SoundHound AI (NASDAQ:SOUN) Stock Price Up 1.2% – Should You Buy?

SoundHound AI, Inc. (NASDAQ:SOUN)’s share price was up 1.2% during mid-day trading on Thursday . The stock traded as high as $6.11 and last traded at $6.00. Approximately 16,545,044 shares changed hands during mid-day trading, a decline of 42% from the average session volume of 28,292,652 shares. The stock had previously closed at $5.93.

Analyst Ratings Changes

Several equities research analysts recently commented on SOUN shares. Weiss Ratings reissued a “sell (e+)” rating on shares of SoundHound AI in a report on Friday, September 11th. Piper Sandler decreased 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. Wall Street Zen upgraded SoundHound AI from a “strong sell” rating to a “sell” rating in a research report on Sunday. Finally, DA Davidson dropped their price objective on SoundHound AI from $12.00 to $10.00 and set a “buy” rating on the stock in a research note on Thursday, August 6th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, SoundHound AI currently has an average rating of “Moderate Buy” and an average target price of $13.00.

SoundHound AI Stock Performance

The stock has a 50 day moving average of $6.70 and a two-hundred day moving average of $7.24. The stock has a market cap of $2.66 billion, a PE ratio of -15.79 and a beta of 2.66.

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

Hedge Funds Weigh In On SoundHound AI

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SOUN. NewEdge Advisors LLC lifted its holdings in shares of SoundHound AI by 38.1% in the second quarter. NewEdge Advisors LLC now owns 132,072 shares of the company’s stock valued at $855,000 after purchasing an additional 36,415 shares in the last quarter. IFP Advisors Inc lifted its stake in SoundHound AI by 10.7% in the 2nd quarter. IFP Advisors Inc now owns 32,748 shares of the company’s stock worth $212,000 after acquiring an additional 3,163 shares in the last quarter. Allworth Financial LP boosted its position in SoundHound AI by 12.7% during the 2nd quarter. Allworth Financial LP now owns 22,539 shares of the company’s stock worth $146,000 after acquiring an additional 2,537 shares during the period. Waverly Advisors LLC increased its holdings in shares of SoundHound AI by 6.9% in the 2nd quarter. Waverly Advisors LLC now owns 64,132 shares of the company’s stock valued at $415,000 after purchasing an additional 4,138 shares during the period. Finally, Nykredit A S purchased a new stake in shares of SoundHound AI in the second quarter worth approximately $165,000. 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.