SoundHound AI (NASDAQ:SOUN) Shares Up 4.7% – Time to Buy?

SoundHound AI, Inc. (NASDAQ:SOUN)’s share price was up 4.7% during mid-day trading on Wednesday . The stock traded as high as $8.68 and last traded at $8.59. Approximately 6,426,114 shares were traded during mid-day trading, a decline of 83% from the average daily volume of 37,968,863 shares. The stock had previously closed at $8.20.

Wall Street Analysts Forecast Growth

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

SoundHound AI Stock Performance

The firm’s fifty day simple moving average is $11.51 and its 200 day simple moving average is $10.66. The company has a market capitalization of $3.61 billion, a price-to-earnings ratio of -25.16 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.

SoundHound AI (NASDAQ:SOUN) last posted its quarterly earnings data 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 firm had revenue of $34.54 million for the quarter, compared to analysts’ expectations of $33.70 million. On average, sell-side analysts forecast that SoundHound AI, Inc. will post -0.38 EPS for the current year.

Insider Buying and Selling at SoundHound AI

In other SoundHound AI news, CEO Keyvan Mohajer sold 138,895 shares of SoundHound AI stock in a transaction on Monday, March 24th. The shares were sold at an average price of $10.08, for a total transaction of $1,400,061.60. Following the completion of the sale, the chief executive officer now owns 1,764,166 shares of the company’s stock, valued at $17,782,793.28. This trade represents a 7.30 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider James Ming Hom sold 51,196 shares of the company’s stock in a transaction on Monday, March 24th. The stock was sold at an average price of $10.25, for a total transaction of $524,759.00. Following the completion of the transaction, the insider now directly owns 638,456 shares in the company, valued at $6,544,174. This trade represents a 7.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 500,565 shares of company stock valued at $4,999,726 in the last 90 days. 12.28% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Intech Investment Management LLC acquired a new stake in shares of SoundHound AI during the 3rd quarter valued at about $305,000. Charles Schwab Investment Management Inc. lifted its stake in SoundHound AI by 7.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,582,206 shares of the company’s stock valued at $12,033,000 after acquiring an additional 189,109 shares during the last quarter. The Manufacturers Life Insurance Company lifted its stake in SoundHound AI by 43.1% in the third quarter. The Manufacturers Life Insurance Company now owns 151,826 shares of the company’s stock valued at $708,000 after acquiring an additional 45,750 shares during the last quarter. Quantbot Technologies LP bought a new stake in SoundHound AI in the third quarter worth approximately $57,000. Finally, FMR LLC increased its stake in shares of SoundHound AI by 112.8% during the 3rd quarter. FMR LLC now owns 49,038 shares of the company’s stock worth $229,000 after purchasing an additional 25,989 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.