SoundHound AI (NASDAQ:SOUN) Shares Gap Up – Should You Buy?

SoundHound AI, Inc. (NASDAQ:SOUNGet Free Report) shares gapped up prior to trading on Tuesday . The stock had previously closed at $14.24, but opened at $14.85. SoundHound AI shares last traded at $15.55, with a volume of 10,700,796 shares traded.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on SOUN shares. HC Wainwright restated a “buy” rating and issued a $26.00 price target on shares of SoundHound AI in a report on Monday, January 13th. Northland Securities raised their target price on shares of SoundHound AI from $6.00 to $8.00 and gave the company a “market perform” rating in a report on Tuesday, January 14th. LADENBURG THALM/SH SH restated a “neutral” rating and set a $7.00 target price on shares of SoundHound AI in a research report on Wednesday, November 13th. Wedbush increased their price target on shares of SoundHound AI from $10.00 to $22.00 and gave the company an “outperform” rating in a research report on Monday, December 16th. Finally, Barclays restated a “neutral” rating and set a $7.00 price objective on shares of SoundHound AI in a research report on Wednesday, November 13th. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, SoundHound AI currently has a consensus rating of “Moderate Buy” and a consensus target price of $12.36.

View Our Latest Research Report on SOUN

SoundHound AI Stock Performance

The stock has a 50-day moving average price of $15.75 and a 200 day moving average price of $8.94. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.58 and a quick ratio of 2.58. The firm has a market cap of $5.70 billion, a PE ratio of -42.37 and a beta of 2.56.

SoundHound AI (NASDAQ:SOUNGet Free Report) last announced its quarterly earnings data on Tuesday, November 12th. The company reported ($0.06) earnings per share for the quarter, topping the consensus estimate of ($0.07) by $0.01. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. The business had revenue of $25.10 million for the quarter, compared to analyst estimates of $23.02 million. During the same period in the prior year, the firm posted ($0.09) EPS. The company’s revenue was up 88.7% on a year-over-year basis. Research analysts forecast that SoundHound AI, Inc. will post -0.38 earnings per share for the current year.

Insider Transactions at SoundHound AI

In related news, insider James Ming Hom sold 36,771 shares of the stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $20.30, for a total transaction of $746,451.30. Following the completion of the sale, the insider now owns 718,040 shares of the company’s stock, valued at approximately $14,576,212. This represents a 4.87 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Majid Emami sold 94,067 shares of the company’s stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $9.05, for a total value of $851,306.35. Following the completion of the transaction, the vice president now owns 735,685 shares of the company’s stock, valued at approximately $6,657,949.25. This represents a 11.34 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 2,782,918 shares of company stock worth $45,391,343 in the last three months. 12.28% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On SoundHound AI

A number of institutional investors and hedge funds have recently bought and sold shares of SOUN. Sei Investments Co. purchased a new position in SoundHound AI in the 2nd quarter worth approximately $43,000. Squarepoint Ops LLC raised its position in shares of SoundHound AI by 818.0% during the 2nd quarter. Squarepoint Ops LLC now owns 231,168 shares of the company’s stock valued at $913,000 after acquiring an additional 205,985 shares in the last quarter. AQR Capital Management LLC raised its position in shares of SoundHound AI by 40.2% during the 2nd quarter. AQR Capital Management LLC now owns 29,417 shares of the company’s stock valued at $116,000 after acquiring an additional 8,440 shares in the last quarter. The Manufacturers Life Insurance Company raised its position in shares of SoundHound AI by 101.7% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 106,076 shares of the company’s stock valued at $419,000 after acquiring an additional 53,490 shares in the last quarter. Finally, Algert Global LLC acquired a new stake in shares of SoundHound AI during the 2nd quarter valued at approximately $103,000. Hedge funds and other institutional investors own 19.28% of the company’s stock.

About SoundHound AI

(Get Free Report)

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.

Further Reading

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