SoundHound AI (NASDAQ:SOUN) Shares Up 4.1% – Should You Buy?

Shares of SoundHound AI, Inc. (NASDAQ:SOUN) traded up 4.1% on Monday . The stock traded as high as $5.13 and last traded at $5.11. 9,358,011 shares traded hands during mid-day trading, a decline of 73% from the average session volume of 34,377,625 shares. The stock had previously closed at $4.91.

Wall Street Analyst Weigh In

SOUN has been the topic of a number of recent analyst reports. Northland Securities boosted their price target on shares of SoundHound AI from $5.50 to $6.00 and gave the stock a “market perform” rating in a research report on Friday, August 9th. Cantor Fitzgerald raised shares of SoundHound AI from a “neutral” rating to an “overweight” rating and raised their price target for the company from $5.00 to $7.00 in a research report on Friday, August 9th. Wedbush restated an “outperform” rating and set a $9.00 price target on shares of SoundHound AI in a report on Thursday, September 26th. HC Wainwright restated a “buy” rating and set a $7.00 price target on shares of SoundHound AI in a research report on Wednesday, September 18th. Finally, DA Davidson reiterated a “buy” rating and issued a $9.50 target price on shares of SoundHound AI in a research note on Monday, September 30th. One analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $7.08.

SoundHound AI Price Performance

The business has a 50-day moving average of $4.81 and a 200 day moving average of $4.74. The company has a market capitalization of $1.71 billion, a PE ratio of -13.71 and a beta of 2.73.

SoundHound AI (NASDAQ:SOUN) last issued its quarterly earnings data on Thursday, August 8th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.09) by ($0.02). SoundHound AI had a negative net margin of 195.65% and a negative return on equity of 93.28%. The business had revenue of $13.46 million for the quarter, compared to analysts’ expectations of $13.09 million. During the same period in the previous year, the business earned ($0.10) earnings per share. The business’s quarterly revenue was up 53.8% compared to the same quarter last year. As a group, research analysts anticipate that SoundHound AI, Inc. will post -0.36 EPS for the current year.

Insiders Place Their Bets

In other SoundHound AI news, CEO Keyvan Mohajer sold 90,641 shares of the business’s stock in a transaction on Friday, September 20th. The stock was sold at an average price of $4.88, for a total transaction of $442,328.08. Following the transaction, the chief executive officer now owns 2,362,692 shares of the company’s stock, valued at approximately $11,529,936.96. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other SoundHound AI news, CEO Keyvan Mohajer sold 90,641 shares of the firm’s stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $4.88, for a total transaction of $442,328.08. Following the sale, the chief executive officer now owns 2,362,692 shares of the company’s stock, valued at approximately $11,529,936.96. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Lawrence Marcus sold 50,000 shares of the stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $5.02, for a total value of $251,000.00. Following the sale, the director now directly owns 74,038 shares of the company’s stock, valued at approximately $371,670.76. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 327,275 shares of company stock worth $1,606,644. Company insiders own 21.30% of the company’s stock.

Institutional Trading of SoundHound AI

Several hedge funds and other institutional investors have recently bought and sold shares of SOUN. Creative Planning acquired a new position in SoundHound AI in the third quarter valued at $91,000. Carnegie Investment Counsel purchased a new stake in SoundHound AI during the third quarter valued at about $4,193,000. Brookstone Capital Management acquired a new position in shares of SoundHound AI in the 3rd quarter valued at about $52,000. Dynamic Advisor Solutions LLC purchased a new stake in shares of SoundHound AI during the 3rd quarter worth about $66,000. Finally, Newbridge Financial Services Group Inc. raised its holdings in shares of SoundHound AI by 24.7% during the 2nd quarter. Newbridge Financial Services Group Inc. now owns 11,720 shares of the company’s stock valued at $46,000 after buying an additional 2,320 shares during the period. 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.