SoundHound AI (NASDAQ:SOUN) Trading Up 2.3% - Time to Buy?

SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report)'s share price rose 2.3% on Friday . The stock traded as high as $15.35 and last traded at $14.29. Approximately 34,487,000 shares traded hands during trading, a decline of 47% from the average daily volume of 65,540,227 shares. The stock had previously closed at $13.97.

Wall Street Analyst Weigh In

SOUN has been the topic of a number of recent analyst reports. Wedbush upped their target price on SoundHound AI from $10.00 to $22.00 and gave the company an "outperform" rating in a research report on Monday, December 16th. Barclays reiterated a "neutral" rating and issued a $7.00 price target on shares of SoundHound AI in a research note on Wednesday, November 13th. DA Davidson reiterated a "buy" rating and set a $9.50 target price on shares of SoundHound AI in a research note on Monday, September 30th. Northland Securities increased their price target 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. Finally, HC Wainwright reiterated a "buy" rating and issued a $26.00 price objective on shares of SoundHound AI in a research report on Monday, January 13th. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, SoundHound AI has a consensus rating of "Moderate Buy" and an average price target of $12.36.

SoundHound AI Price Performance

The company has a current ratio of 2.58, a quick ratio of 2.58 and a debt-to-equity ratio of 0.13. The company has a market capitalization of $5.04 billion, a P/E ratio of -37.89 and a beta of 2.63. The business's 50-day simple moving average is $14.03 and its 200 day simple moving average is $8.18.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last issued its quarterly earnings results on Tuesday, November 12th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.07) by $0.01. The firm had revenue of $25.10 million during the quarter, compared to analyst estimates of $23.02 million. SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. The firm's quarterly revenue was up 88.7% on a year-over-year basis. During the same period last year, the company posted ($0.09) EPS. As a group, sell-side analysts anticipate that SoundHound AI, Inc. will post -0.38 EPS for the current year.

Insiders Place Their Bets

In other news, VP Majid Emami sold 94,067 shares of the business's stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $9.05, for a total transaction of $851,306.35. Following the sale, the vice president now directly owns 735,685 shares of the company's stock, valued at $6,657,949.25. The trade was a 11.34 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Eric R. Ball sold 30,000 shares of the stock in a transaction on Monday, November 25th. The shares were sold at an average price of $8.03, for a total value of $240,900.00. Following the completion of the transaction, the director now owns 110,907 shares of the company's stock, valued at $890,583.21. This trade represents a 21.29 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 2,782,918 shares of company stock worth $45,391,343. 12.28% of the stock is owned by corporate insiders.

Institutional Trading of SoundHound AI

A number of hedge funds have recently bought and sold shares of the company. Commons Capital LLC lifted its holdings in shares of SoundHound AI by 2.7% in the fourth quarter. Commons Capital LLC now owns 27,349 shares of the company's stock valued at $543,000 after purchasing an additional 723 shares in the last quarter. ST Germain D J Co. Inc. raised its position in SoundHound AI by 33.2% during the fourth quarter. ST Germain D J Co. Inc. now owns 3,008 shares of the company's stock valued at $60,000 after buying an additional 750 shares during the period. Oppenheimer & Co. Inc. lifted its stake in SoundHound AI by 11.0% in the 3rd quarter. Oppenheimer & Co. Inc. now owns 19,000 shares of the company's stock worth $89,000 after acquiring an additional 1,887 shares in the last quarter. Integrated Wealth Concepts LLC boosted its position in SoundHound AI by 13.0% during the 3rd quarter. Integrated Wealth Concepts LLC now owns 17,150 shares of the company's stock worth $80,000 after acquiring an additional 1,975 shares during the period. Finally, Signaturefd LLC increased its holdings in shares of SoundHound AI by 19.5% in the 3rd quarter. Signaturefd LLC now owns 12,255 shares of the company's stock valued at $57,000 after purchasing an additional 2,000 shares during the period. 19.28% of the stock is owned by hedge funds and other institutional investors.

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.