SoundHound AI (NASDAQ:SOUN) Trading 6.6% Higher – Still a Buy?

Shares of SoundHound AI, Inc. (NASDAQ:SOUN) traded up 6.6% on Wednesday . The company traded as high as $9.44 and last traded at $9.10. 15,731,668 shares traded hands during mid-day trading, a decline of 63% from the average session volume of 41,961,912 shares. The stock had previously closed at $8.54.

Analysts Set New Price Targets

SOUN has been the topic of several recent analyst reports. HC Wainwright reaffirmed a “buy” rating and issued a $26.00 price target on shares of SoundHound AI in a research report on Monday, March 3rd. Wedbush lifted their price target on SoundHound AI from $10.00 to $22.00 and gave the stock an “outperform” rating in a research report on Monday, December 16th. DA Davidson lifted their price target on SoundHound AI from $9.50 to $13.00 and gave the stock a “buy” rating in a research report on Friday, February 28th. Cantor Fitzgerald raised SoundHound AI to a “hold” rating in a research report on Monday, February 24th. Finally, Northland Securities lifted their price target 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. Four equities 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, the stock has a consensus rating of “Hold” and a consensus price target of $12.86.

SoundHound AI Trading Up 7.8 %

The firm has a market capitalization of $3.78 billion, a P/E ratio of -26.81 and a beta of 2.62. The company has a quick ratio of 2.58, a current ratio of 2.58 and a debt-to-equity ratio of 0.13. The business has a 50-day moving average price of $13.05 and a 200-day moving average price of $10.15.

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

Insider Activity at SoundHound AI

In related news, COO Michael Zagorsek sold 138,906 shares of the business’s stock in a transaction on Monday, December 16th. The stock was sold at an average price of $17.63, for a total value of $2,448,912.78. Following the sale, the chief operating officer now owns 1,473,322 shares of the company’s stock, valued at $25,974,666.86. The trade was a 8.62 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider James Ming Hom sold 58,382 shares of the business’s stock in a transaction on Monday, December 16th. The shares were sold at an average price of $18.35, for a total value of $1,071,309.70. Following the completion of the sale, the insider now directly owns 754,811 shares in the company, valued at approximately $13,850,781.85. This represents a 7.18 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 999,777 shares of company stock valued at $20,062,443 in the last 90 days. 12.28% of the stock is owned by corporate insiders.

Institutional Trading of SoundHound AI

Several institutional investors have recently bought and sold shares of SOUN. Farther Finance Advisors LLC boosted its stake in SoundHound AI by 298.5% in the 3rd quarter. Farther Finance Advisors LLC now owns 8,966 shares of the company’s stock valued at $42,000 after buying an additional 6,716 shares in the last quarter. Sigma Planning Corp boosted its stake in SoundHound AI by 79.7% in the third quarter. Sigma Planning Corp now owns 21,640 shares of the company’s stock worth $101,000 after purchasing an additional 9,600 shares in the last quarter. Wolverine Asset Management LLC boosted its stake in SoundHound AI by 7.7% in the third quarter. Wolverine Asset Management LLC now owns 35,102 shares of the company’s stock worth $164,000 after purchasing an additional 2,522 shares in the last quarter. Harbour Investments Inc. boosted its stake in SoundHound AI by 4.7% in the third quarter. Harbour Investments Inc. now owns 62,534 shares of the company’s stock worth $291,000 after purchasing an additional 2,788 shares in the last quarter. Finally, Victory Capital Management Inc. boosted its stake in SoundHound AI by 230.9% in the third quarter. Victory Capital Management Inc. now owns 120,812 shares of the company’s stock worth $563,000 after purchasing an additional 84,301 shares in the last quarter. Institutional investors and hedge funds 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.