SoundHound AI (NASDAQ:SOUN) Stock Price Up 0.8% - Time to Buy?

SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report)'s share price was up 0.8% during mid-day trading on Friday . The company traded as high as $9.59 and last traded at $9.67. Approximately 5,577,389 shares traded hands during trading, a decline of 86% from the average daily volume of 39,080,062 shares. The stock had previously closed at $9.59.

Wall Street Analyst Weigh In

Several equities analysts have commented on the stock. Wedbush raised their target price on shares of SoundHound AI from $10.00 to $22.00 and gave the company an "outperform" rating in a report on Monday, December 16th. Cantor Fitzgerald upgraded shares of SoundHound AI to a "hold" rating in a research report on Monday, February 24th. HC Wainwright reaffirmed a "buy" rating and issued a $26.00 target price on shares of SoundHound AI in a report on Monday, March 3rd. Northland Securities boosted their price target on SoundHound AI from $6.00 to $8.00 and gave the stock a "market perform" rating in a report on Tuesday, January 14th. Finally, DA Davidson raised their price objective on SoundHound AI from $9.50 to $13.00 and gave the company a "buy" rating in a research note on Friday, February 28th. Four investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $12.86.

SoundHound AI Stock Performance

The company has a fifty day moving average price of $12.19 and a two-hundred day moving average price of $10.44. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.58 and a quick ratio of 2.58. The company has a market capitalization of $4.01 billion, a P/E ratio of -28.31 and a beta of 2.62.

Remove Ads

SoundHound AI (NASDAQ:SOUN - Get Free Report) last posted its earnings results on Thursday, February 27th. The company reported ($0.69) EPS for the quarter, missing the consensus estimate of ($0.11) by ($0.58). The business had revenue of $34.54 million for the quarter, compared to analyst estimates of $33.70 million. SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. Equities analysts forecast that SoundHound AI, Inc. will post -0.38 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CEO Keyvan Mohajer sold 156,288 shares of the stock in a transaction dated Tuesday, December 24th. The stock was sold at an average price of $20.20, for a total value of $3,157,017.60. Following the completion of the sale, the chief executive officer now owns 2,021,666 shares of the company's stock, valued at approximately $40,837,653.20. This represents a 7.18 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 12.28% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On SoundHound AI

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. raised its holdings in SoundHound AI by 35.6% during the 4th quarter. Vanguard Group Inc. now owns 32,031,662 shares of the company's stock worth $635,508,000 after purchasing an additional 8,402,881 shares during the last quarter. Geode Capital Management LLC increased its position in shares of SoundHound AI by 4.4% during the fourth quarter. Geode Capital Management LLC now owns 7,509,496 shares of the company's stock worth $149,024,000 after buying an additional 315,897 shares during the period. State Street Corp raised its stake in SoundHound AI by 0.6% during the third quarter. State Street Corp now owns 7,197,414 shares of the company's stock worth $33,540,000 after buying an additional 42,869 shares during the last quarter. Northern Trust Corp lifted its holdings in SoundHound AI by 10.0% in the fourth quarter. Northern Trust Corp now owns 2,906,245 shares of the company's stock valued at $57,660,000 after buying an additional 264,382 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its position in SoundHound AI by 5.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,725,693 shares of the company's stock valued at $54,078,000 after acquiring an additional 143,487 shares during the last quarter. 19.28% of the stock is owned by institutional investors and hedge funds.

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.