SoundHound AI (NASDAQ:SOUN) Shares Up 4.1% - Still a Buy?

SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report)'s share price traded up 4.1% during mid-day trading on Monday . The company traded as high as $5.13 and last traded at $5.11. 9,358,011 shares were traded during trading, a decline of 73% from the average session volume of 34,377,625 shares. The stock had previously closed at $4.91.

Analysts Set New Price Targets

A number of research analysts have issued reports on the stock. Cantor Fitzgerald raised shares of SoundHound AI from a "neutral" rating to an "overweight" rating and boosted their target price for the company from $5.00 to $7.00 in a research note on Friday, August 9th. Northland Securities boosted their target price on shares of SoundHound AI from $5.50 to $6.00 and gave the company a "market perform" rating in a research note on Friday, August 9th. Wedbush reissued an "outperform" rating and set a $9.00 target price on shares of SoundHound AI in a research note on Thursday, September 26th. HC Wainwright reissued a "buy" rating and set a $7.00 target price on shares of SoundHound AI in a research note on Wednesday, September 18th. Finally, DA Davidson reissued a "buy" rating and set a $9.50 target price on shares of SoundHound AI in a research note on Monday, September 30th. One analyst has rated the stock with a hold rating and five have issued a buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $7.08.

SoundHound AI Trading Up 5.7 %

The company has a market capitalization of $1.71 billion, a P/E ratio of -13.66 and a beta of 2.73. The business's 50-day simple moving average is $4.83 and its 200 day simple moving average is $4.74.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last released its quarterly earnings results on Thursday, August 8th. The company reported ($0.11) EPS for the quarter, missing analysts' consensus estimates 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 company had revenue of $13.46 million for the quarter, compared to the consensus estimate of $13.09 million. During the same quarter last year, the firm posted ($0.10) earnings per share. The firm's quarterly revenue was up 53.8% compared to the same quarter last year. As a group, sell-side analysts predict that SoundHound AI, Inc. will post -0.36 EPS for the current fiscal year.

Insider Buying and Selling

In related news, CEO Keyvan Mohajer sold 63,544 shares of the business'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 sale, the chief executive officer now directly owns 2,299,148 shares in the company, valued at $11,311,808.16. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, CEO Keyvan Mohajer sold 63,544 shares of the business'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 sale, the chief executive officer now directly owns 2,299,148 shares in the company, valued at $11,311,808.16. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider James Ming Hom sold 21,024 shares of the business's stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $4.88, for a total transaction of $102,597.12. Following the completion of the sale, the insider now owns 865,965 shares in the company, valued at $4,225,909.20. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 327,275 shares of company stock worth $1,606,644 in the last ninety days. 21.30% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On SoundHound AI

A number of large investors have recently made changes to their positions in the company. Ameritas Investment Partners Inc. raised its holdings in shares of SoundHound AI by 17.3% during the first quarter. Ameritas Investment Partners Inc. now owns 13,561 shares of the company's stock valued at $80,000 after acquiring an additional 2,000 shares during the period. Genesee Capital Advisors LLC raised its holdings in shares of SoundHound AI by 11.4% during the second quarter. Genesee Capital Advisors LLC now owns 19,468 shares of the company's stock valued at $77,000 after acquiring an additional 2,000 shares during the period. Signaturefd LLC raised its holdings in shares of SoundHound AI by 27.3% during the second quarter. Signaturefd LLC now owns 10,255 shares of the company's stock valued at $41,000 after acquiring an additional 2,200 shares during the period. Newbridge Financial Services Group Inc. grew its position in SoundHound AI by 24.7% during the second quarter. Newbridge Financial Services Group Inc. now owns 11,720 shares of the company's stock valued at $46,000 after purchasing an additional 2,320 shares in the last quarter. Finally, Sequoia Financial Advisors LLC grew its position in SoundHound AI by 13.7% during the second quarter. Sequoia Financial Advisors LLC now owns 20,683 shares of the company's stock valued at $82,000 after purchasing an additional 2,500 shares in the last quarter. Institutional investors and hedge funds 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.