SoundHound AI (NASDAQ:SOUN) Trading Up 1% – Still a Buy?

SoundHound AI, Inc. (NASDAQ:SOUN) shares were up 1% during trading on Friday . The company traded as high as $7.99 and last traded at $7.84. Approximately 14,371,166 shares changed hands during mid-day trading, a decline of 62% from the average daily volume of 37,932,833 shares. The stock had previously closed at $7.76.

Analyst Ratings Changes

SOUN has been the topic of a number of research reports. HC Wainwright restated a “buy” rating and set a $26.00 price target on shares of SoundHound AI in a research report on Monday, March 3rd. Cantor Fitzgerald upgraded SoundHound AI to a “hold” rating in a research report on Monday, February 24th. Northland Securities increased their price target on shares of SoundHound AI from $6.00 to $8.00 and gave the company a “market perform” rating in a research report on Tuesday, January 14th. Finally, DA Davidson lowered their price objective on shares of SoundHound AI from $13.00 to $10.00 and set a “buy” rating for the company in a report on Monday, April 14th. Four investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average price target of $12.43.

SoundHound AI Stock Up 1.0 %

The company has a quick ratio of 2.58, a current ratio of 2.58 and a debt-to-equity ratio of 0.13. The stock has a market cap of $3.13 billion, a P/E ratio of -21.76 and a beta of 2.73. The company has a 50-day simple moving average of $9.41 and a two-hundred day simple moving average of $10.91.

SoundHound AI (NASDAQ:SOUN) last announced its quarterly earnings results on Thursday, February 27th. The company reported ($0.69) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.58). The firm had revenue of $34.54 million during the quarter, compared to the consensus estimate of $33.70 million. SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. On average, equities analysts forecast 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, CEO Keyvan Mohajer sold 138,895 shares of the firm’s stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $10.08, for a total value of $1,400,061.60. Following the completion of the sale, the chief executive officer now directly owns 1,764,166 shares in the company, valued at $17,782,793.28. This trade represents a 7.30 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider James Ming Hom sold 51,196 shares of the stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $10.25, for a total value of $524,759.00. Following the completion of the transaction, the insider now directly owns 638,456 shares of the company’s stock, valued at $6,544,174. This represents a 7.42 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 500,565 shares of company stock valued at $4,999,726 in the last 90 days. Insiders own 12.28% of the company’s stock.

Hedge Funds Weigh In On SoundHound AI

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Kieckhefer Group LLC bought a new stake in SoundHound AI during the fourth quarter worth about $3,432,000. Oriental Harbor Investment Fund bought a new position in SoundHound AI during the 4th quarter valued at approximately $8,964,000. Geode Capital Management LLC boosted its holdings in SoundHound AI by 9.1% in the third quarter. Geode Capital Management LLC now owns 7,193,599 shares of the company’s stock worth $33,529,000 after acquiring an additional 602,311 shares in the last quarter. Wealth Effects LLC purchased a new position in shares of SoundHound AI in the 4th quarter worth about $357,000. Finally, Franklin Resources Inc. bought a new stake in SoundHound AI during the 3rd quarter valued at about $177,000. Hedge funds and other institutional investors 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.