SoundHound AI (NASDAQ:SOUN) Trading Up 3.5% – Still a Buy?

SoundHound AI, Inc. (NASDAQ:SOUN) traded up 3.5% during trading on Thursday . The company traded as high as $7.89 and last traded at $7.88. 32,377,547 shares changed hands during trading, a decline of 8% from the average session volume of 35,208,672 shares. The stock had previously closed at $7.61.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on SOUN shares. DA Davidson reissued a “buy” rating and issued 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. Northland Securities increased their target price on SoundHound AI from $5.50 to $6.00 and gave the stock a “market perform” rating in a report on Friday, August 9th. Cantor Fitzgerald upgraded SoundHound AI from a “neutral” rating to an “overweight” rating and boosted their price target for the company from $5.00 to $7.00 in a report on Friday, August 9th. Finally, HC Wainwright raised their price objective on SoundHound AI from $7.00 to $8.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, SoundHound AI currently has an average rating of “Moderate Buy” and a consensus target price of $7.64.

SoundHound AI Trading Up 18.1 %

The company has a current ratio of 2.58, a quick ratio of 2.58 and a debt-to-equity ratio of 0.13. The business’s 50-day moving average is $5.75 and its two-hundred day moving average is $5.11. The firm has a market cap of $3.44 billion, a P/E ratio of -25.86 and a beta of 2.71.

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

Insider Transactions at SoundHound AI

In related news, Director Eric R. Ball sold 30,000 shares of the stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $8.03, for a total transaction of $240,900.00. Following the completion of the sale, the director now directly owns 110,907 shares of the company’s stock, valued at $890,583.21. This represents a 21.29 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Keyvan Mohajer sold 90,641 shares of the firm’s stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $4.88, for a total transaction of $442,328.08. Following the sale, the chief executive officer now owns 2,362,692 shares of the company’s stock, valued at $11,529,936.96. The trade was a 3.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 337,275 shares of company stock valued at $1,811,044. Company insiders own 12.28% of the company’s stock.

Institutional Investors Weigh In On SoundHound AI

Institutional investors and hedge funds have recently modified their holdings of the stock. Oppenheimer & Co. Inc. boosted its position in shares of SoundHound AI by 11.0% in the 3rd quarter. Oppenheimer & Co. Inc. now owns 19,000 shares of the company’s stock valued at $89,000 after purchasing an additional 1,887 shares during the period. Integrated Wealth Concepts LLC boosted its holdings in shares of SoundHound AI by 13.0% in the third quarter. Integrated Wealth Concepts LLC now owns 17,150 shares of the company’s stock worth $80,000 after buying an additional 1,975 shares during the period. Genesee Capital Advisors LLC boosted its holdings in shares of SoundHound AI by 11.4% in the second quarter. Genesee Capital Advisors LLC now owns 19,468 shares of the company’s stock worth $77,000 after buying an additional 2,000 shares during the period. Signaturefd LLC boosted its holdings in shares of SoundHound AI by 19.5% in the third quarter. Signaturefd LLC now owns 12,255 shares of the company’s stock worth $57,000 after buying an additional 2,000 shares during the period. Finally, Newbridge Financial Services Group Inc. boosted its holdings in shares of SoundHound AI by 24.7% in the second quarter. Newbridge Financial Services Group Inc. now owns 11,720 shares of the company’s stock worth $46,000 after buying an additional 2,320 shares during the period. 19.28% of the stock is owned by institutional investors and hedge funds.

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.