SoundHound AI (NASDAQ:SOUN) Shares Up 2.3% - Still a Buy?

SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report)'s stock price was up 2.3% on Thursday . The company traded as high as $5.63 and last traded at $5.37. Approximately 11,069,018 shares were traded during trading, a decline of 68% from the average daily volume of 34,324,918 shares. The stock had previously closed at $5.25.

Analyst Ratings Changes

SOUN has been the subject of several research reports. Northland Securities upped their price objective on shares of 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 reiterated a "buy" rating and set a $9.50 price target on shares of SoundHound AI in a report on Monday, September 30th. HC Wainwright reiterated a "buy" rating and issued a $7.00 price objective on shares of SoundHound AI in a report on Wednesday, September 18th. Cantor Fitzgerald upgraded 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. Finally, Wedbush reiterated an "outperform" rating and issued a $9.00 price objective on shares of SoundHound AI in a research note on Thursday, September 26th. One research 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 stock presently has an average rating of "Moderate Buy" and an average target price of $7.08.

SoundHound AI Stock Performance

The stock has a 50 day moving average of $4.87 and a 200-day moving average of $4.74. The company has a market cap of $1.72 billion, a PE ratio of -13.76 and a beta of 2.73.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last issued 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). The business had revenue of $13.46 million during the quarter, compared to analyst estimates of $13.09 million. SoundHound AI had a negative return on equity of 93.28% and a negative net margin of 195.65%. SoundHound AI's quarterly revenue was up 53.8% compared to the same quarter last year. During the same quarter last year, the company posted ($0.10) EPS. Equities research analysts forecast that SoundHound AI, Inc. will post -0.36 EPS for the current year.

Insiders Place Their Bets

In related news, CFO Nitesh Sharan sold 39,728 shares of the stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $4.88, for a total transaction of $193,872.64. Following the transaction, the chief financial officer now owns 1,560,411 shares of the company's stock, valued at approximately $7,614,805.68. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other SoundHound AI news, Director Lawrence Marcus sold 50,000 shares of the business's stock in a transaction that occurred on Tuesday, August 20th. The stock was sold at an average price of $5.02, for a total value of $251,000.00. Following the completion of the sale, the director now owns 74,038 shares in the company, valued at approximately $371,670.76. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Nitesh Sharan sold 39,728 shares of the stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $4.88, for a total transaction of $193,872.64. Following the sale, the chief financial officer now owns 1,560,411 shares of the company's stock, valued at $7,614,805.68. This trade represents 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 over the last ninety days. Company insiders own 21.30% of the company's stock.

Hedge Funds Weigh In On SoundHound AI

Several hedge funds have recently bought and sold shares of the company. NBC Securities Inc. grew its stake in SoundHound AI by 97.8% in the 3rd quarter. NBC Securities Inc. now owns 7,720 shares of the company's stock worth $35,000 after acquiring an additional 3,818 shares during the period. Creative Planning purchased a new stake in shares of SoundHound AI in the third quarter valued at $91,000. Carnegie Investment Counsel acquired a new position in SoundHound AI in the third quarter valued at $4,193,000. Brookstone Capital Management purchased a new position in SoundHound AI during the third quarter worth about $52,000. Finally, Dynamic Advisor Solutions LLC acquired a new stake in SoundHound AI in the 3rd quarter worth about $66,000. 19.28% of the stock is owned by hedge funds and other institutional investors.

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.