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

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

Analyst Ratings Changes

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

SoundHound AI Stock Performance

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 firm has a 50 day moving average price of $16.36 and a 200 day moving average price of $9.18.

SoundHound AI (NASDAQ:SOUN) last issued its quarterly earnings results on Tuesday, November 12th. The company reported ($0.06) earnings per share for the quarter, beating the consensus estimate of ($0.07) by $0.01. The business had revenue of $25.10 million for the quarter, compared to the consensus estimate of $23.02 million. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. The company’s revenue for the quarter was up 88.7% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.09) earnings per share. On average, equities analysts predict that SoundHound AI, Inc. will post -0.38 EPS for the current fiscal year.

Insider Activity

In other SoundHound AI news, CEO Keyvan Mohajer sold 465,394 shares of SoundHound AI stock in a transaction on Monday, December 9th. The shares were sold at an average price of $15.04, for a total value of $6,999,525.76. Following the sale, the chief executive officer now directly owns 2,299,148 shares in the company, valued at approximately $34,579,185.92. The trade was a 16.83 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Lawrence Marcus sold 30,000 shares of the stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $7.15, for a total transaction of $214,500.00. Following the transaction, the director now directly owns 178,117 shares of the company’s stock, valued at $1,273,536.55. This trade represents a 14.41 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 2,782,918 shares of company stock worth $45,391,343 over the last ninety days. Corporate insiders own 12.28% of the company’s stock.

Institutional Trading of SoundHound AI

A number of large investors have recently added to or reduced their stakes in SOUN. Sequoia Financial Advisors LLC increased its position in SoundHound AI by 18.1% in the fourth quarter. Sequoia Financial Advisors LLC now owns 34,411 shares of the company’s stock worth $683,000 after purchasing an additional 5,278 shares during the last quarter. Moors & Cabot Inc. raised its position in shares of SoundHound AI by 14.0% during the 4th quarter. Moors & Cabot Inc. now owns 14,572 shares of the company’s stock valued at $289,000 after buying an additional 1,791 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of SoundHound AI by 56.5% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 56,572 shares of the company’s stock valued at $1,122,000 after buying an additional 20,434 shares in the last quarter. Jackson Hole Capital Partners LLC bought a new position in shares of SoundHound AI in the 4th quarter valued at about $374,000. Finally, Larson Financial Group LLC increased its stake in SoundHound AI by 76.9% during the fourth quarter. Larson Financial Group LLC now owns 4,068 shares of the company’s stock worth $81,000 after acquiring an additional 1,768 shares during the last quarter. Institutional investors own 19.28% of the company’s stock.

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.