SoundHound AI (NASDAQ:SOUN) Shares Up 2.4% – Still a Buy?

SoundHound AI, Inc. (NASDAQ:SOUN) shot up 2.4% during mid-day trading on Monday . The stock traded as high as $8.87 and last traded at $8.48. 6,380,286 shares were traded during mid-day trading, a decline of 83% from the average session volume of 37,949,644 shares. The stock had previously closed at $8.28.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on SOUN shares. DA Davidson lifted their price objective on shares of SoundHound AI from $9.50 to $13.00 and gave the company a “buy” rating in a research note on Friday, February 28th. Wedbush boosted their price objective on shares of SoundHound AI from $10.00 to $22.00 and gave the company an “outperform” rating in a research note on Monday, December 16th. Northland Securities raised their price target on shares of SoundHound AI from $6.00 to $8.00 and gave the company a “market perform” rating in a report on Tuesday, January 14th. Cantor Fitzgerald upgraded SoundHound AI to a “hold” rating in a research note on Monday, February 24th. Finally, HC Wainwright reissued a “buy” rating and set a $26.00 price objective on shares of SoundHound AI in a report on Monday, March 3rd. Four 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 an average rating of “Hold” and a consensus price target of $12.86.

SoundHound AI Stock Down 0.8 %

The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.58 and a current ratio of 2.58. The company has a market cap of $3.28 billion, a PE ratio of -22.81 and a beta of 2.73. The stock’s 50 day moving average price is $10.14 and its 200-day moving average price is $10.84.

SoundHound AI (NASDAQ:SOUN) last announced 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). SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. The firm had revenue of $34.54 million during the quarter, compared to the consensus estimate of $33.70 million. On average, analysts predict that SoundHound AI, Inc. will post -0.38 earnings per share for the current year.

Insider Buying and Selling

In other SoundHound AI news, Director Diana Sroka sold 3,402 shares of the firm’s stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $10.08, for a total transaction of $34,292.16. Following the completion of the transaction, the director now owns 138,850 shares of the company’s stock, valued at approximately $1,399,608. This trade represents a 2.39 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider James Ming Hom sold 51,196 shares of the company’s stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $10.25, for a total value of $524,759.00. Following the completion of the sale, the insider now owns 638,456 shares in the company, valued at $6,544,174. The trade was a 7.42 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 500,565 shares of company stock valued at $4,999,726 over the last quarter. 12.28% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of SOUN. Blue Trust Inc. lifted its position in SoundHound AI by 197.6% during the fourth quarter. Blue Trust Inc. now owns 1,250 shares of the company’s stock valued at $25,000 after purchasing an additional 830 shares during the period. Sound Income Strategies LLC increased its position in SoundHound AI by 2,542.0% during the fourth quarter. Sound Income Strategies LLC now owns 1,321 shares of the company’s stock valued at $26,000 after acquiring an additional 1,271 shares during the last quarter. Orion Capital Management LLC purchased a new position in SoundHound AI in the fourth quarter worth about $30,000. Future Financial Wealth Managment LLC bought a new stake in shares of SoundHound AI during the 4th quarter valued at about $40,000. Finally, Compagnie Lombard Odier SCmA purchased a new stake in shares of SoundHound AI during the 4th quarter valued at about $40,000. 19.28% of the stock is owned by institutional investors.

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.