SoundHound AI (NASDAQ:SOUN) Shares Up 1.4% – Time to Buy?

Shares of SoundHound AI, Inc. (NASDAQ:SOUN) shot up 1.4% during mid-day trading on Thursday . The company traded as high as $10.17 and last traded at $9.99. 7,656,819 shares changed hands during mid-day trading, a decline of 81% from the average session volume of 39,352,079 shares. The stock had previously closed at $9.85.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on SOUN. Cantor Fitzgerald raised shares of SoundHound AI to a “hold” rating in a research note on Monday, February 24th. Wedbush lifted their price target on shares of SoundHound AI from $10.00 to $22.00 and gave the stock an “outperform” rating in a research report on Monday, December 16th. DA Davidson raised their price objective 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. Northland Securities raised their price objective on shares of SoundHound AI from $6.00 to $8.00 and gave the stock a “market perform” rating in a report on Tuesday, January 14th. Finally, HC Wainwright restated a “buy” rating and set a $26.00 price objective on shares of SoundHound AI in a report on Monday, March 3rd. Four research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $12.86.

SoundHound AI Stock Performance

The stock’s 50-day moving average is $12.38 and its 200-day moving average is $10.33. The firm has a market capitalization of $3.81 billion, a price-to-earnings ratio of -27.18 and a beta of 2.62. The company has a current ratio of 2.58, a quick ratio of 2.58 and a debt-to-equity ratio of 0.13.

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 the consensus estimate 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 analyst estimates of $33.70 million. On average, analysts predict that SoundHound AI, Inc. will post -0.38 EPS for the current fiscal year.

Insider Activity

In related news, CEO Keyvan Mohajer sold 156,288 shares of the stock in a transaction 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 transaction, the chief executive officer now directly owns 2,021,666 shares in the company, valued at $40,837,653.20. This trade represents a 7.18 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Majid Emami sold 37,459 shares of the business’s stock in a transaction 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 sale, the vice president now owns 698,226 shares of the company’s stock, valued at $14,173,987.80. This trade represents a 5.09 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 524,676 shares of company stock valued at $10,638,694. 12.28% of the stock is currently owned by insiders.

Hedge Funds Weigh In On SoundHound AI

Hedge funds have recently bought and sold shares of the company. Commons Capital LLC boosted its holdings in shares of SoundHound AI by 2.7% in the 4th quarter. Commons Capital LLC now owns 27,349 shares of the company’s stock worth $543,000 after buying an additional 723 shares during the last quarter. ST Germain D J Co. Inc. increased its position in shares of SoundHound AI by 33.2% during the fourth quarter. ST Germain D J Co. Inc. now owns 3,008 shares of the company’s stock valued at $60,000 after buying an additional 750 shares during the period. Keynote Financial Services LLC increased its position in shares of SoundHound AI by 4.7% during the fourth quarter. Keynote Financial Services LLC now owns 16,587 shares of the company’s stock valued at $329,000 after buying an additional 752 shares during the period. Blue Trust Inc. increased its position in shares of 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 buying an additional 830 shares during the period. Finally, Russell Investments Group Ltd. increased its position in shares of SoundHound AI by 16.4% during the fourth quarter. Russell Investments Group Ltd. now owns 6,598 shares of the company’s stock valued at $131,000 after buying an additional 929 shares during the period. 19.28% of the stock is owned by hedge funds and other institutional investors.

About SoundHound AI

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.