SoundHound AI (NASDAQ:SOUN) Trading 3.4% Higher – Should You Buy?

SoundHound AI, Inc. (NASDAQ:SOUN)’s stock price rose 3.4% on Monday . The stock traded as high as $6.65 and last traded at $6.47. Approximately 28,450,710 shares changed hands during mid-day trading, an increase of 0% from the average daily volume of 28,414,217 shares. The stock had previously closed at $6.26.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the stock. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of SoundHound AI in a report on Friday. DA Davidson decreased their target price on shares of SoundHound AI from $12.00 to $10.00 and set a “buy” rating on the stock in a research note on Thursday, August 6th. Piper Sandler dropped their price target on SoundHound AI from $8.00 to $7.00 and set a “neutral” rating for the company in a research note on Thursday, August 6th. Finally, Wall Street Zen upgraded SoundHound AI from a “strong sell” rating to a “sell” rating in a research report on Sunday. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $13.00.

SoundHound AI Price Performance

The firm has a market capitalization of $2.73 billion, a price-to-earnings ratio of -16.18 and a beta of 2.66. The stock has a fifty day moving average of $6.72 and a two-hundred day moving average of $7.26.

SoundHound AI (NASDAQ:SOUN) last issued its quarterly earnings results on Wednesday, August 5th. The company reported ($0.02) earnings per share for the quarter, beating the consensus estimate of ($0.13) by $0.11. The company had revenue of $61.90 million during the quarter, compared to analysts’ expectations of $52.38 million. SoundHound AI had a negative return on equity of 30.22% and a negative net margin of 67.45%.The business’s quarterly revenue was up 45.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.19) earnings per share. On average, research analysts forecast that SoundHound AI, Inc. will post -0.33 EPS for the current year.

Hedge Funds Weigh In On SoundHound AI

Several hedge funds and other institutional investors have recently bought and sold shares of the company. SHP Wealth Management purchased a new position in SoundHound AI during the fourth quarter worth about $27,000. Hollencrest Capital Management grew its position in SoundHound AI by 197.5% in the 1st quarter. Hollencrest Capital Management now owns 3,615 shares of the company’s stock worth $25,000 after purchasing an additional 2,400 shares in the last quarter. Vermillion Wealth Management Inc. increased its stake in SoundHound AI by 5,164.8% in the 4th quarter. Vermillion Wealth Management Inc. now owns 4,791 shares of the company’s stock valued at $48,000 after buying an additional 4,700 shares during the last quarter. Clarus Group Inc. bought a new position in shares of SoundHound AI during the 1st quarter worth approximately $69,000. Finally, 180 Wealth Advisors LLC purchased a new position in shares of SoundHound AI in the 1st quarter worth approximately $69,000. Institutional investors and hedge funds own 19.28% of the company’s stock.

About SoundHound AI

SoundHound AI, Inc develops conversational artificial intelligence and voice-enabled technologies. Its platform is designed to let users interact with devices, applications and services through natural-language speech, supporting functions such as information retrieval, question answering and task completion.

The company’s offerings include the Houndify conversational AI platform, which businesses can use to build branded voice assistants, as well as SoundHound Chat AI, an in-car and consumer-oriented voice assistant that combines conversational capabilities with access to information and services.