SoundHound AI (NASDAQ:SOUN) Trading Up 6.3% – Time to Buy?

SoundHound AI, Inc. (NASDAQ:SOUN) was up 6.3% on Friday . The company traded as high as $10.63 and last traded at $10.60. Approximately 27,025,834 shares traded hands during mid-day trading, an increase of 33% from the average daily volume of 20,321,536 shares. The stock had previously closed at $9.97.

Analysts Set New Price Targets

A number of research analysts have issued reports on the company. HC Wainwright upped their price objective on SoundHound AI from $18.00 to $26.00 and gave the company a “buy” rating in a research note on Thursday, October 16th. Wedbush restated an “outperform” rating and set a $16.00 price target on shares of SoundHound AI in a research report on Thursday, September 11th. Oppenheimer started coverage on shares of SoundHound AI in a research report on Thursday, September 11th. They issued a “market perform” rating on the stock. Piper Sandler increased their target price on shares of SoundHound AI from $12.00 to $15.00 and gave the company a “neutral” rating in a research report on Friday, November 7th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of SoundHound AI in a research note on Tuesday, October 14th. Two equities research analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $17.07.

SoundHound AI Trading Up 6.3%

The business’s fifty day simple moving average is $12.72 and its 200-day simple moving average is $13.43. The firm has a market cap of $4.45 billion, a P/E ratio of -12.62 and a beta of 2.65.

SoundHound AI (NASDAQ:SOUN) last posted its quarterly earnings results on Thursday, November 6th. The company reported ($0.03) EPS for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.06. SoundHound AI had a negative return on equity of 93.64% and a negative net margin of 211.16%.The firm had revenue of $42.05 million during the quarter, compared to analyst estimates of $40.48 million. During the same period last year, the company earned ($0.04) earnings per share. The business’s revenue for the quarter was up 67.6% on a year-over-year basis. As a group, research analysts expect that SoundHound AI, Inc. will post -0.38 earnings per share for the current fiscal year.

Insider Buying and Selling at SoundHound AI

In other news, COO Michael Zagorsek sold 73,406 shares of the firm’s stock in a transaction that occurred on Monday, December 22nd. The shares were sold at an average price of $11.28, for a total value of $828,019.68. Following the completion of the transaction, the chief operating officer directly owned 1,787,459 shares in the company, valued at approximately $20,162,537.52. This trade represents a 3.94% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Majid Emami sold 42,600 shares of the company’s stock in a transaction that occurred on Monday, December 22nd. The stock was sold at an average price of $11.28, for a total transaction of $480,528.00. Following the sale, the senior vice president directly owned 565,586 shares in the company, valued at $6,379,810.08. This trade represents a 7.00% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 723,310 shares of company stock worth $10,747,881. 9.17% of the stock is owned by corporate insiders.

Institutional Trading of SoundHound AI

A number of large investors have recently modified their holdings of SOUN. Northwestern Mutual Wealth Management Co. raised its stake in SoundHound AI by 83.1% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 2,336 shares of the company’s stock valued at $25,000 after purchasing an additional 1,060 shares in the last quarter. Danske Bank A S purchased a new stake in shares of SoundHound AI during the 3rd quarter valued at $26,000. Advisors Asset Management Inc. lifted its holdings in shares of SoundHound AI by 68.4% during the 2nd quarter. Advisors Asset Management Inc. now owns 2,519 shares of the company’s stock worth $27,000 after acquiring an additional 1,023 shares during the last quarter. Investors Research Corp grew its position in SoundHound AI by 62.4% in the third quarter. Investors Research Corp now owns 1,822 shares of the company’s stock worth $29,000 after acquiring an additional 700 shares in the last quarter. Finally, AlphaQuest LLC bought a new position in SoundHound AI in the first quarter valued at $32,000. Institutional investors own 19.28% of the company’s stock.

About SoundHound AI

SoundHound AI, Inc is a voice AI and conversational intelligence company specializing in speech recognition, natural language understanding and sound identification technologies. Founded in 2005 and headquartered in Santa Clara, California, the company initially gained recognition with its music discovery app before pivoting to enterprise-grade voice AI solutions. Over the years, SoundHound AI has built a comprehensive platform that enables developers and businesses to embed conversational intelligence into a wide range of products and services.

The company’s core offering is the Houndify voice AI platform, which provides customizable speech-to-meaning technology, domain-specific natural language understanding and text-to-speech capabilities.