SoundHound AI (NASDAQ:SOUN) Trading Up 0.5% - Should You Buy?

SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report)'s stock price shot up 0.5% during trading on Thursday . The stock traded as high as $16.59 and last traded at $15.88. 20,087,378 shares traded hands during trading, a decline of 65% from the average session volume of 57,205,223 shares. The stock had previously closed at $15.81.

Wall Street Analyst Weigh In

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

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SoundHound AI Stock 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 $5.54 billion, a PE ratio of -39.38 and a beta of 2.56. The firm's 50-day simple moving average is $16.49 and its 200-day simple moving average is $9.32.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last released its quarterly earnings data on Tuesday, November 12th. The company reported ($0.06) EPS for the quarter, topping the consensus estimate of ($0.07) by $0.01. The company 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%. SoundHound AI's quarterly revenue was up 88.7% on a year-over-year basis. During the same period last year, the business posted ($0.09) EPS. On average, research analysts predict that SoundHound AI, Inc. will post -0.38 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Lawrence Marcus sold 30,000 shares of SoundHound AI stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $7.15, for a total value of $214,500.00. Following the transaction, the director now owns 178,117 shares of the company's stock, valued at $1,273,536.55. The trade was a 14.41 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, VP Majid Emami sold 94,067 shares of the firm's stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $9.05, for a total transaction of $851,306.35. Following the completion of the sale, the vice president now owns 735,685 shares of the company's stock, valued at approximately $6,657,949.25. This trade represents a 11.34 % decrease in their ownership of the stock. 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 three months. Corporate insiders own 12.28% of the company's stock.

Institutional Investors Weigh In On SoundHound AI

Several hedge funds have recently added to or reduced their stakes in SOUN. Blue Trust Inc. raised its holdings in shares of SoundHound AI by 197.6% during the fourth quarter. Blue Trust Inc. now owns 1,250 shares of the company's stock valued at $25,000 after acquiring an additional 830 shares during the last quarter. Sound Income Strategies LLC raised its stake in SoundHound AI by 2,542.0% in the 4th quarter. Sound Income Strategies LLC now owns 1,321 shares of the company's stock valued at $26,000 after purchasing an additional 1,271 shares during the last quarter. NBC Securities Inc. lifted its holdings in SoundHound AI by 97.8% in the 3rd quarter. NBC Securities Inc. now owns 7,720 shares of the company's stock valued at $35,000 after purchasing an additional 3,818 shares in the last quarter. Future Financial Wealth Managment LLC purchased a new stake in shares of SoundHound AI during the fourth quarter worth $40,000. Finally, Compagnie Lombard Odier SCmA acquired a new stake in shares of SoundHound AI in the fourth quarter valued at about $40,000. 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.