SoundHound AI (NASDAQ:SOUN) Stock Price Up 4.8% - Still a Buy?

SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report) was up 4.8% on Friday . The stock traded as high as $17.65 and last traded at $17.19. Approximately 30,229,645 shares traded hands during mid-day trading, a decline of 55% from the average daily volume of 66,453,727 shares. The stock had previously closed at $16.40.

Analysts Set New Price Targets

SOUN has been the subject of several research analyst reports. Wedbush increased 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. DA Davidson reiterated a "buy" rating and set a $9.50 price objective on shares of SoundHound AI in a research note on Monday, September 30th. HC Wainwright reissued a "buy" rating and set a $26.00 price objective on shares of SoundHound AI in a report on Monday, January 13th. 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 note on Tuesday, January 14th. Finally, LADENBURG THALM/SH SH reiterated a "neutral" rating and set a $7.00 price target on shares of SoundHound AI in a research note on Wednesday, November 13th. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $12.36.

SoundHound AI Stock Performance

The firm's fifty day simple moving average is $14.91 and its 200 day simple moving average is $8.52. The company has a market capitalization of $5.86 billion, a PE ratio of -44.00 and a beta of 2.63. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.58 and a quick ratio of 2.58.

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

Insider Transactions at SoundHound AI

In related news, VP Majid Emami sold 37,459 shares of the company's stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $20.30, for a total value of $760,417.70. Following the completion of the transaction, the vice president now owns 698,226 shares of the company's stock, valued at approximately $14,173,987.80. This represents a 5.09 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Lawrence Marcus sold 20,000 shares of the firm's stock in a transaction that occurred on Monday, December 23rd. The shares were sold at an average price of $20.47, for a total value of $409,400.00. Following the completion of the sale, the director now directly owns 108,117 shares in the company, valued at approximately $2,213,154.99. The trade was a 15.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 2,782,918 shares of company stock valued at $45,391,343 in the last 90 days. 12.28% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in SOUN. Amalgamated Bank boosted its holdings in SoundHound AI by 108.0% in the 2nd quarter. Amalgamated Bank now owns 9,819 shares of the company's stock worth $39,000 after buying an additional 5,099 shares during the last quarter. Hsbc Holdings PLC boosted its stake in shares of SoundHound AI by 928.9% in the second quarter. Hsbc Holdings PLC now owns 155,975 shares of the company's stock worth $613,000 after acquiring an additional 140,815 shares during the last quarter. Sei Investments Co. purchased a new stake in shares of SoundHound AI during the second quarter worth approximately $43,000. Xponance Inc. acquired a new position in SoundHound AI in the 2nd quarter valued at $71,000. Finally, Squarepoint Ops LLC lifted 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 purchasing an additional 205,985 shares in the last quarter. Hedge funds and other institutional investors own 19.28% of the company's stock.

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.