SoundHound AI (NASDAQ:SOUN) Trading Up 4.6% – Time to Buy?

SoundHound AI, Inc. (NASDAQ:SOUN)’s share price was up 4.6% during mid-day trading on Monday . The company traded as high as $10.52 and last traded at $10.32. Approximately 11,538,241 shares changed hands during trading, a decline of 70% from the average daily volume of 38,546,275 shares. The stock had previously closed at $9.86.

Analyst Ratings Changes

A number of research firms have commented on SOUN. Cantor Fitzgerald upgraded shares of SoundHound AI to a “hold” rating in a report on Monday, February 24th. Wedbush raised their target price on SoundHound AI from $10.00 to $22.00 and gave the company an “outperform” rating in a research note on Monday, December 16th. 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 report on Tuesday, January 14th. HC Wainwright reissued a “buy” rating and issued a $26.00 price target on shares of SoundHound AI in a research report on Monday, March 3rd. Finally, DA Davidson lifted their target price on SoundHound AI from $9.50 to $13.00 and gave the company a “buy” rating in a research report on Friday, February 28th. Four analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $12.86.

SoundHound AI Trading Down 1.1 %

The company has a debt-to-equity ratio of 0.13, a current ratio of 2.58 and a quick ratio of 2.58. The company has a market capitalization of $4.01 billion, a P/E ratio of -28.33 and a beta of 2.62. The firm has a fifty day moving average price of $12.09 and a 200-day moving average price of $10.52.

SoundHound AI (NASDAQ:SOUN) last announced its quarterly earnings data on Thursday, February 27th. The company reported ($0.69) earnings per share (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 the consensus estimate of $33.70 million. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. On average, equities research analysts anticipate that SoundHound AI, Inc. will post -0.38 earnings per share for the current year.

Insider Buying and Selling

In other news, CTO Timothy Stonehocker sold 27,714 shares of the business’s stock in a transaction that occurred on Thursday, March 20th. The shares were sold at an average price of $9.90, for a total value of $274,368.60. Following the sale, the chief technology officer now owns 768,867 shares of the company’s stock, valued at $7,611,783.30. The trade was a 3.48 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Diana Sroka sold 3,402 shares of SoundHound AI stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $10.08, for a total transaction of $34,292.16. Following the completion of the transaction, the director now owns 138,850 shares of the company’s stock, valued at $1,399,608. This represents a 2.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 500,565 shares of company stock valued at $4,999,726. 12.28% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in SOUN. Blue Trust Inc. increased its position in shares of SoundHound AI by 197.6% in the fourth quarter. Blue Trust Inc. now owns 1,250 shares of the company’s stock worth $25,000 after purchasing an additional 830 shares during the last quarter. Sound Income Strategies LLC lifted its position 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 worth $26,000 after buying an additional 1,271 shares during the last quarter. Orion Capital Management LLC purchased a new stake in SoundHound AI in the fourth quarter worth approximately $30,000. Future Financial Wealth Managment LLC bought a new position in SoundHound AI during the fourth quarter valued at approximately $40,000. Finally, Compagnie Lombard Odier SCmA purchased a new position in shares of SoundHound AI during the fourth quarter worth approximately $40,000. 19.28% of the stock is currently 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.