SoundHound AI (NASDAQ:SOUN) Stock Price Up 1.6% – Time to Buy?

Shares of SoundHound AI, Inc. (NASDAQ:SOUN) rose 1.6% during trading on Monday . The company traded as high as $14.41 and last traded at $14.38. Approximately 15,271,131 shares traded hands during trading, a decline of 74% from the average daily volume of 58,959,188 shares. The stock had previously closed at $14.15.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the company. HC Wainwright reiterated a “buy” rating and issued a $26.00 target price on shares of SoundHound AI in a report on Monday, January 13th. Barclays reaffirmed a “neutral” rating and issued a $7.00 price objective on shares of SoundHound AI in a research note on Wednesday, November 13th. LADENBURG THALM/SH SH reissued a “neutral” rating and set a $7.00 target price on shares of SoundHound AI in a research report on Wednesday, November 13th. Wedbush lifted 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, 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 research note on Tuesday, January 14th. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, SoundHound AI presently has a consensus rating of “Moderate Buy” and an average price target of $12.36.

SoundHound AI Price Performance

The business’s 50 day moving average price is $15.92 and its 200-day moving average price is $9.01. The company has a market cap of $5.85 billion, a PE ratio of -43.92 and a beta of 2.56. The company has a quick ratio of 2.58, a current ratio of 2.58 and a debt-to-equity ratio of 0.13.

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

Insiders Place Their Bets

In other SoundHound AI news, Director Lawrence Marcus sold 30,000 shares of SoundHound AI stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $7.15, for a total value of $214,500.00. Following the completion of the transaction, the director now owns 178,117 shares of the company’s stock, valued at $1,273,536.55. The trade was a 14.41 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Keyvan Mohajer sold 465,394 shares of the stock in a transaction on Monday, December 9th. The stock was sold at an average price of $15.04, for a total transaction of $6,999,525.76. Following the sale, the chief executive officer now directly owns 2,299,148 shares in the company, valued at $34,579,185.92. This trade represents a 16.83 % 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 worth $45,391,343 in the last three months. 12.28% of the stock is owned by insiders.

Institutional Investors Weigh In On SoundHound AI

A number of institutional investors have recently modified their holdings of the business. Carnegie Investment Counsel acquired a new position in SoundHound AI during the 3rd quarter valued at approximately $4,193,000. Geode Capital Management LLC grew its position in shares of SoundHound AI by 9.1% during the third quarter. Geode Capital Management LLC now owns 7,193,599 shares of the company’s stock worth $33,529,000 after acquiring an additional 602,311 shares during the last quarter. Oriental Harbor Investment Fund acquired a new stake in shares of SoundHound AI in the 4th quarter worth about $8,964,000. UNICOM Systems Inc. bought a new stake in SoundHound AI in the 4th quarter valued at about $4,662,000. Finally, Charles Schwab Investment Management Inc. boosted its stake in SoundHound AI by 7.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,582,206 shares of the company’s stock valued at $12,033,000 after purchasing an additional 189,109 shares during the period. 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.