SoundHound AI (NASDAQ:SOUN) Shares Up 6% – Time to Buy?

SoundHound AI, Inc. (NASDAQ:SOUN)’s stock price rose 6% on Thursday . The company traded as high as $6.10 and last traded at $6.03. Approximately 13,855,766 shares changed hands during mid-day trading, a decline of 59% from the average daily volume of 33,571,598 shares. The stock had previously closed at $5.69.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on SOUN. Wedbush reiterated an “outperform” rating and set a $9.00 price target on shares of SoundHound AI in a research report on Thursday, September 26th. HC Wainwright reiterated 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 upgraded SoundHound AI from a “neutral” rating to an “overweight” rating and upped their price target for the company from $5.00 to $7.00 in a research report on Friday, August 9th. DA Davidson restated a “buy” rating and issued a $9.50 price objective on shares of SoundHound AI in a research report on Monday, September 30th. Finally, Northland Securities upped their price objective on shares of SoundHound AI from $5.50 to $6.00 and gave the stock a “market perform” rating in a research report on Friday, August 9th. One analyst has rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $7.08.

SoundHound AI Trading Up 23.7 %

The firm has a fifty day moving average of $4.97 and a 200 day moving average of $4.82. The company has a market capitalization of $2.53 billion, a P/E ratio of -18.05 and a beta of 2.71.

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

Insiders Place Their Bets

In other news, CFO Nitesh Sharan sold 39,728 shares of the business’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 transaction of $193,872.64. Following the transaction, the chief financial officer now owns 1,560,411 shares of the company’s stock, valued at approximately $7,614,805.68. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, Director Lawrence Marcus sold 50,000 shares of the stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $5.02, for a total value of $251,000.00. Following the transaction, the director now directly owns 74,038 shares of the company’s stock, valued at approximately $371,670.76. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Nitesh Sharan sold 39,728 shares of the stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $4.88, for a total value of $193,872.64. Following the completion of the transaction, the chief financial officer now directly owns 1,560,411 shares in the company, valued at $7,614,805.68. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 327,275 shares of company stock valued at $1,606,644. Insiders own 12.28% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of SOUN. Vanguard Group Inc. increased its holdings in shares of SoundHound AI by 16.1% in the first quarter. Vanguard Group Inc. now owns 16,070,453 shares of the company’s stock valued at $94,655,000 after purchasing an additional 2,226,471 shares during the period. Baupost Group LLC MA acquired a new stake in SoundHound AI during the first quarter worth about $6,659,000. Carnegie Investment Counsel acquired a new stake in SoundHound AI during the third quarter worth about $4,193,000. Bank of New York Mellon Corp grew its holdings in SoundHound AI by 92.7% during the second quarter. Bank of New York Mellon Corp now owns 997,543 shares of the company’s stock worth $3,940,000 after acquiring an additional 479,912 shares during the period. Finally, Janus Henderson Group PLC grew its holdings in SoundHound AI by 563.0% during the first quarter. Janus Henderson Group PLC now owns 482,731 shares of the company’s stock worth $2,843,000 after acquiring an additional 409,917 shares during the period. 19.28% of the stock is owned by institutional investors and hedge funds.

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.