SoundHound AI (NASDAQ:SOUN) Shares Up 5.7% - Should You Buy?

SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report)'s share price was up 5.7% during trading on Tuesday . The stock traded as high as $7.95 and last traded at $7.93. Approximately 6,152,504 shares changed hands during trading, a decline of 84% from the average daily volume of 37,884,835 shares. The stock had previously closed at $7.50.

Analyst Ratings Changes

A number of analysts have recently issued reports on SOUN shares. DA Davidson dropped their price objective on shares of SoundHound AI from $13.00 to $10.00 and set a "buy" rating on the stock in a research note on Monday, April 14th. Cantor Fitzgerald upgraded SoundHound AI to a "hold" rating in a research note on Monday, February 24th. HC Wainwright reissued a "buy" rating and issued a $26.00 price target on shares of SoundHound AI in a report on Monday, March 3rd. Finally, Northland Securities lifted 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. Four equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $12.43.

SoundHound AI Price Performance

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 has a 50 day simple moving average of $9.09 and a 200-day simple moving average of $10.94. The stock has a market cap of $3.71 billion, a price-to-earnings ratio of -25.85 and a beta of 2.73.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last posted its quarterly earnings results 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 firm had revenue of $34.54 million for the quarter, compared to analyst estimates of $33.70 million. As a group, research analysts anticipate that SoundHound AI, Inc. will post -0.38 EPS for the current fiscal year.

Insider Activity at SoundHound AI

In other SoundHound AI news, CTO Timothy Stonehocker sold 3,333 shares of SoundHound AI stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $10.08, for a total value of $33,596.64. Following the completion of the transaction, the chief technology officer now directly owns 765,534 shares in the company, valued at $7,716,582.72. The trade was a 0.43 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Keyvan Mohajer sold 138,895 shares of the stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $10.08, for a total value of $1,400,061.60. Following the sale, the chief executive officer now owns 1,764,166 shares in the company, valued at $17,782,793.28. The trade was a 7.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 500,565 shares of company stock valued at $4,999,726 in the last quarter. Insiders own 12.28% of the company's stock.

Hedge Funds Weigh In On SoundHound AI

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