SoundHound AI (NASDAQ:SOUN) Shares Up 0.4% – Still a Buy?

SoundHound AI, Inc. (NASDAQ:SOUN)’s share price shot up 0.4% on Wednesday . The company traded as high as $9.94 and last traded at $9.76. 11,624,831 shares were traded during mid-day trading, a decline of 73% from the average session volume of 42,607,882 shares. The stock had previously closed at $9.72.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on SOUN. Cantor Fitzgerald upgraded shares of SoundHound AI to a “hold” rating in a report on Monday, February 24th. HC Wainwright reissued a “buy” rating and issued a $26.00 price target on shares of SoundHound AI in a report on Monday. DA Davidson raised their target price on SoundHound AI from $9.50 to $13.00 and gave the stock a “buy” rating in a research report on Friday, February 28th. Northland Securities upped their price target on shares of SoundHound AI from $6.00 to $8.00 and gave the company a “market perform” rating in a research note on Tuesday, January 14th. Finally, Wedbush increased their price objective on SoundHound AI from $10.00 to $22.00 and gave the stock an “outperform” rating in a report on Monday, December 16th. Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, SoundHound AI currently has a consensus rating of “Hold” and a consensus target price of $12.86.

SoundHound AI Price Performance

The business’s fifty day moving average price is $14.78 and its 200-day moving average price is $10.02. The company has a market capitalization of $3.90 billion, a P/E ratio of -27.61 and a beta of 2.56. 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 Thursday, February 27th. The company reported ($0.69) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.11) by ($0.58). The firm had revenue of $34.54 million for the quarter, compared to the consensus estimate of $33.70 million. SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. As a group, sell-side 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 other news, VP Majid Emami sold 298,086 shares of SoundHound AI stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $15.04, for a total transaction of $4,483,213.44. Following the sale, the vice president now owns 735,685 shares of the company’s stock, valued at approximately $11,064,702.40. The trade was a 28.83 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CTO Timothy Stonehocker sold 34,407 shares of the stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $20.30, for a total value of $698,462.10. Following the completion of the transaction, the chief technology officer now directly owns 796,581 shares of the company’s stock, valued at $16,170,594.30. This represents a 4.14 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 2,574,960 shares of company stock worth $43,545,727. 12.28% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On SoundHound AI

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SOUN. Kieckhefer Group LLC bought a new stake in SoundHound AI in the 4th quarter worth about $3,432,000. Charles Schwab Investment Management Inc. grew its stake in shares of SoundHound AI by 7.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,582,206 shares of the company’s stock worth $12,033,000 after acquiring an additional 189,109 shares during the period. Oriental Harbor Investment Fund purchased a new position in shares of SoundHound AI during the fourth quarter valued at approximately $8,964,000. Geode Capital Management LLC lifted its position in SoundHound AI by 9.1% during the third quarter. Geode Capital Management LLC now owns 7,193,599 shares of the company’s stock valued at $33,529,000 after purchasing an additional 602,311 shares during the period. Finally, Wealth Effects LLC purchased a new stake in SoundHound AI in the fourth quarter worth approximately $357,000. 19.28% of the stock is owned by 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.