SoundHound AI (NASDAQ:SOUN) Trading 1.8% Higher - Time to Buy?

SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report) shares traded up 1.8% during mid-day trading on Wednesday . The company traded as high as $14.18 and last traded at $14.06. 12,322,896 shares were traded during trading, a decline of 77% from the average session volume of 54,428,391 shares. The stock had previously closed at $13.81.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the company. Northland Securities increased their price objective on SoundHound AI from $6.00 to $8.00 and gave the stock a "market perform" rating in a report on Tuesday, January 14th. Barclays reissued a "neutral" rating and set a $7.00 price objective on shares of SoundHound AI in a report on Wednesday, November 13th. LADENBURG THALM/SH SH reaffirmed a "neutral" rating and issued a $7.00 price target on shares of SoundHound AI in a report on Wednesday, November 13th. Wedbush raised their price target on SoundHound AI from $10.00 to $22.00 and gave the company an "outperform" rating in a report on Monday, December 16th. Finally, HC Wainwright reaffirmed a "buy" rating and issued a $26.00 price target on shares of SoundHound AI in a report on Monday, January 13th. Three analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $12.36.

SoundHound AI Price Performance

The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.58 and a current ratio of 2.58. The stock has a market capitalization of $4.31 billion, a P/E ratio of -30.47 and a beta of 2.56. The firm has a 50-day moving average price of $16.62 and a 200 day moving average price of $9.50.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last announced its quarterly earnings data on Tuesday, November 12th. The company reported ($0.06) EPS for the quarter, beating the consensus estimate of ($0.07) by $0.01. SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. The firm had revenue of $25.10 million for the quarter, compared to analyst estimates of $23.02 million. During the same period in the prior year, the company earned ($0.09) EPS. The company's revenue was up 88.7% on a year-over-year basis. On average, analysts expect that SoundHound AI, Inc. will post -0.38 EPS for the current year.

Insider Buying and Selling

In related news, CEO Keyvan Mohajer sold 156,288 shares of the firm's stock in a transaction that occurred on Tuesday, December 24th. The stock was sold at an average price of $20.20, for a total transaction of $3,157,017.60. Following the transaction, the chief executive officer now directly owns 2,021,666 shares in the company, valued at $40,837,653.20. This trade represents a 7.18 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Lawrence Marcus sold 30,000 shares of the stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $7.15, for a total value of $214,500.00. Following the completion of the sale, the director now owns 178,117 shares of the company's stock, valued at approximately $1,273,536.55. This trade represents a 14.41 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 2,782,918 shares of company stock worth $45,391,343 in the last ninety days. 12.28% of the stock is owned by insiders.

Institutional Investors Weigh In On SoundHound AI

Institutional investors and hedge funds have recently bought and sold shares of the business. Kieckhefer Group LLC purchased a new position in shares of SoundHound AI in the 4th quarter valued at approximately $3,432,000. Charles Schwab Investment Management Inc. increased its holdings in shares of SoundHound AI by 7.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,582,206 shares of the company's stock worth $12,033,000 after purchasing an additional 189,109 shares in the last quarter. Oriental Harbor Investment Fund bought a new stake in shares of SoundHound AI in the fourth quarter worth $8,964,000. Geode Capital Management LLC grew its holdings 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 worth $33,529,000 after acquiring an additional 602,311 shares during the period. Finally, Wealth Effects LLC bought a new stake in shares of SoundHound AI in the fourth quarter worth $357,000. Hedge funds and other institutional investors 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.