SoundHound AI (NASDAQ:SOUN) Trading Up 2.6% – Should You Buy?

Shares of SoundHound AI, Inc. (NASDAQ:SOUN) traded up 2.6% on Thursday . The company traded as high as $16.70 and last traded at $16.80. 20,302,205 shares were traded during trading, a decline of 69% from the average session volume of 66,541,211 shares. The stock had previously closed at $16.38.

Wall Street Analysts Forecast Growth

SOUN has been the subject of a number of research analyst reports. Wedbush lifted their price target on shares of SoundHound AI from $10.00 to $22.00 and gave the stock an “outperform” rating in a research note on Monday, December 16th. LADENBURG THALM/SH SH reiterated a “neutral” rating and issued a $7.00 price target on shares of SoundHound AI in a research note on Wednesday, November 13th. Barclays restated a “neutral” rating and set a $7.00 price objective on shares of SoundHound AI in a research note on Wednesday, November 13th. HC Wainwright reiterated a “buy” rating and issued a $26.00 price target on shares of SoundHound AI in a report on Monday, January 13th. Finally, DA Davidson reaffirmed a “buy” rating and issued a $9.50 price objective on shares of SoundHound AI in a report on Monday, September 30th. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $12.36.

SoundHound AI Trading Down 2.7 %

The firm has a market cap of $5.89 billion, a P/E ratio of -44.34 and a beta of 2.63. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.58 and a current ratio of 2.58. The firm has a fifty day moving average of $14.52 and a 200-day moving average of $8.39.

SoundHound AI (NASDAQ:SOUN) last released its quarterly earnings results on Tuesday, November 12th. The company reported ($0.06) EPS for the quarter, topping the consensus estimate of ($0.07) by $0.01. The business had revenue of $25.10 million during the quarter, compared to analyst estimates of $23.02 million. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. The company’s quarterly revenue was up 88.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.09) earnings per share. Equities research analysts forecast that SoundHound AI, Inc. will post -0.38 earnings per share for the current year.

Insider Transactions at SoundHound AI

In related news, CEO Keyvan Mohajer sold 465,394 shares of the stock in a transaction dated Monday, December 9th. The shares were sold at an average price of $15.04, for a total value of $6,999,525.76. Following the completion of the transaction, the chief executive officer now owns 2,299,148 shares in the company, valued at $34,579,185.92. This represents a 16.83 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Eric R. Ball sold 30,000 shares of the stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $8.03, for a total transaction of $240,900.00. Following the completion of the transaction, the director now owns 110,907 shares of the company’s stock, valued at $890,583.21. This trade represents a 21.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 2,782,918 shares of company stock worth $45,391,343. Company insiders own 12.28% of the company’s stock.

Institutional Trading of SoundHound AI

A number of hedge funds and other institutional investors have recently made changes to their positions in SOUN. Sound Income Strategies LLC grew its position in SoundHound AI by 2,542.0% in the fourth quarter. Sound Income Strategies LLC now owns 1,321 shares of the company’s stock worth $26,000 after buying an additional 1,271 shares during the last quarter. Future Financial Wealth Managment LLC acquired a new position in shares of SoundHound AI in the 4th quarter worth $40,000. ST Germain D J Co. Inc. raised its position in shares of SoundHound AI by 33.2% during the fourth quarter. ST Germain D J Co. Inc. now owns 3,008 shares of the company’s stock worth $60,000 after purchasing an additional 750 shares during the period. Avior Wealth Management LLC purchased a new stake in shares of SoundHound AI during the fourth quarter valued at $64,000. Finally, SJS Investment Consulting Inc. purchased a new position in SoundHound AI in the 4th quarter worth about $129,000. 19.28% of the stock is currently 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.