SoundHound AI (NASDAQ:SOUN) Shares Up 1.6% – Time to Buy?

SoundHound AI, Inc. (NASDAQ:SOUN)’s stock price traded up 1.6% during mid-day trading on Monday . The company traded as high as $14.41 and last traded at $14.38. 15,271,131 shares changed hands during mid-day trading, a decline of 74% from the average session volume of 58,959,188 shares. The stock had previously closed at $14.15.

Wall Street Analysts Forecast Growth

SOUN has been the topic of several recent research reports. Wedbush raised their target price on SoundHound AI from $10.00 to $22.00 and gave the company an “outperform” rating in a report on Monday, December 16th. LADENBURG THALM/SH SH reissued a “neutral” rating and issued a $7.00 price objective on shares of SoundHound AI in a research note on Wednesday, November 13th. HC Wainwright reaffirmed a “buy” rating and set a $26.00 target price on shares of SoundHound AI in a research report on Monday, January 13th. Barclays reissued a “neutral” rating and issued a $7.00 price target on shares of SoundHound AI in a research report on Wednesday, November 13th. Finally, Northland Securities boosted their price objective on shares of SoundHound AI from $6.00 to $8.00 and gave the stock a “market perform” rating in a research note on Tuesday, January 14th. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, SoundHound AI has an average rating of “Moderate Buy” and an average price target of $12.36.

SoundHound AI Stock Up 2.0 %

The firm has a 50-day moving average price of $15.63 and a two-hundred day moving average price of $8.87. The company has a market capitalization of $5.33 billion, a P/E ratio of -40.07 and a beta of 2.56. The company has a quick ratio of 2.58, a current ratio of 2.58 and a debt-to-equity ratio of 0.13.

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

Insider Activity at SoundHound AI

In related news, VP Majid Emami sold 37,459 shares of the firm’s stock in a transaction on Friday, December 20th. The stock was sold at an average price of $20.30, for a total value of $760,417.70. Following the completion of the transaction, the vice president now directly owns 698,226 shares of the company’s stock, valued at $14,173,987.80. This trade represents a 5.09 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Lawrence Marcus sold 20,000 shares of the business’s stock in a transaction on Monday, December 23rd. The shares were 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 in the company, valued at $2,213,154.99. This trade represents a 15.61 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 2,782,918 shares of company stock worth $45,391,343. Company insiders own 12.28% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SOUN. Blue Trust Inc. grew its stake in shares of SoundHound AI by 197.6% in the 4th 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 raised its stake 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 worth $26,000 after acquiring an additional 1,271 shares in the last quarter. NBC Securities Inc. lifted its holdings in shares of SoundHound AI by 97.8% during the third quarter. NBC Securities Inc. now owns 7,720 shares of the company’s stock valued at $35,000 after acquiring an additional 3,818 shares during the period. Future Financial Wealth Managment LLC bought a new position in shares of SoundHound AI during the fourth quarter valued at $40,000. Finally, Compagnie Lombard Odier SCmA bought a new stake in shares of SoundHound AI in the 4th quarter worth about $40,000. Institutional investors own 19.28% of the company’s stock.

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.