SoundHound AI (NASDAQ:SOUN) Stock Price Up 5.7% - Still a Buy?

SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report) shares were 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 Upgrades and Downgrades

Several equities research analysts have recently weighed in on SOUN shares. Cantor Fitzgerald raised SoundHound AI to a "hold" rating in a research note on Monday, February 24th. DA Davidson dropped their target price on shares of SoundHound AI from $13.00 to $10.00 and set a "buy" rating on the stock in a report on Monday, April 14th. HC Wainwright reissued a "buy" rating and issued a $26.00 price objective on shares of SoundHound AI in a research report on Monday, March 3rd. Finally, Northland Securities raised their target price on SoundHound AI from $6.00 to $8.00 and gave the stock a "market perform" rating in a research note on Tuesday, January 14th. Four investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $12.43.

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's 50-day moving average is $9.09 and its two-hundred day moving average is $10.94. The firm has a market cap of $3.49 billion, a P/E ratio of -24.31 and a beta of 2.73.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last announced 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 return on equity of 55.58% and a negative net margin of 163.58%. The company had revenue of $34.54 million for the quarter, compared to the consensus estimate of $33.70 million. As a group, equities analysts predict that SoundHound AI, Inc. will post -0.38 EPS for the current fiscal year.

Insider Activity

In other SoundHound AI news, 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 transaction of $524,759.00. Following the sale, the insider now directly owns 638,456 shares of the company's stock, valued at $6,544,174. This represents a 7.42 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Diana Sroka sold 3,402 shares of the firm's stock in a transaction dated 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 sale, the director now directly owns 138,850 shares in the company, valued at approximately $1,399,608. The trade was a 2.39 % decrease in their position. 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 over the last three months. Corporate insiders own 12.28% of the company's stock.

Institutional Investors Weigh In On SoundHound AI

A number of hedge funds have recently made changes to their positions in SOUN. Commons Capital LLC raised its holdings in SoundHound AI by 2.7% during the 4th quarter. Commons Capital LLC now owns 27,349 shares of the company's stock valued at $543,000 after buying an additional 723 shares during the last quarter. ST Germain D J Co. Inc. grew its position in shares of SoundHound AI by 33.2% in the 4th quarter. ST Germain D J Co. Inc. now owns 3,008 shares of the company's stock worth $60,000 after buying an additional 750 shares during the last quarter. Keynote Financial Services LLC raised its holdings in shares of SoundHound AI by 4.7% during the fourth quarter. Keynote Financial Services LLC now owns 16,587 shares of the company's stock valued at $329,000 after acquiring an additional 752 shares in the last quarter. Blue Trust Inc. raised its holdings in SoundHound AI by 197.6% in the 4th quarter. Blue Trust Inc. now owns 1,250 shares of the company's stock worth $25,000 after purchasing an additional 830 shares in the last quarter. Finally, Russell Investments Group Ltd. lifted its holdings in SoundHound AI by 16.4% in the fourth quarter. Russell Investments Group Ltd. now owns 6,598 shares of the company's stock worth $131,000 after buying an additional 929 shares during the period. 19.28% of the stock is currently owned by institutional investors.

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.

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