SoundHound AI (NASDAQ:SOUN) Stock Price Up 3.2% – Time to Buy?

SoundHound AI, Inc. (NASDAQ:SOUN) shares traded up 3.2% during mid-day trading on Thursday . The stock traded as high as $14.30 and last traded at $13.99. 23,004,295 shares changed hands during mid-day trading, a decline of 39% from the average session volume of 37,816,867 shares. The stock had previously closed at $13.55.

Analysts Set New Price Targets

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

SoundHound AI Stock Up 2.1 %

The firm’s 50-day moving average price is $7.05 and its 200 day moving average price is $5.54. The firm has a market cap of $5.12 billion, a P/E ratio of -38.86 and a beta of 3.03. The company has a quick ratio of 2.58, a current ratio of 2.58 and a debt-to-equity ratio of 0.13.

SoundHound AI (NASDAQ:SOUN) last announced 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. The firm had revenue of $25.10 million during the quarter, compared to analyst estimates of $23.02 million. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. SoundHound AI’s revenue was up 88.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.09) EPS. As a group, research analysts expect that SoundHound AI, Inc. will post -0.38 earnings per share for the current year.

Insider Activity at SoundHound AI

In other SoundHound AI news, VP Majid Emami sold 298,086 shares of the company’s stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $15.04, for a total value of $4,483,213.44. Following the completion of the sale, the vice president now directly owns 735,685 shares of the company’s stock, valued at approximately $11,064,702.40. This represents a 28.83 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Michael Zagorsek sold 42,001 shares of the company’s stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $4.88, for a total transaction of $204,964.88. Following the completion of the sale, the chief operating officer now directly 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. Insiders sold 2,035,416 shares of company stock worth $26,334,544 in the last 90 days. Corporate insiders own 12.28% of the company’s stock.

Institutional Investors Weigh In On SoundHound AI

A number of institutional investors and hedge funds have recently bought and sold shares of the business. State Street Corp lifted its holdings in SoundHound AI by 0.6% in the 3rd 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 during the last quarter. Geode Capital Management LLC lifted its holdings in SoundHound AI by 9.1% in the 3rd quarter. Geode Capital Management LLC now owns 7,193,599 shares of the company’s stock valued at $33,529,000 after acquiring an additional 602,311 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in SoundHound AI by 7.9% during 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 buying an additional 189,109 shares in the last quarter. Bank of New York Mellon Corp lifted its stake 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 valued at $3,940,000 after buying an additional 479,912 shares in the last quarter. Finally, Carnegie Investment Counsel purchased a new stake in SoundHound AI during the third quarter valued at about $4,193,000. 19.28% of the stock is owned by institutional investors and hedge funds.

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.