SoundHound AI (NASDAQ:SOUN) Trading 9.5% Higher - Time to Buy?

SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report) shares shot up 9.5% during mid-day trading on Wednesday . The stock traded as high as $9.00 and last traded at $8.91. 11,480,140 shares changed hands during mid-day trading, a decline of 70% from the average session volume of 37,915,292 shares. The stock had previously closed at $8.14.

Analysts Set New Price Targets

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

SoundHound AI Stock Up 8.4 %

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 $3.52 billion, a P/E ratio of -24.50 and a beta of 2.73. The stock has a 50 day moving average price of $9.14 and a 200 day moving average price of $10.95.

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

Insider Transactions at SoundHound AI

In other 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 value of $274,368.60. Following the completion of the sale, the chief technology officer now directly owns 768,867 shares in the company, valued at $7,611,783.30. This trade represents a 3.48 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Keyvan Mohajer sold 118,605 shares of the stock in a transaction that occurred on Thursday, March 20th. The stock was sold at an average price of $9.90, for a total value of $1,174,189.50. Following the completion of the transaction, the chief executive officer now owns 1,903,061 shares in the company, valued at approximately $18,840,303.90. The trade was a 5.87 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 500,565 shares of company stock worth $4,999,726 over the last ninety days. 12.28% of the stock is owned by insiders.

Institutional Trading of SoundHound AI

Several institutional investors have recently made changes to their positions in SOUN. Stifel Financial Corp raised its holdings in shares of SoundHound AI by 122.4% in the 3rd quarter. Stifel Financial Corp now owns 148,970 shares of the company's stock worth $694,000 after purchasing an additional 81,990 shares during the period. MML Investors Services LLC bought a new position in SoundHound AI during the third quarter valued at approximately $86,000. Geode Capital Management LLC raised its position in SoundHound AI by 9.1% in the 3rd quarter. Geode Capital Management LLC now owns 7,193,599 shares of the company's stock worth $33,529,000 after purchasing an additional 602,311 shares during the period. Sanctuary Advisors LLC increased its stake in SoundHound AI by 13.8% in the 3rd quarter. Sanctuary Advisors LLC now owns 29,976 shares of the company's stock worth $140,000 after purchasing an additional 3,642 shares during the period. Finally, Franklin Resources Inc. bought a new stake in SoundHound AI during the 3rd quarter valued at $177,000. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.