SoundHound AI (NASDAQ:SOUN) Trading Up 6.1% – Still a Buy?

SoundHound AI, Inc. (NASDAQ:SOUN)’s share price shot up 6.1% on Tuesday . The stock traded as high as $10.17 and last traded at $10.07. 18,340,639 shares were traded during trading, a decline of 53% from the average session volume of 38,987,855 shares. The stock had previously closed at $9.49.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on SOUN shares. Wedbush cut their target price on shares of SoundHound AI from $22.00 to $15.00 and set an “outperform” rating for the company in a research note on Friday, May 9th. HC Wainwright dropped their price objective on SoundHound AI from $26.00 to $18.00 and set a “buy” rating on the stock in a research note on Monday, May 12th. DA Davidson reduced their target price on SoundHound AI from $13.00 to $10.00 and set a “buy” rating for the company in a research note on Monday, April 14th. Piper Sandler started coverage on SoundHound AI in a research note on Tuesday, May 27th. They issued an “overweight” rating and a $12.00 price target on the stock. Finally, Cantor Fitzgerald raised SoundHound AI to a “hold” rating in a report on Monday, February 24th. Four equities research 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.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $10.50.

SoundHound AI Price Performance

The stock’s 50-day moving average price is $9.61 and its 200-day moving average price is $11.96. The company has a market cap of $4.02 billion, a P/E ratio of -18.19 and a beta of 2.64.

SoundHound AI (NASDAQ:SOUN) last announced its quarterly earnings data on Thursday, May 8th. The company reported ($0.06) earnings per share for the quarter, beating the consensus estimate of ($0.09) by $0.03. SoundHound AI had a negative return on equity of 68.55% and a negative net margin of 184.34%. The firm had revenue of $29.13 million during the quarter, compared to analysts’ expectations of $30.38 million. During the same period in the previous year, the firm earned ($0.07) EPS. The company’s quarterly revenue was up 151.2% compared to the same quarter last year. As a group, analysts expect that SoundHound AI, Inc. will post -0.38 EPS for the current fiscal year.

Insider Buying and Selling at SoundHound AI

In other SoundHound AI news, CTO Timothy Stonehocker sold 44,157 shares of the company’s stock in a transaction dated Wednesday, May 14th. The stock was sold at an average price of $12.00, for a total value of $529,884.00. Following the completion of the transaction, the chief technology officer now owns 723,009 shares of the company’s stock, valued at $8,676,108. This represents a 5.76% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Majid Emami sold 132,352 shares of SoundHound AI stock in a transaction dated Tuesday, June 10th. The shares were sold at an average price of $10.04, for a total value of $1,328,814.08. Following the sale, the vice president now directly owns 537,482 shares in the company, valued at $5,396,319.28. The trade was a 19.76% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 180,324 shares of company stock worth $1,896,848 over the last 90 days. Insiders own 9.17% of the company’s stock.

Institutional Trading of SoundHound AI

Several institutional investors have recently modified their holdings of SOUN. Vanguard Group Inc. lifted its holdings in SoundHound AI by 35.6% during the 4th quarter. Vanguard Group Inc. now owns 32,031,662 shares of the company’s stock worth $635,508,000 after buying an additional 8,402,881 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of SoundHound AI by 84.2% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 4,973,728 shares of the company’s stock worth $40,390,000 after acquiring an additional 2,274,105 shares during the last quarter. Rockefeller Capital Management L.P. bought a new position in shares of SoundHound AI during the fourth quarter worth about $41,595,000. Invesco Ltd. lifted its stake in shares of SoundHound AI by 1,386.2% in the fourth quarter. Invesco Ltd. now owns 1,382,371 shares of the company’s stock worth $27,426,000 after acquiring an additional 1,289,360 shares during the period. Finally, Goldman Sachs Group Inc. boosted its holdings in SoundHound AI by 69.8% in the first quarter. Goldman Sachs Group Inc. now owns 2,639,689 shares of the company’s stock valued at $21,434,000 after acquiring an additional 1,085,473 shares during 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.