SoundHound AI (NASDAQ:SOUN) Trading 0.7% Higher – Time to Buy?

Shares of SoundHound AI, Inc. (NASDAQ:SOUN) were up 0.7% during trading on Monday . The company traded as high as $7.56 and last traded at $7.25. Approximately 30,885,498 shares changed hands 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

SOUN has been the topic of several recent research reports. Cantor Fitzgerald raised SoundHound AI from a “neutral” rating to an “overweight” rating and lifted their price objective for the stock from $5.00 to $7.00 in a report on Friday, August 9th. Wedbush reiterated an “outperform” rating and set a $9.00 price target on shares of SoundHound AI in a research note on Thursday, September 26th. Northland Securities increased their price objective on shares of SoundHound AI from $5.50 to $6.00 and gave the company a “market perform” rating in a research note on Friday, August 9th. LADENBURG THALM/SH SH reaffirmed a “neutral” rating and set a $7.00 price objective on shares of SoundHound AI in a report on Wednesday. Finally, DA Davidson reissued a “buy” rating and issued a $9.50 target price 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 given a buy rating to the company’s stock. According to data from MarketBeat, SoundHound AI presently has an average rating of “Moderate Buy” and a consensus target price of $7.50.

SoundHound AI Trading Down 17.1 %

The stock has a market capitalization of $2.25 billion, a P/E ratio of -17.58 and a beta of 2.71. The firm’s fifty day moving average is $5.18 and its 200-day moving average is $4.92.

SoundHound AI (NASDAQ:SOUN) last posted its earnings results on Tuesday, November 12th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.08) by $0.02. The company 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%. SoundHound AI’s quarterly revenue was up 88.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.09) earnings per share. Equities research analysts expect that SoundHound AI, Inc. will post -0.36 EPS for the current year.

Insiders Place Their Bets

In other news, insider James Ming Hom sold 21,024 shares of the firm’s stock in a transaction on 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 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. In related news, insider James Ming Hom sold 21,024 shares of the business’s stock in a transaction that occurred on 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 transaction, the insider now directly owns 865,965 shares in the company, valued at approximately $4,225,909.20. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Lawrence Marcus sold 50,000 shares of the firm’s stock in a transaction that occurred 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 sale, the director now owns 74,038 shares in the company, valued at $371,670.76. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 327,275 shares of company stock valued at $1,606,644. 12.28% of the stock is currently owned by corporate insiders.

Institutional Trading of SoundHound AI

Hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. grew its holdings in shares of SoundHound AI by 16.1% during the first 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 in the last quarter. Charles Schwab Investment Management Inc. boosted its position in SoundHound AI by 7.9% during the 3rd 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 last quarter. Baupost Group LLC MA bought a new position in shares of SoundHound AI during the 1st quarter worth approximately $6,659,000. Bank of New York Mellon Corp raised its holdings in shares of 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 purchasing an additional 479,912 shares during the last quarter. Finally, Carnegie Investment Counsel bought a new stake in shares of SoundHound AI in the third quarter worth $4,193,000. Institutional investors and hedge funds own 19.28% of the company’s stock.

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.