SoundHound AI (NASDAQ:SOUN) Shares Up 1.1% – Still a Buy?

SoundHound AI, Inc. (NASDAQ:SOUN) rose 1.1% during trading on Thursday . The stock traded as high as $4.68 and last traded at $4.68. Approximately 2,567,906 shares changed hands during trading, a decline of 93% from the average daily volume of 34,505,691 shares. The stock had previously closed at $4.63.

Analyst Ratings Changes

SOUN has been the topic of a number of recent research reports. HC Wainwright reiterated a “buy” rating and issued a $7.00 target price on shares of SoundHound AI in a report on Wednesday, September 18th. Wedbush restated an “outperform” rating and issued a $9.00 target price on shares of SoundHound AI in a report on Thursday, September 26th. Northland Securities upped their price target on SoundHound AI from $5.50 to $6.00 and gave the stock a “market perform” rating in a report on Friday, August 9th. DA Davidson restated a “buy” rating and set a $9.50 price objective on shares of SoundHound AI in a research note on Monday, September 30th. Finally, Cantor Fitzgerald upgraded shares of SoundHound AI from a “neutral” rating to an “overweight” rating and upped their target price for the stock from $5.00 to $7.00 in a research note on Friday, August 9th. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $7.08.

SoundHound AI Stock Performance

The stock has a market capitalization of $1.62 billion, a P/E ratio of -12.92 and a beta of 2.73. The firm has a 50-day moving average price of $4.81 and a 200 day moving average price of $4.76.

SoundHound AI (NASDAQ:SOUN) last posted its quarterly earnings results on Thursday, August 8th. The company reported ($0.11) earnings per share for the quarter, missing the consensus estimate of ($0.09) by ($0.02). SoundHound AI had a negative return on equity of 93.28% and a negative net margin of 195.65%. The business had revenue of $13.46 million during the quarter, compared to the consensus estimate of $13.09 million. During the same period in the prior year, the firm earned ($0.10) earnings per share. The business’s revenue for the quarter was up 53.8% on a year-over-year basis. On average, equities analysts anticipate that SoundHound AI, Inc. will post -0.36 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Lawrence Marcus sold 50,000 shares of the company’s stock in a transaction on Tuesday, August 20th. The shares were sold at an average price of $5.02, for a total transaction of $251,000.00. Following the completion of the sale, the director now directly owns 74,038 shares in the company, valued at $371,670.76. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. In related news, Director Lawrence Marcus sold 50,000 shares of the business’s stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $5.02, for a total transaction of $251,000.00. Following the transaction, the director now owns 74,038 shares in the company, valued at $371,670.76. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Keyvan Mohajer sold 63,544 shares of the company’s stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $4.92, for a total value of $312,636.48. Following the transaction, the chief executive officer now directly owns 2,299,148 shares of the company’s stock, valued at $11,311,808.16. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 327,275 shares of company stock valued at $1,606,644 in the last ninety days. Company insiders own 21.30% of the company’s stock.

Institutional Trading of SoundHound AI

Large investors have recently added to or reduced their stakes in the stock. Principal Financial Group Inc. boosted its position in SoundHound AI by 16.5% during the 1st quarter. Principal Financial Group Inc. now owns 18,560 shares of the company’s stock valued at $109,000 after acquiring an additional 2,629 shares in the last quarter. Vanguard Group Inc. lifted its position in SoundHound AI by 16.1% during the first quarter. Vanguard Group Inc. now owns 16,070,453 shares of the company’s stock valued at $94,655,000 after buying an additional 2,226,471 shares during the period. Commonwealth Equity Services LLC boosted its holdings in shares of SoundHound AI by 239.7% during the 1st quarter. Commonwealth Equity Services LLC now owns 296,428 shares of the company’s stock valued at $1,746,000 after buying an additional 209,154 shares in the last quarter. Bank of New York Mellon Corp increased its stake in shares of SoundHound AI by 92.7% during the second quarter. Bank of New York Mellon Corp now owns 997,543 shares of the company’s stock valued at $3,940,000 after purchasing an additional 479,912 shares in the last quarter. Finally, SG Americas Securities LLC lifted its holdings in shares of SoundHound AI by 1,039.3% during the second quarter. SG Americas Securities LLC now owns 213,775 shares of the company’s stock valued at $844,000 after purchasing an additional 195,011 shares during the last quarter. Institutional investors own 19.28% of the company’s stock.

About SoundHound AI

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.