SoundHound AI (NASDAQ:SOUN) Trading Up 0.7% – Still a Buy?

SoundHound AI, Inc. (NASDAQ:SOUN)’s stock price was up 0.7% during mid-day trading on Monday . The stock traded as high as $7.56 and last traded at $7.25. Approximately 30,885,498 shares were traded during mid-day trading, a decline of 9% from the average daily volume of 33,915,832 shares. The stock had previously closed at $7.20.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on SOUN shares. Northland Securities upped their price objective on shares of SoundHound AI from $5.50 to $6.00 and gave the stock a “market perform” rating in a report on Friday, August 9th. LADENBURG THALM/SH SH reaffirmed a “neutral” rating and issued a $7.00 price target on shares of SoundHound AI in a research note on Wednesday. Barclays reiterated a “neutral” rating and set a $7.00 price objective on shares of SoundHound AI in a research note on Wednesday. Wedbush restated an “outperform” rating and issued a $9.00 target price on shares of SoundHound AI in a research report on Thursday, September 26th. Finally, DA Davidson reaffirmed a “buy” rating and set a $9.50 price target on shares of SoundHound AI in a research note on Monday, September 30th. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $7.50.

SoundHound AI Trading Down 17.1 %

The firm’s 50-day simple moving average is $5.18 and its two-hundred day simple moving average is $4.92. The stock has a market capitalization of $2.25 billion, a PE ratio of -17.58 and a beta of 2.71.

SoundHound AI (NASDAQ:SOUN) last posted its quarterly earnings results on Tuesday, November 12th. The company reported ($0.06) EPS for the quarter, topping the consensus estimate of ($0.08) by $0.02. The business had revenue of $25.10 million during the quarter, compared to analysts’ expectations of $23.02 million. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 73.21%. The firm’s quarterly revenue was up 88.7% compared to the same quarter last year. During the same period last year, the company posted ($0.09) earnings per share. As a group, research analysts expect that SoundHound AI, Inc. will post -0.36 earnings per share for the current year.

Insider Activity

In other news, CEO Keyvan Mohajer sold 63,544 shares of the company’s stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $4.92, for a total transaction of $312,636.48. Following the completion of the sale, the chief executive officer now owns 2,299,148 shares in the company, valued at approximately $11,311,808.16. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, CEO Keyvan Mohajer sold 63,544 shares of SoundHound AI stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $4.92, for a total value of $312,636.48. Following the transaction, the chief executive officer now owns 2,299,148 shares of the company’s stock, valued at $11,311,808.16. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Lawrence Marcus sold 50,000 shares of the business’s stock in a transaction on Tuesday, August 20th. The stock was sold at an average price of $5.02, for a total transaction of $251,000.00. Following the completion of the sale, the director now owns 74,038 shares of the company’s stock, valued at $371,670.76. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 327,275 shares of company stock worth $1,606,644. 12.28% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On SoundHound AI

Hedge funds and other institutional investors have recently made changes to their positions in the business. Carnegie Investment Counsel acquired a new stake in SoundHound AI in the 3rd quarter valued at approximately $4,193,000. Vanguard Group Inc. raised its stake in SoundHound AI by 16.1% during the 1st quarter. Vanguard Group Inc. now owns 16,070,453 shares of the company’s stock valued at $94,655,000 after purchasing an additional 2,226,471 shares during the last quarter. International Assets Investment Management LLC boosted its holdings in SoundHound AI by 914.6% in the 3rd quarter. International Assets Investment Management LLC now owns 80,152 shares of the company’s stock valued at $374,000 after purchasing an additional 72,252 shares during the period. Bank of New York Mellon Corp grew its position in SoundHound AI by 92.7% in 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, SG Americas Securities LLC increased its holdings in shares of SoundHound AI by 1,039.3% during the 2nd quarter. SG Americas Securities LLC now owns 213,775 shares of the company’s stock worth $844,000 after purchasing an additional 195,011 shares during the period. 19.28% of the stock is owned by institutional investors and hedge funds.

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.