SoundHound AI (NASDAQ:SOUN) Sees Strong Trading Volume - Time to Buy?

Shares of SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report) saw unusually-high trading volume on Thursday . Approximately 38,257,907 shares changed hands during mid-day trading, a decline of 6% from the previous session's volume of 40,647,559 shares.The stock last traded at $22.38 and had previously closed at $20.24.

Analyst Upgrades and Downgrades

SOUN has been the topic of a number of research analyst reports. Barclays restated a "neutral" rating and set a $7.00 price target on shares of SoundHound AI in a research report on Wednesday, November 13th. LADENBURG THALM/SH SH restated a "neutral" rating and issued a $7.00 target price on shares of SoundHound AI in a research note on Wednesday, November 13th. HC Wainwright upped their price target on shares of SoundHound AI from $8.00 to $26.00 and gave the stock a "buy" rating in a research report on Monday. Wedbush raised their price objective on shares of SoundHound AI from $10.00 to $22.00 and gave the company an "outperform" rating in a research report on Monday, December 16th. Finally, DA Davidson reiterated a "buy" rating and set a $9.50 target price on shares of SoundHound AI in a research report on Monday, September 30th. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, SoundHound AI presently has a consensus rating of "Moderate Buy" and an average target price of $12.07.

SoundHound AI Trading Up 19.7 %

The business has a 50 day moving average price of $9.91 and a 200 day moving average price of $6.54. The company has a market capitalization of $8.96 billion, a P/E ratio of -67.31 and a beta of 3.03. The company has a current ratio of 2.58, a quick ratio of 2.58 and a debt-to-equity ratio of 0.13.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last announced its quarterly earnings results on Tuesday, November 12th. The company reported ($0.06) earnings per share for the quarter, topping analysts' consensus estimates 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 company had revenue of $25.10 million for the quarter, compared to analysts' expectations of $23.02 million. During the same period last 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. Analysts anticipate that SoundHound AI, Inc. will post -0.38 EPS for the current year.

Insiders Place Their Bets

In other news, insider James Ming Hom sold 53,891 shares of the business's stock in a transaction dated Wednesday, December 4th. The stock was sold at an average price of $10.00, for a total value of $538,910.00. Following the sale, the insider now directly owns 813,193 shares in the company, valued at $8,131,930. The trade was a 6.22 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Eric R. Ball sold 30,000 shares of SoundHound AI stock in a transaction that occurred on Monday, November 25th. The shares were sold at an average price of $8.03, for a total value of $240,900.00. Following the completion of the sale, the director now directly owns 110,907 shares in the company, valued at approximately $890,583.21. This represents a 21.29 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 2,782,918 shares of company stock worth $45,391,343 over the last ninety days. 12.28% of the stock is currently owned by corporate insiders.

Institutional Trading of SoundHound AI

A number of hedge funds and other institutional investors have recently modified their holdings of SOUN. Carnegie Investment Counsel acquired a new stake in SoundHound AI in the third quarter valued at $4,193,000. Geode Capital Management LLC raised its position in shares of SoundHound AI by 9.1% in the third quarter. Geode Capital Management LLC now owns 7,193,599 shares of the company's stock valued at $33,529,000 after purchasing an additional 602,311 shares during the period. Bank of New York Mellon Corp boosted its holdings in shares of SoundHound AI by 92.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 997,543 shares of the company's stock worth $3,940,000 after buying an additional 479,912 shares during the period. Shellback Capital LP acquired a new position in SoundHound AI in the 2nd quarter valued at about $1,196,000. Finally, Squarepoint Ops LLC raised its holdings in SoundHound AI by 818.0% in the 2nd quarter. Squarepoint Ops LLC now owns 231,168 shares of the company's stock valued at $913,000 after acquiring an additional 205,985 shares during the period. 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.