SoundHound AI (NASDAQ:SOUN) Trading 4.2% Higher – Time to Buy?

Shares of SoundHound AI, Inc. (NASDAQ:SOUN) shot up 4.2% during trading on Tuesday . The stock traded as high as $6.46 and last traded at $6.45. 10,070,668 shares traded hands during mid-day trading, a decline of 71% from the average session volume of 34,474,207 shares. The stock had previously closed at $6.19.

Analyst Upgrades and Downgrades

SOUN has been the subject of a number of recent analyst reports. Barclays restated a “neutral” rating and issued a $7.00 price objective on shares of SoundHound AI in a research report on Wednesday, November 13th. HC Wainwright upped their price target on shares of SoundHound AI from $7.00 to $8.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. DA Davidson reiterated a “buy” rating and set a $9.50 price target on shares of SoundHound AI in a research report on Monday, September 30th. 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. Finally, Cantor Fitzgerald raised SoundHound AI from a “neutral” rating to an “overweight” rating and lifted their price objective for the stock from $5.00 to $7.00 in a report on Friday, August 9th. Three investment 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, the stock has an average rating of “Moderate Buy” and an average target price of $7.64.

SoundHound AI Price Performance

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 business has a 50-day moving average of $5.40 and a 200 day moving average of $4.99.

SoundHound AI (NASDAQ:SOUN) last released its earnings results on Tuesday, November 12th. The company reported ($0.06) EPS 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 firm had revenue of $25.10 million during the quarter, compared to analyst estimates of $23.02 million. During the same period in the prior year, the firm posted ($0.09) earnings per share. The business’s quarterly revenue was up 88.7% compared to the same quarter last year. As a group, sell-side analysts forecast that SoundHound AI, Inc. will post -0.37 earnings per share for the current year.

Insider Activity

In related news, CTO Timothy Stonehocker sold 20,337 shares of SoundHound AI stock in a transaction on Friday, September 20th. The shares were sold at an average price of $4.88, for a total transaction of $99,244.56. Following the transaction, the chief technology officer now owns 1,039,194 shares in the company, valued at approximately $5,071,266.72. The trade was a 1.92 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider James Ming Hom sold 21,024 shares of the business’s stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $4.88, for a total value of $102,597.12. Following the transaction, the insider now owns 865,965 shares in the company, valued at approximately $4,225,909.20. This represents a 2.37 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 277,275 shares of company stock valued at $1,355,644 in the last ninety days. Company insiders own 12.28% of the company’s stock.

Institutional Trading of SoundHound AI

A number of hedge funds have recently made changes to their positions in the company. Kings Path Partners LLC acquired a new stake in SoundHound AI during the 2nd quarter valued at $28,000. International Assets Investment Management LLC acquired a new position in shares of SoundHound AI in the second quarter worth about $31,000. NBC Securities Inc. boosted its holdings in SoundHound AI by 97.8% in the third quarter. NBC Securities Inc. now owns 7,720 shares of the company’s stock valued at $35,000 after purchasing an additional 3,818 shares during the last quarter. Amalgamated Bank grew its stake in SoundHound AI by 108.0% during the 2nd quarter. Amalgamated Bank now owns 9,819 shares of the company’s stock valued at $39,000 after purchasing an additional 5,099 shares in the last quarter. Finally, Signaturefd LLC increased its holdings in SoundHound AI by 27.3% during the 2nd quarter. Signaturefd LLC now owns 10,255 shares of the company’s stock worth $41,000 after purchasing an additional 2,200 shares during the last quarter. Hedge funds and other 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.