SoundHound AI (NASDAQ:SOUN) Shares Up 1.8% – Time to Buy?

SoundHound AI, Inc. (NASDAQ:SOUN)’s stock price was up 1.8% on Wednesday . The company traded as high as $14.18 and last traded at $14.06. Approximately 12,322,896 shares traded hands during mid-day trading, a decline of 77% from the average daily volume of 54,428,391 shares. The stock had previously closed at $13.81.

Wall Street Analysts Forecast Growth

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

SoundHound AI Stock Up 1.5 %

The firm’s 50-day simple moving average is $16.59 and its 200 day simple moving average is $9.38. 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 $5.51 billion, a P/E ratio of -38.99 and a beta of 2.56.

SoundHound AI (NASDAQ:SOUN) last released its quarterly earnings data on Tuesday, November 12th. The company reported ($0.06) EPS for the quarter, beating analysts’ consensus estimates 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 business had revenue of $25.10 million during the quarter, compared to the consensus estimate of $23.02 million. During the same quarter in the prior year, the company posted ($0.09) earnings per share. The firm’s revenue was up 88.7% on a year-over-year basis. On average, research analysts forecast that SoundHound AI, Inc. will post -0.38 earnings per share for the current fiscal year.

Insider Activity

In other SoundHound AI news, VP Majid Emami sold 37,459 shares of the stock in a transaction dated 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 sale, the vice president now directly owns 698,226 shares in the company, valued at $14,173,987.80. This represents a 5.09 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Eric R. Ball sold 30,000 shares of SoundHound AI stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $8.03, for a total value of $240,900.00. Following the transaction, the director now owns 110,907 shares in the company, valued at $890,583.21. This trade represents a 21.29 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 2,782,918 shares of company stock valued at $45,391,343 in the last ninety days. 12.28% of the stock is owned by insiders.

Institutional Trading of SoundHound AI

Hedge funds have recently bought and sold shares of the stock. 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 worth $25,000 after acquiring an additional 830 shares in the last quarter. Sound Income Strategies LLC increased its holdings in SoundHound AI by 2,542.0% during the 4th quarter. Sound Income Strategies LLC now owns 1,321 shares of the company’s stock worth $26,000 after purchasing an additional 1,271 shares in the last quarter. NBC Securities Inc. increased its holdings in SoundHound AI by 97.8% during the 3rd quarter. NBC Securities Inc. now owns 7,720 shares of the company’s stock worth $35,000 after purchasing an additional 3,818 shares in the last quarter. Future Financial Wealth Managment LLC acquired a new stake in shares of SoundHound AI in the 4th quarter valued at about $40,000. Finally, Compagnie Lombard Odier SCmA bought a new stake in shares of SoundHound AI in the fourth quarter valued at about $40,000. 19.28% of the stock is currently owned by institutional investors and hedge funds.

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.