SoundHound AI (NASDAQ:SOUN) Trading Up 9.7% – Time to Buy?

Shares of SoundHound AI, Inc. (NASDAQ:SOUN) shot up 9.7% on Monday . The company traded as high as $5.72 and last traded at $5.68. 14,928,371 shares changed hands during trading, a decline of 56% from the average session volume of 33,881,766 shares. The stock had previously closed at $5.18.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on SOUN shares. HC Wainwright reissued a “buy” rating and issued a $7.00 price target on shares of SoundHound AI in a report on Wednesday, September 18th. 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. Cantor Fitzgerald upgraded shares of SoundHound AI from a “neutral” rating to an “overweight” rating and boosted their price target for the company from $5.00 to $7.00 in a research report on Friday, August 9th. Wedbush reissued an “outperform” rating and set a $9.00 price objective on shares of SoundHound AI in a research note on Thursday, September 26th. Finally, Northland Securities boosted their target price on SoundHound AI from $5.50 to $6.00 and gave the stock a “market perform” rating in a research report on Friday, August 9th. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $7.08.

SoundHound AI Stock Performance

The stock has a market capitalization of $1.96 billion, a P/E ratio of -14.95 and a beta of 2.73. The firm has a 50-day moving average price of $4.90 and a 200 day moving average price of $4.74.

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

Insiders Place Their Bets

In other news, CTO Timothy Stonehocker sold 20,337 shares of the firm’s stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $4.88, for a total transaction of $99,244.56. Following the transaction, the chief technology officer now directly owns 1,039,194 shares of the company’s stock, valued at approximately $5,071,266.72. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CTO Timothy Stonehocker sold 20,337 shares of SoundHound AI stock in a transaction on Friday, September 20th. The shares were sold at an average price of $4.88, for a total value of $99,244.56. Following the transaction, the chief technology officer now directly owns 1,039,194 shares of the company’s stock, valued at $5,071,266.72. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Keyvan Mohajer sold 90,641 shares of the company’s stock in a transaction 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 $11,529,936.96. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 327,275 shares of company stock valued at $1,606,644 over the last three months. Insiders own 21.30% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. Kings Path Partners LLC purchased a new position in shares of SoundHound AI during the second quarter valued at approximately $28,000. Hexagon Capital Partners LLC bought a new stake in SoundHound AI in the first quarter valued at $29,000. International Assets Investment Management LLC purchased a new position in SoundHound AI during the 2nd quarter valued at $31,000. NBC Securities Inc. raised its holdings in SoundHound AI by 97.8% in 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. Finally, Amalgamated Bank lifted its position in shares of SoundHound AI by 108.0% in the 2nd quarter. Amalgamated Bank now owns 9,819 shares of the company’s stock worth $39,000 after purchasing an additional 5,099 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.