SoundHound AI (NASDAQ:SOUN) Shares Up 0.4% – Time to Buy?

SoundHound AI, Inc. (NASDAQ:SOUN) shares traded up 0.4% on Wednesday . The stock traded as high as $9.94 and last traded at $9.76. 11,624,831 shares changed hands during mid-day trading, a decline of 73% from the average session volume of 42,607,882 shares. The stock had previously closed at $9.72.

Analyst Ratings Changes

Several research analysts have weighed in on SOUN shares. Barclays reiterated a “neutral” rating and set a $7.00 price objective on shares of SoundHound AI in a research report on Wednesday, November 13th. Cantor Fitzgerald raised shares of SoundHound AI to a “hold” rating in a research report on Monday, February 24th. LADENBURG THALM/SH SH reissued a “neutral” rating and issued a $7.00 price objective on shares of SoundHound AI in a report on Wednesday, November 13th. Wedbush boosted their price target on SoundHound AI from $10.00 to $22.00 and gave the company an “outperform” rating in a research note on Monday, December 16th. Finally, DA Davidson upped their target price on SoundHound AI from $9.50 to $13.00 and gave the company a “buy” rating in a research report on Friday, February 28th. Four investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, SoundHound AI currently has a consensus rating of “Hold” and an average target price of $12.86.

SoundHound AI Price Performance

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 $3.84 billion, a price-to-earnings ratio of -27.10 and a beta of 2.62. The business has a fifty day moving average price of $14.29 and a 200 day moving average price of $10.02.

SoundHound AI (NASDAQ:SOUN) last issued its quarterly earnings data 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 net margin of 163.58% and a negative return on equity of 55.58%. The business had revenue of $34.54 million during the quarter, compared to the consensus estimate of $33.70 million. As a group, research analysts anticipate that SoundHound AI, Inc. will post -0.38 earnings per share for the current year.

Insider Transactions at SoundHound AI

In other SoundHound AI news, VP Majid Emami sold 37,459 shares of the stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $20.30, for a total transaction of $760,417.70. Following the completion of the sale, the vice president now owns 698,226 shares of the company’s stock, valued at approximately $14,173,987.80. This represents a 5.09 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Keyvan Mohajer sold 465,394 shares of the business’s stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $15.04, for a total transaction of $6,999,525.76. Following the completion of the transaction, the chief executive officer now owns 2,299,148 shares in the company, valued at $34,579,185.92. This trade represents a 16.83 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 1,788,257 shares of company stock worth $31,895,182. Company insiders own 12.28% of the company’s stock.

Hedge Funds Weigh In On SoundHound AI

Hedge funds have recently bought and sold shares of the company. Blue Trust Inc. grew its holdings in SoundHound AI by 197.6% during the 4th quarter. Blue Trust Inc. now owns 1,250 shares of the company’s stock worth $25,000 after acquiring an additional 830 shares during the period. Sound Income Strategies LLC boosted 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. Orion Capital Management LLC bought a new position in SoundHound AI during the fourth quarter worth $30,000. Future Financial Wealth Managment LLC bought a new stake in SoundHound AI in the fourth quarter valued at $40,000. Finally, Compagnie Lombard Odier SCmA acquired a new position in shares of SoundHound AI during the fourth quarter valued at 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.