SoundHound AI (NASDAQ:SOUN) Trading 12.3% Higher – Time to Buy?

SoundHound AI, Inc. (NASDAQ:SOUN) rose 12.3% on Thursday . The stock traded as high as $22.79 and last traded at $22.72. Approximately 47,600,957 shares were traded during trading, an increase of 17% from the average daily volume of 40,712,547 shares. The stock had previously closed at $20.24.

Analysts Set New Price Targets

A number of research firms recently weighed in on SOUN. HC Wainwright upped their price target on SoundHound AI from $8.00 to $26.00 and gave the stock a “buy” rating in a research note on Monday. Barclays reaffirmed a “neutral” rating and set a $7.00 price target on shares of SoundHound AI in a research report on Wednesday, November 13th. DA Davidson reissued a “buy” rating and set a $9.50 target price on shares of SoundHound AI in a research report on Monday, September 30th. LADENBURG THALM/SH SH reissued a “neutral” rating and issued a $7.00 price objective on shares of SoundHound AI in a report on Wednesday, November 13th. Finally, Wedbush lifted their price target on SoundHound AI from $10.00 to $22.00 and gave the company an “outperform” rating in a research report on Monday, December 16th. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $12.07.

SoundHound AI Price Performance

The company has a debt-to-equity ratio of 0.13, a current ratio of 2.58 and a quick ratio of 2.58. The firm has a market capitalization of $8.88 billion, a PE ratio of -66.72 and a beta of 3.03. The business’s 50 day moving average is $9.91 and its two-hundred day moving average is $6.54.

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

Insider Buying and Selling at SoundHound AI

In other SoundHound AI news, COO Michael Zagorsek sold 277,813 shares of the business’s stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $21.25, for a total value of $5,903,526.25. Following the completion of the sale, the chief operating officer now owns 1,473,322 shares in the company, valued at approximately $31,308,092.50. The trade was a 15.86 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Lawrence Marcus sold 30,000 shares of SoundHound AI stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $7.15, for a total transaction of $214,500.00. Following the completion of the transaction, the director now directly owns 178,117 shares in the company, valued at approximately $1,273,536.55. The trade was a 14.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 2,258,242 shares of company stock worth $34,752,649 over the last ninety days. Insiders own 12.28% of the company’s stock.

Institutional Investors Weigh In On SoundHound AI

Large investors have recently added to or reduced their stakes in the company. Oppenheimer & Co. Inc. lifted its holdings in SoundHound AI by 11.0% in the 3rd quarter. Oppenheimer & Co. Inc. now owns 19,000 shares of the company’s stock worth $89,000 after buying an additional 1,887 shares during the period. Integrated Wealth Concepts LLC boosted its holdings in SoundHound AI by 13.0% in the third quarter. Integrated Wealth Concepts LLC now owns 17,150 shares of the company’s stock valued at $80,000 after acquiring an additional 1,975 shares in the last quarter. Signaturefd LLC raised its holdings in SoundHound AI by 19.5% in the 3rd quarter. Signaturefd LLC now owns 12,255 shares of the company’s stock worth $57,000 after purchasing an additional 2,000 shares in the last quarter. Newbridge Financial Services Group Inc. lifted its position in shares of SoundHound AI by 24.7% in the 2nd quarter. Newbridge Financial Services Group Inc. now owns 11,720 shares of the company’s stock worth $46,000 after purchasing an additional 2,320 shares during the period. Finally, Wolverine Asset Management LLC boosted its stake in shares of SoundHound AI by 7.7% during the 3rd quarter. Wolverine Asset Management LLC now owns 35,102 shares of the company’s stock valued at $164,000 after purchasing an additional 2,522 shares in the last quarter. Institutional investors own 19.28% of the company’s stock.

About SoundHound AI

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.