SoundHound AI (NASDAQ:SOUN) Trading Up 0.8% - Time to Buy?

SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report)'s share price was up 0.8% during trading on Friday . The stock traded as high as $9.59 and last traded at $9.67. Approximately 5,577,389 shares were traded during trading, a decline of 86% from the average daily volume of 39,080,062 shares. The stock had previously closed at $9.59.

Analysts Set New Price Targets

Several research firms recently issued reports on SOUN. HC Wainwright reiterated a "buy" rating and issued a $26.00 price target on shares of SoundHound AI in a report on Monday, March 3rd. Wedbush lifted their target price on shares of SoundHound AI from $10.00 to $22.00 and gave the stock an "outperform" rating in a report on Monday, December 16th. DA Davidson lifted their price objective on SoundHound AI from $9.50 to $13.00 and gave the stock a "buy" rating in a report on Friday, February 28th. Northland Securities increased their price target on SoundHound AI from $6.00 to $8.00 and gave the company a "market perform" rating in a report on Tuesday, January 14th. Finally, Cantor Fitzgerald upgraded shares of SoundHound AI to a "hold" rating in a research report on Monday, February 24th. Four investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $12.86.

SoundHound AI Stock Down 8.0 %

The business's 50-day simple moving average is $12.09 and its 200-day simple moving average is $10.52. The company has a market capitalization of $3.69 billion, a PE ratio of -26.06 and a beta of 2.62. The company has a current ratio of 2.58, a quick ratio of 2.58 and a debt-to-equity ratio of 0.13.

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SoundHound AI (NASDAQ:SOUN - Get Free Report) last posted its quarterly earnings data on Thursday, February 27th. The company reported ($0.69) EPS for the quarter, missing analysts' consensus estimates of ($0.11) by ($0.58). The business had revenue of $34.54 million during the quarter, compared to analysts' expectations of $33.70 million. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. As a group, equities research analysts anticipate that SoundHound AI, Inc. will post -0.38 EPS for the current fiscal year.

Insiders Place Their Bets

In other SoundHound AI news, Director Diana Sroka sold 3,402 shares of the company's stock in a transaction on Monday, March 24th. The shares were sold at an average price of $10.08, for a total value of $34,292.16. Following the completion of the transaction, the director now owns 138,850 shares in the company, valued at $1,399,608. This represents a 2.39 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider James Ming Hom sold 51,196 shares of the company's stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $10.25, for a total value of $524,759.00. Following the completion of the sale, the insider now directly owns 638,456 shares of the company's stock, valued at approximately $6,544,174. This trade represents a 7.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 500,565 shares of company stock worth $4,999,726 over the last three months. Company insiders own 12.28% of the company's stock.

Institutional Investors Weigh In On SoundHound AI

Several hedge funds have recently modified their holdings of the stock. Victory Capital Management Inc. increased its position in SoundHound AI by 230.9% during the 3rd quarter. Victory Capital Management Inc. now owns 120,812 shares of the company's stock worth $563,000 after purchasing an additional 84,301 shares in the last quarter. Intech Investment Management LLC acquired a new stake in SoundHound AI during the 3rd quarter valued at $305,000. Charles Schwab Investment Management Inc. increased its position in shares of SoundHound AI by 7.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,582,206 shares of the company's stock worth $12,033,000 after acquiring an additional 189,109 shares during the last quarter. Independent Advisor Alliance grew its position in shares of SoundHound AI by 85.3% during the third quarter. Independent Advisor Alliance now owns 36,663 shares of the company's stock worth $171,000 after buying an additional 16,880 shares in the last quarter. Finally, The Manufacturers Life Insurance Company increased its position in shares of SoundHound AI by 43.1% in the 3rd quarter. The Manufacturers Life Insurance Company now owns 151,826 shares of the company's stock worth $708,000 after purchasing an additional 45,750 shares during the last quarter. 19.28% of the stock is owned by institutional investors and hedge funds.

SoundHound AI Company Profile

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.