valued at $14,173,987.80. This trade represents a 5.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 524,676 shares of company stock valued at $10,638,694. Insiders own 12.28% of the company’s stock.

Hedge Funds Weigh In On SoundHound AI

Several large investors have recently bought and sold shares of SOUN. Commons Capital LLC increased its position in shares of SoundHound AI by 2.7% during the fourth quarter. Commons Capital LLC now owns 27,349 shares of the company’s stock worth $543,000 after purchasing an additional 723 shares in the last quarter. ST Germain D J Co. Inc. increased its position in SoundHound AI by 33.2% during the fourth quarter. ST Germain D J Co. Inc. now owns 3,008 shares of the company’s stock worth $60,000 after buying an additional 750 shares during the period. Keynote Financial Services LLC lifted its stake in SoundHound AI by 4.7% in the fourth quarter. Keynote Financial Services LLC now owns 16,587 shares of the company’s stock valued at $329,000 after buying an additional 752 shares during the last quarter. Blue Trust Inc. boosted its holdings in shares of SoundHound AI by 197.6% in the fourth quarter. Blue Trust Inc. now owns 1,250 shares of the company’s stock valued at $25,000 after acquiring an additional 830 shares during the period. Finally, Russell Investments Group Ltd. grew its position in shares of SoundHound AI by 16.4% during the fourth quarter. Russell Investments Group Ltd. now owns 6,598 shares of the company’s stock worth $131,000 after acquiring an additional 929 shares during the last quarter. Institutional investors and hedge funds 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.