SoundHound AI (NASDAQ:SOUN) Shares Up 6% – Time to Buy?

SoundHound AI, Inc. (NASDAQ:SOUN) traded up 6% during mid-day trading on Thursday . The stock traded as high as $6.10 and last traded at $6.03. 13,855,766 shares were traded during trading, a decline of 59% from the average session volume of 33,571,598 shares. The stock had previously closed at $5.69.

Analysts Set New Price Targets

Several analysts have recently issued reports on the stock. Wedbush reissued an “outperform” rating and set a $9.00 price objective on shares of SoundHound AI in a research note on Thursday, September 26th. HC Wainwright restated a “buy” rating and issued a $7.00 target price on shares of SoundHound AI in a research note on Wednesday, September 18th. Cantor Fitzgerald upgraded shares of SoundHound AI from a “neutral” rating to an “overweight” rating and increased their price objective for the stock from $5.00 to $7.00 in a research note on Friday, August 9th. DA Davidson restated a “buy” rating and issued a $9.50 price target on shares of SoundHound AI in a research note on Monday, September 30th. Finally, Northland Securities raised their price target 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. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $7.08.

SoundHound AI Stock Performance

The business’s 50 day moving average is $4.97 and its 200-day moving average is $4.82. The firm has a market capitalization of $2.53 billion, a price-to-earnings ratio of -18.05 and a beta of 2.71.

SoundHound AI (NASDAQ:SOUN) last announced its quarterly earnings results on Thursday, August 8th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.09) by ($0.02). SoundHound AI had a negative net margin of 195.65% and a negative return on equity of 93.28%. The firm had revenue of $13.46 million for the quarter, compared to the consensus estimate of $13.09 million. During the same period in the prior year, the business earned ($0.10) earnings per share. The company’s revenue for the quarter was up 53.8% on a year-over-year basis. Equities research analysts forecast that SoundHound AI, Inc. will post -0.36 EPS for the current fiscal year.

Insider Activity at SoundHound AI

In other SoundHound AI news, Director Lawrence Marcus sold 50,000 shares of the business’s stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $5.02, for a total value of $251,000.00. Following the completion of the transaction, the director now directly owns 74,038 shares of the company’s stock, valued at approximately $371,670.76. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, COO Michael Zagorsek sold 42,001 shares of the business’s stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $4.88, for a total transaction of $204,964.88. Following the completion of the transaction, the chief operating officer now owns 1,473,322 shares in the company, valued at approximately $7,189,811.36. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Lawrence Marcus sold 50,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 20th. The shares were sold at an average price of $5.02, for a total transaction of $251,000.00. Following the completion of the transaction, the director now owns 74,038 shares of the company’s stock, valued at $371,670.76. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 327,275 shares of company stock valued at $1,606,644 in the last ninety days. Insiders own 12.28% of the company’s stock.

Institutional Trading of SoundHound AI

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Kings Path Partners LLC acquired a new stake in SoundHound AI during the second quarter worth about $28,000. International Assets Investment Management LLC acquired a new position in shares of SoundHound AI in the 2nd quarter worth approximately $31,000. NBC Securities Inc. increased its stake in shares of SoundHound AI by 97.8% in the 3rd quarter. NBC Securities Inc. now owns 7,720 shares of the company’s stock valued at $35,000 after acquiring an additional 3,818 shares in the last quarter. Amalgamated Bank increased its stake in shares of SoundHound AI by 108.0% in the 2nd quarter. Amalgamated Bank now owns 9,819 shares of the company’s stock valued at $39,000 after acquiring an additional 5,099 shares in the last quarter. Finally, Signaturefd LLC increased its stake in SoundHound AI by 27.3% during the 2nd quarter. Signaturefd LLC now owns 10,255 shares of the company’s stock valued at $41,000 after purchasing an additional 2,200 shares in the last quarter. 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.