SoundHound AI (NASDAQ:SOUN) Stock Price Up 1.7% – Time to Buy?

Shares of SoundHound AI, Inc. (NASDAQ:SOUN) were up 1.7% during mid-day trading on Thursday . The company traded as high as $7.03 and last traded at $6.55. Approximately 23,274,389 shares changed hands during trading, a decline of 33% from the average daily volume of 34,522,336 shares. The stock had previously closed at $6.44.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the stock. Wedbush reiterated an “outperform” rating and set a $9.00 price objective on shares of SoundHound AI in a research report on Thursday, September 26th. Cantor Fitzgerald raised 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. Northland Securities raised their price objective on SoundHound AI from $5.50 to $6.00 and gave the stock a “market perform” rating in a research report on Friday, August 9th. Barclays reiterated a “neutral” rating and issued a $7.00 target price on shares of SoundHound AI in a report on Wednesday, November 13th. Finally, DA Davidson reaffirmed a “buy” rating and set a $9.50 price objective on shares of SoundHound AI in a research report on Monday, September 30th. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $7.64.

SoundHound AI Price Performance

The stock’s fifty day moving average is $5.51 and its 200-day moving average is $5.03. 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 stock has a market capitalization of $2.96 billion, a P/E ratio of -22.92 and a beta of 2.71.

SoundHound AI (NASDAQ:SOUN) last posted 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 business had revenue of $25.10 million for 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 period last year, the business posted ($0.09) EPS. On average, equities analysts anticipate that SoundHound AI, Inc. will post -0.37 earnings per share for the current year.

Insider Buying and Selling at SoundHound AI

In other news, insider James Ming Hom sold 21,024 shares of the firm’s stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $4.88, for a total transaction of $102,597.12. Following the completion of the sale, the insider now owns 865,965 shares of the company’s stock, valued at approximately $4,225,909.20. This trade represents a 2.37 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CTO Timothy Stonehocker sold 20,337 shares of the stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $4.88, for a total value of $99,244.56. Following the sale, the chief technology officer now owns 1,039,194 shares in the company, valued at approximately $5,071,266.72. This trade represents a 1.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 277,275 shares of company stock worth $1,355,644 over the last three months. Company insiders own 12.28% of the company’s stock.

Institutional Investors Weigh In On SoundHound AI

Several hedge funds and other institutional investors have recently made changes to their positions in SOUN. Geode Capital Management LLC boosted its holdings in SoundHound AI by 9.1% in the third 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. MML Investors Services LLC bought a new position in SoundHound AI in the third quarter valued at approximately $86,000. State Street Corp grew its holdings in SoundHound AI by 0.6% during the 3rd quarter. State Street Corp now owns 7,197,414 shares of the company’s stock worth $33,540,000 after acquiring an additional 42,869 shares during the period. Stifel Financial Corp raised its position in shares of SoundHound AI by 122.4% during the 3rd quarter. Stifel Financial Corp now owns 148,970 shares of the company’s stock valued at $694,000 after acquiring an additional 81,990 shares during the last quarter. Finally, Point72 DIFC Ltd acquired a new position in shares of SoundHound AI during the 3rd quarter worth about $148,000. 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.