SoundHound AI (NASDAQ:SOUN) Stock Price Up 6.6% – Still a Buy?

SoundHound AI, Inc. (NASDAQ:SOUN)’s share price traded up 6.6% during trading on Wednesday . The stock traded as high as $9.44 and last traded at $9.10. 15,731,668 shares changed hands during trading, a decline of 63% from the average session volume of 41,961,912 shares. The stock had previously closed at $8.54.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on the stock. LADENBURG THALM/SH SH restated a “neutral” rating and set a $7.00 price target on shares of SoundHound AI in a report on Wednesday, November 13th. Wedbush upped their price objective on shares of SoundHound AI from $10.00 to $22.00 and gave the stock an “outperform” rating in a report on Monday, December 16th. Northland Securities upped 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. Barclays reiterated a “neutral” rating and issued a $7.00 price objective on shares of SoundHound AI in a report on Wednesday, November 13th. Finally, DA Davidson upped 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. Four research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, SoundHound AI currently has a consensus rating of “Hold” and a consensus price target of $12.86.

SoundHound AI Stock Performance

The stock has a market cap of $3.64 billion, a price-to-earnings ratio of -25.68 and a beta of 2.62. 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 stock’s 50-day simple moving average is $13.49 and its two-hundred day simple moving average is $10.17.

SoundHound AI (NASDAQ:SOUN) last released its earnings results on Thursday, February 27th. The company reported ($0.69) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.58). The firm had revenue of $34.54 million for the quarter, compared to analyst estimates of $33.70 million. SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. Analysts forecast that SoundHound AI, Inc. will post -0.38 earnings per share for the current year.

Insider Activity

In related news, CEO Keyvan Mohajer sold 121,194 shares of the company’s stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $20.30, for a total value of $2,460,238.20. Following the sale, the chief executive officer now owns 2,177,954 shares of the company’s stock, valued at $44,212,466.20. The trade was a 5.27 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, VP Majid Emami sold 37,459 shares of the company’s stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $20.30, for a total transaction of $760,417.70. Following 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 disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,024,777 shares of company stock valued at $20,412,443. Insiders own 12.28% of the company’s stock.

Institutional Investors Weigh In On SoundHound AI

Several institutional investors have recently added to or reduced their stakes in SOUN. Blue Trust Inc. increased its stake in SoundHound AI by 197.6% in the 4th 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 last quarter. Sound Income Strategies LLC increased its stake in SoundHound AI by 2,542.0% in the 4th quarter. Sound Income Strategies LLC now owns 1,321 shares of the company’s stock valued at $26,000 after buying an additional 1,271 shares during the last quarter. Orion Capital Management LLC acquired a new stake in SoundHound AI in the 4th quarter valued at $30,000. Future Financial Wealth Managment LLC acquired a new stake in SoundHound AI in the 4th quarter valued at $40,000. Finally, Compagnie Lombard Odier SCmA acquired a new stake in SoundHound AI in the 4th quarter valued at $40,000. 19.28% of the stock is owned by 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.