SoundHound AI (NASDAQ:SOUN) Trading 0% Higher – Should You Buy?

SoundHound AI, Inc. (NASDAQ:SOUN)’s stock price traded up 0% on Wednesday . The company traded as high as $16.15 and last traded at $15.71. 16,603,499 shares changed hands during trading, a decline of 71% from the average session volume of 57,789,043 shares. The stock had previously closed at $15.71.

Wall Street Analysts Forecast Growth

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

SoundHound AI Trading Down 1.1 %

The firm has a market capitalization of $5.77 billion, a price-to-earnings ratio of -43.33 and a beta of 2.56. The company has a 50 day moving average price of $16.23 and a two-hundred day moving average price of $9.11. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.58 and a current ratio of 2.58.

SoundHound AI (NASDAQ:SOUN) last posted its quarterly earnings results on Tuesday, November 12th. The company reported ($0.06) earnings per share for the quarter, topping the consensus estimate of ($0.07) by $0.01. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. The firm had revenue of $25.10 million for the quarter, compared to the consensus estimate of $23.02 million. During the same period last year, the firm posted ($0.09) earnings per share. The company’s revenue for the quarter was up 88.7% on a year-over-year basis. On average, research analysts forecast that SoundHound AI, Inc. will post -0.38 EPS for the current year.

Insider Buying and Selling at SoundHound AI

In related news, VP Majid Emami sold 37,459 shares of the company’s stock in a transaction that occurred 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 represents a 5.09 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, COO Michael Zagorsek sold 277,813 shares of the company’s stock in a transaction on Wednesday, December 18th. The shares were sold at an average price of $21.25, for a total transaction of $5,903,526.25. Following the completion of the transaction, the chief operating officer now owns 1,473,322 shares of the company’s stock, valued at approximately $31,308,092.50. The trade was a 15.86 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 2,782,918 shares of company stock worth $45,391,343 over the last quarter. 12.28% of the stock is currently owned by company insiders.

Institutional Trading of SoundHound AI

Institutional investors and hedge funds have recently made changes to their positions in the company. State Street Corp raised its stake in shares of 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 buying an additional 42,869 shares in the last quarter. Geode Capital Management LLC lifted 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 period. Charles Schwab Investment Management Inc. boosted its position in shares of SoundHound AI by 5.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,725,693 shares of the company’s stock worth $54,078,000 after purchasing an additional 143,487 shares in the last quarter. Carnegie Investment Counsel grew its stake in shares of SoundHound AI by 9.1% during the 4th quarter. Carnegie Investment Counsel now owns 982,050 shares of the company’s stock worth $19,484,000 after purchasing an additional 82,300 shares during the period. Finally, Bank of New York Mellon Corp increased its holdings in shares of SoundHound AI by 2.8% in the 4th quarter. Bank of New York Mellon Corp now owns 870,843 shares of the company’s stock valued at $17,278,000 after purchasing an additional 23,962 shares in the last quarter. 19.28% of the stock is owned by hedge funds and other 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.