SoundHound AI (NASDAQ:SOUN) Trading Up 1% - Should You Buy?

SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report) shares rose 1% during trading on Friday . The company traded as high as $7.99 and last traded at $7.84. Approximately 14,371,166 shares were traded during trading, a decline of 62% from the average daily volume of 37,932,833 shares. The stock had previously closed at $7.76.

Wall Street Analyst Weigh In

SOUN has been the topic of several research reports. HC Wainwright restated a "buy" rating and set a $26.00 price target on shares of SoundHound AI in a research note on Monday, March 3rd. Northland Securities raised their target price on SoundHound AI from $6.00 to $8.00 and gave the stock a "market perform" rating in a research report on Tuesday, January 14th. Cantor Fitzgerald raised shares of SoundHound AI to a "hold" rating in a report on Monday, February 24th. Finally, DA Davidson reduced their price objective on shares of SoundHound AI from $13.00 to $10.00 and set a "buy" rating for the company in a report on Monday, April 14th. Four investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Hold" and an average price target of $12.43.

SoundHound AI Trading Up 8.5 %

The company has a market cap of $3.25 billion, a price-to-earnings ratio of -22.61 and a beta of 2.73. The company has a quick ratio of 2.58, a current ratio of 2.58 and a debt-to-equity ratio of 0.13. The company's fifty day moving average price is $9.28 and its two-hundred day moving average price is $10.97.

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

Insider Transactions at SoundHound AI

In other SoundHound AI news, CTO Timothy Stonehocker sold 27,714 shares of the firm's stock in a transaction dated Thursday, March 20th. The stock was sold at an average price of $9.90, for a total transaction of $274,368.60. Following the transaction, the chief technology officer now owns 768,867 shares in the company, valued at approximately $7,611,783.30. This trade represents a 3.48 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider James Ming Hom sold 28,388 shares of SoundHound AI stock in a transaction dated Thursday, March 20th. The shares were sold at an average price of $9.90, for a total value of $281,041.20. Following the transaction, the insider now owns 689,652 shares in the company, valued at $6,827,554.80. This trade represents a 3.95 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 500,565 shares of company stock worth $4,999,726. Corporate insiders own 12.28% of the company's stock.

Institutional Trading of SoundHound AI

Hedge funds have recently bought and sold shares of the stock. Blue Trust Inc. raised its holdings in shares of SoundHound AI by 197.6% during the fourth quarter. Blue Trust Inc. now owns 1,250 shares of the company's stock worth $25,000 after acquiring an additional 830 shares during the period. Sound Income Strategies LLC lifted its holdings in shares of SoundHound AI by 2,542.0% in the fourth quarter. Sound Income Strategies LLC now owns 1,321 shares of the company's stock valued at $26,000 after purchasing an additional 1,271 shares in the last quarter. Orion Capital Management LLC acquired a new position in shares of SoundHound AI during the fourth quarter worth about $30,000. Future Financial Wealth Managment LLC bought a new position in shares of SoundHound AI during the fourth quarter worth about $40,000. Finally, Compagnie Lombard Odier SCmA bought a new stake in SoundHound AI in the 4th quarter valued at approximately $40,000. 19.28% of the stock is currently owned by institutional investors and hedge funds.

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.