SoundHound AI (NASDAQ:SOUN) Stock Price Up 2.3% – Should You Buy?

SoundHound AI, Inc. (NASDAQ:SOUN) shot up 2.3% during trading on Friday . The stock traded as high as $15.35 and last traded at $14.29. 34,487,000 shares changed hands during mid-day trading, a decline of 47% from the average session volume of 65,540,227 shares. The stock had previously closed at $13.97.

Analyst Ratings Changes

SOUN has been the topic of several recent analyst reports. Wedbush upped their target price on shares of SoundHound AI from $10.00 to $22.00 and gave the stock an “outperform” rating in a research report on Monday, December 16th. Barclays reaffirmed a “neutral” rating and set a $7.00 price objective on shares of SoundHound AI in a report on Wednesday, November 13th. DA Davidson reissued a “buy” rating and issued a $9.50 price objective on shares of SoundHound AI in a research note on Monday, September 30th. Northland Securities lifted their target price on shares of SoundHound AI from $6.00 to $8.00 and gave the stock a “market perform” rating in a research report on Tuesday. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $26.00 target price on shares of SoundHound AI in a research note on Monday. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $12.36.

SoundHound AI Stock Performance

The company’s fifty day moving average price is $13.90 and its two-hundred day moving average price is $8.05. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.58 and a current ratio of 2.58. The firm has a market capitalization of $5.24 billion, a PE ratio of -39.35 and a beta of 2.63.

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

Insider Activity at SoundHound AI

In other news, Director Lawrence Marcus sold 30,000 shares of the company’s stock in a transaction dated Thursday, November 21st. The shares were 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 owns 178,117 shares in the company, valued at approximately $1,273,536.55. This represents a 14.41 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CTO Timothy Stonehocker sold 34,407 shares of SoundHound AI stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $20.30, for a total transaction of $698,462.10. Following the completion of the sale, the chief technology officer now owns 796,581 shares in the company, valued at approximately $16,170,594.30. This represents a 4.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 2,782,918 shares of company stock valued at $45,391,343 over the last ninety days. Corporate insiders own 12.28% of the company’s stock.

Institutional Investors Weigh In On SoundHound AI

A number of hedge funds have recently made changes to their positions in the business. Carnegie Investment Counsel acquired a new stake in SoundHound AI in the 3rd quarter valued at approximately $4,193,000. Geode Capital Management LLC grew its position in SoundHound AI by 9.1% in the 3rd quarter. Geode Capital Management LLC now owns 7,193,599 shares of the company’s stock valued at $33,529,000 after buying an additional 602,311 shares in the last quarter. Oriental Harbor Investment Fund acquired a new stake in SoundHound AI in the fourth quarter worth approximately $8,964,000. Shellback Capital LP acquired a new position in shares of SoundHound AI during the 2nd quarter valued at $1,196,000. Finally, Squarepoint Ops LLC boosted its stake in SoundHound AI by 818.0% during the second quarter. Squarepoint Ops LLC now owns 231,168 shares of the company’s stock valued at $913,000 after buying an additional 205,985 shares in the last quarter. 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.