SoundHound AI (NASDAQ:SOUN) Shares Up 0.8% – Time to Buy?

SoundHound AI, Inc. (NASDAQ:SOUN)’s stock price traded up 0.8% during mid-day trading on Friday . The company traded as high as $9.59 and last traded at $9.67. 5,577,389 shares were traded during mid-day trading, a decline of 86% from the average session volume of 39,080,062 shares. The stock had previously closed at $9.59.

Wall Street Analysts Forecast Growth

SOUN has been the subject of a number of analyst reports. Northland Securities boosted their price objective 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. DA Davidson boosted their price target on shares of SoundHound AI from $9.50 to $13.00 and gave the stock a “buy” rating in a report on Friday, February 28th. HC Wainwright reaffirmed a “buy” rating and set a $26.00 price objective on shares of SoundHound AI in a research report on Monday, March 3rd. Cantor Fitzgerald raised SoundHound AI to a “hold” rating in a report on Monday, February 24th. Finally, Wedbush lifted their price target on SoundHound AI from $10.00 to $22.00 and gave the stock an “outperform” rating in a report on Monday, December 16th. Four investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat, SoundHound AI presently has an average rating of “Hold” and an average price target of $12.86.

SoundHound AI Trading Up 3.1 %

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 stock has a market capitalization of $3.89 billion, a PE ratio of -27.43 and a beta of 2.62. The business’s 50-day moving average is $12.27 and its two-hundred day moving average is $10.32.

SoundHound AI (NASDAQ:SOUN) last released its quarterly earnings results 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 analysts’ expectations of $33.70 million. SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. On average, analysts anticipate that SoundHound AI, Inc. will post -0.38 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other SoundHound AI news, Director Lawrence Marcus sold 20,000 shares of the company’s stock in a transaction that occurred on Monday, December 23rd. The stock was sold at an average price of $20.47, for a total transaction of $409,400.00. Following the completion of the sale, the director now directly owns 108,117 shares of the company’s stock, valued at $2,213,154.99. This represents a 15.61 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Keyvan Mohajer sold 156,288 shares of the stock in a transaction that occurred on Tuesday, December 24th. The stock was sold at an average price of $20.20, for a total value of $3,157,017.60. Following the sale, the chief executive officer now directly owns 2,021,666 shares of the company’s stock, valued at $40,837,653.20. The trade was a 7.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 12.28% of the stock is currently owned by insiders.

Institutional Investors Weigh In On SoundHound AI

Several hedge funds have recently modified their holdings of SOUN. Vanguard Group Inc. raised its position in SoundHound AI by 35.6% during the 4th quarter. Vanguard Group Inc. now owns 32,031,662 shares of the company’s stock worth $635,508,000 after buying an additional 8,402,881 shares during the last quarter. Rockefeller Capital Management L.P. acquired a new stake in SoundHound AI in the fourth quarter valued at about $41,595,000. Invesco Ltd. boosted its holdings in SoundHound AI by 1,386.2% in the 4th quarter. Invesco Ltd. now owns 1,382,371 shares of the company’s stock valued at $27,426,000 after purchasing an additional 1,289,360 shares in the last quarter. Driehaus Capital Management LLC acquired a new position in SoundHound AI during the 4th quarter worth approximately $16,421,000. Finally, Capital Fund Management S.A. purchased a new position in shares of SoundHound AI during the 4th quarter worth approximately $16,092,000. 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.