SoundHound AI (NASDAQ:SOUN) Shares Up 0.3% – Time to Buy?

SoundHound AI, Inc. (NASDAQ:SOUN) shares traded up 0.3% during mid-day trading on Tuesday . The stock traded as high as $16.07 and last traded at $15.06. 138,448,686 shares traded hands during mid-day trading, an increase of 269% from the average session volume of 37,535,078 shares. The stock had previously closed at $15.01.

Analysts Set New Price Targets

SOUN has been the topic of a number of recent analyst reports. Barclays reissued a “neutral” rating and issued a $7.00 price objective on shares of SoundHound AI in a research note on Wednesday, November 13th. DA Davidson reissued a “buy” rating and set a $9.50 price objective on shares of SoundHound AI in a report on Monday, September 30th. Wedbush reiterated an “outperform” rating and set a $9.00 target price on shares of SoundHound AI in a research report on Thursday, September 26th. HC Wainwright raised their price target on shares of SoundHound AI from $7.00 to $8.00 and gave the company a “buy” rating in a report on Thursday, November 14th. Finally, LADENBURG THALM/SH SH reaffirmed a “neutral” rating and set a $7.00 price objective on shares of SoundHound AI in a report on Wednesday, November 13th. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, SoundHound AI currently has an average rating of “Moderate Buy” and an average price target of $7.64.

SoundHound AI Price Performance

The company has a 50-day moving average price of $6.68 and a 200-day moving average price of $5.42. 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 $5.57 billion, a P/E ratio of -41.83 and a beta of 3.03.

SoundHound AI (NASDAQ:SOUN) last released 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 quarter last year, the firm earned ($0.09) EPS. SoundHound AI’s quarterly revenue was up 88.7% compared to the same quarter last year. On average, sell-side analysts predict that SoundHound AI, Inc. will post -0.38 earnings per share for the current year.

Insider Buying and Selling at SoundHound AI

In other news, COO Michael Zagorsek sold 42,001 shares of the business’s stock in a transaction on Friday, September 20th. The shares were sold at an average price of $4.88, for a total value of $204,964.88. Following the sale, the chief operating officer now owns 1,473,322 shares of the company’s stock, valued at $7,189,811.36. The trade was a 2.77 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, VP Majid Emami sold 94,067 shares of the firm’s stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $9.05, for a total transaction of $851,306.35. Following the completion of the transaction, the vice president now directly owns 735,685 shares of the company’s stock, valued at approximately $6,657,949.25. This trade represents a 11.34 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 535,233 shares of company stock valued at $3,801,260. 12.28% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On SoundHound AI

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Kings Path Partners LLC acquired a new stake in SoundHound AI in the second quarter valued at $28,000. NBC Securities Inc. boosted its holdings in SoundHound AI by 97.8% in the 3rd 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 period. International Assets Investment Management LLC acquired a new stake in shares of SoundHound AI in the second quarter valued at approximately $31,000. Farther Finance Advisors LLC grew its position in SoundHound AI by 298.5% during the third quarter. Farther Finance Advisors LLC now owns 8,966 shares of the company’s stock worth $42,000 after buying an additional 6,716 shares in the last quarter. Finally, Amalgamated Bank lifted its position in shares of 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 acquiring an additional 5,099 shares during the period. 19.28% of the stock is owned by institutional investors.

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.