SoundHound AI (NASDAQ:SOUN) Trading 1.5% Higher – Should You Buy?

Shares of SoundHound AI, Inc. (NASDAQ:SOUN) traded up 1.5% on Friday . The company traded as high as $19.95 and last traded at $19.14. 42,825,350 shares changed hands during mid-day trading, an increase of 7% from the average session volume of 40,148,219 shares. The stock had previously closed at $18.86.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. Wedbush lifted their price objective on SoundHound AI from $10.00 to $22.00 and gave the stock an “outperform” rating in a research report on Monday, December 16th. Barclays restated a “neutral” rating and set a $7.00 price target on shares of SoundHound AI in a research report on Wednesday, November 13th. LADENBURG THALM/SH SH restated a “neutral” rating and set a $7.00 price target on shares of SoundHound AI in a research report on Wednesday, November 13th. DA Davidson restated a “buy” rating and set a $9.50 price target on shares of SoundHound AI in a research report on Monday, September 30th. Finally, HC Wainwright lifted their price target on SoundHound AI from $7.00 to $8.00 and gave the company a “buy” rating in a research report on Thursday, November 14th. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $9.50.

SoundHound AI Stock Up 15.4 %

The company has a quick ratio of 2.58, a current ratio of 2.58 and a debt-to-equity ratio of 0.13. The company has a fifty day simple moving average of $9.01 and a 200 day simple moving average of $6.21. The firm has a market capitalization of $8.04 billion, a P/E ratio of -60.42 and a beta of 3.03.

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 return on equity of 55.58% and a negative net margin of 163.58%. The firm had revenue of $25.10 million during the quarter, compared to analysts’ expectations of $23.02 million. During the same quarter in the previous year, the business earned ($0.09) earnings per share. The company’s revenue was up 88.7% on a year-over-year basis. On average, equities analysts expect that SoundHound AI, Inc. will post -0.38 EPS for the current fiscal year.

Insider Transactions at SoundHound AI

In other news, COO Michael Zagorsek sold 277,813 shares of the business’s stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $21.25, for a total value of $5,903,526.25. Following the completion of the transaction, the chief operating officer now owns 1,473,322 shares in the company, valued at $31,308,092.50. The trade was a 15.86 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Lawrence Marcus sold 25,000 shares of the business’s stock in a transaction on Thursday, December 12th. The stock was sold at an average price of $14.00, for a total value of $350,000.00. Following the completion of the transaction, the director now owns 128,117 shares of the company’s stock, valued at $1,793,638. This represents a 16.33 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 2,321,786 shares of company stock worth $35,065,286 over the last quarter. 12.28% of the stock is currently owned by insiders.

Institutional Trading of SoundHound AI

A number of hedge funds have recently bought and sold shares of SOUN. Kings Path Partners LLC purchased a new stake in SoundHound AI during the second quarter valued at $28,000. International Assets Investment Management LLC purchased a new stake in SoundHound AI during the second quarter valued at $31,000. NBC Securities Inc. grew its holdings in 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 purchasing an additional 3,818 shares during the period. Amalgamated Bank grew its holdings in SoundHound AI by 108.0% during the second quarter. Amalgamated Bank now owns 9,819 shares of the company’s stock valued at $39,000 after purchasing an additional 5,099 shares during the period. Finally, Signaturefd LLC grew its holdings in SoundHound AI by 27.3% during the second quarter. Signaturefd LLC now owns 10,255 shares of the company’s stock valued at $41,000 after purchasing an additional 2,200 shares during the period. Hedge funds and other institutional investors own 19.28% of the company’s stock.

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.