SoundHound AI (NASDAQ:SOUN) Stock Price Up 0.3% – Should You Buy?

SoundHound AI, Inc. (NASDAQ:SOUN) shares were up 0.3% during mid-day trading on Tuesday . The stock traded as high as $16.07 and last traded at $15.06. Approximately 138,448,686 shares traded hands during mid-day trading, an increase of 269% from the average daily volume of 37,535,078 shares. The stock had previously closed at $15.01.

Wall Street Analysts Forecast Growth

SOUN has been the subject of several recent analyst reports. LADENBURG THALM/SH SH reaffirmed a “neutral” rating and set a $7.00 price objective on shares of SoundHound AI in a research report on Wednesday, November 13th. DA Davidson restated a “buy” rating and issued a $9.50 price target on shares of SoundHound AI in a report on Monday, September 30th. HC Wainwright lifted their price target on shares of SoundHound AI from $7.00 to $8.00 and gave the company a “buy” rating in a research note on Thursday, November 14th. Barclays reissued a “neutral” rating and set a $7.00 price objective on shares of SoundHound AI in a research report on Wednesday, November 13th. Finally, Wedbush reaffirmed an “outperform” rating and issued a $9.00 target price on shares of SoundHound AI in a research report on Thursday, September 26th. Three analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $7.64.

SoundHound AI Price Performance

The company has a debt-to-equity ratio of 0.13, a current ratio of 2.58 and a quick ratio of 2.58. The business’s fifty day moving average price is $7.05 and its 200-day moving average price is $5.54. The stock has a market capitalization of $5.01 billion, a price-to-earnings ratio of -37.64 and a beta of 3.03.

SoundHound AI (NASDAQ:SOUN) last issued its quarterly earnings data on Tuesday, November 12th. The company reported ($0.06) EPS for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.01. The firm had revenue of $25.10 million during the quarter, compared to analyst estimates of $23.02 million. SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. The company’s revenue for the quarter was up 88.7% on a year-over-year basis. During the same period in the previous year, the company posted ($0.09) EPS. On average, research analysts forecast that SoundHound AI, Inc. will post -0.38 EPS for the current year.

Insider Activity at SoundHound AI

In other SoundHound AI news, CTO Timothy Stonehocker sold 20,337 shares of the company’s stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $4.88, for a total value of $99,244.56. Following the completion of the sale, the chief technology officer now directly owns 1,039,194 shares of the company’s stock, valued at approximately $5,071,266.72. This represents a 1.92 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Majid Emami sold 298,086 shares of SoundHound AI stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $15.04, for a total transaction of $4,483,213.44. Following the transaction, the vice president now directly owns 735,685 shares in the company, valued at approximately $11,064,702.40. This represents a 28.83 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 2,035,416 shares of company stock valued at $26,334,544. 12.28% of the stock is owned by insiders.

Institutional Investors Weigh In On SoundHound AI

Large investors have recently made changes to their positions in the business. State Street Corp boosted its holdings in shares of SoundHound AI by 0.6% in the 3rd quarter. State Street Corp now owns 7,197,414 shares of the company’s stock worth $33,540,000 after buying an additional 42,869 shares during the last quarter. Geode Capital Management LLC boosted its stake in SoundHound AI by 9.1% in the third quarter. Geode Capital Management LLC now owns 7,193,599 shares of the company’s stock valued at $33,529,000 after acquiring an additional 602,311 shares during the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of SoundHound AI by 7.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,582,206 shares of the company’s stock valued at $12,033,000 after acquiring an additional 189,109 shares during the period. Bank of New York Mellon Corp increased its stake in shares of SoundHound AI by 92.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 997,543 shares of the company’s stock worth $3,940,000 after purchasing an additional 479,912 shares during the last quarter. Finally, Carnegie Investment Counsel bought a new stake in shares of SoundHound AI in the 3rd quarter worth approximately $4,193,000. 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.