SoundHound AI (NASDAQ:SOUN) Trading 0.4% Higher – Should You Buy?

SoundHound AI, Inc. (NASDAQ:SOUN)’s stock price rose 0.4% during trading on Wednesday . The stock traded as high as $7.81 and last traded at $7.64. Approximately 10,737,404 shares were traded during mid-day trading, a decline of 69% from the average daily volume of 35,105,352 shares. The stock had previously closed at $7.61.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the stock. Barclays reiterated a “neutral” rating and set a $7.00 price target on shares of SoundHound AI in a research report on Wednesday, November 13th. HC Wainwright increased their target price on SoundHound AI from $7.00 to $8.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. LADENBURG THALM/SH SH restated a “neutral” rating and issued a $7.00 target price on shares of SoundHound AI in a research note on Wednesday, November 13th. DA Davidson reaffirmed a “buy” rating and issued a $9.50 price target on shares of SoundHound AI in a research note on Monday, September 30th. Finally, Wedbush reiterated an “outperform” rating and issued a $9.00 price objective on shares of SoundHound AI in a report on Thursday, September 26th. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $7.64.

SoundHound AI Price Performance

The firm has a 50 day moving average of $5.69 and a two-hundred day moving average of $5.09. The company has a market cap of $2.91 billion, a PE ratio of -21.89 and a beta of 2.71. The company has a current ratio of 2.58, a quick ratio of 2.58 and a debt-to-equity ratio of 0.13.

SoundHound AI (NASDAQ:SOUN) last issued its quarterly earnings results on Tuesday, November 12th. The company reported ($0.06) earnings per share for the quarter, beating the consensus estimate of ($0.07) by $0.01. The firm had revenue of $25.10 million during the quarter, compared to the consensus estimate 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 was up 88.7% on a year-over-year basis. During the same period last year, the company earned ($0.09) earnings per share. Research analysts predict that SoundHound AI, Inc. will post -0.38 earnings per share for the current fiscal year.

Insider Buying and Selling at SoundHound AI

In related news, insider James Ming Hom sold 21,024 shares of SoundHound AI stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $4.88, for a total value of $102,597.12. Following the completion of the sale, the insider now directly owns 865,965 shares in the company, valued at approximately $4,225,909.20. This trade represents a 2.37 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Keyvan Mohajer sold 90,641 shares of the business’s stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $4.88, for a total value of $442,328.08. Following the completion of the transaction, the chief executive officer now directly owns 2,362,692 shares of the company’s stock, valued at approximately $11,529,936.96. This trade represents a 3.69 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 337,275 shares of company stock worth $1,811,044. 12.28% of the stock is owned by corporate insiders.

Institutional Trading of SoundHound AI

A number of large investors have recently made changes to their positions in the stock. Carnegie Investment Counsel purchased a new stake in SoundHound AI in the third quarter worth approximately $4,193,000. Vanguard Group Inc. boosted its stake in shares of SoundHound AI by 16.1% in the 1st quarter. Vanguard Group Inc. now owns 16,070,453 shares of the company’s stock worth $94,655,000 after buying an additional 2,226,471 shares during the last quarter. Meridian Wealth Management LLC bought a new stake in shares of SoundHound AI in the third quarter worth $431,000. International Assets Investment Management LLC increased its position in SoundHound AI by 914.6% during the third quarter. International Assets Investment Management LLC now owns 80,152 shares of the company’s stock valued at $374,000 after acquiring an additional 72,252 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its holdings in SoundHound AI by 92.7% in the second quarter. Bank of New York Mellon Corp now owns 997,543 shares of the company’s stock valued at $3,940,000 after acquiring an additional 479,912 shares during the period. 19.28% of the stock is currently owned by institutional investors.

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.