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

SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report) traded up 5.7% during trading on Tuesday . The company traded as high as $7.95 and last traded at $7.93. 6,152,504 shares changed hands during mid-day trading, a decline of 84% from the average session volume of 37,884,835 shares. The stock had previously closed at $7.50.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the stock. Cantor Fitzgerald upgraded shares of SoundHound AI to a "hold" rating in a research report on Monday, February 24th. 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. DA Davidson reduced their price objective on SoundHound AI from $13.00 to $10.00 and set a "buy" rating for the company in a research report on Monday, April 14th. Finally, Northland Securities boosted their price target on SoundHound AI from $6.00 to $8.00 and gave the company a "market perform" rating in a research note on Tuesday, January 14th. Four equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $12.43.

SoundHound AI Stock Performance

The stock has a fifty day moving average price of $9.02 and a 200-day moving average price of $11.00. 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 firm has a market capitalization of $3.80 billion, a price-to-earnings ratio of -26.44 and a beta of 2.73.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last released its quarterly earnings results on Thursday, February 27th. The company reported ($0.69) EPS for the quarter, missing analysts' consensus estimates 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 business had revenue of $34.54 million for the quarter, compared to the consensus estimate of $33.70 million. As a group, analysts anticipate that SoundHound AI, Inc. will post -0.38 earnings per share for the current fiscal year.

Insider Buying and Selling

In other SoundHound AI news, CEO Keyvan Mohajer sold 138,895 shares of the stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $10.08, for a total transaction of $1,400,061.60. Following the completion of the transaction, the chief executive officer now owns 1,764,166 shares in the company, valued at approximately $17,782,793.28. This represents a 7.30 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CTO Timothy Stonehocker sold 27,714 shares of SoundHound AI stock in a transaction dated Thursday, March 20th. The shares were 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 represents a 3.48 % 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 ninety days. Insiders own 12.28% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. Vanguard Group Inc. grew its stake in shares of SoundHound AI by 35.6% during the 4th quarter. Vanguard Group Inc. now owns 32,031,662 shares of the company's stock worth $635,508,000 after acquiring an additional 8,402,881 shares in the last quarter. Rockefeller Capital Management L.P. acquired a new position in SoundHound AI during the fourth quarter worth $41,595,000. Invesco Ltd. grew its position in SoundHound AI by 1,386.2% in the fourth quarter. Invesco Ltd. now owns 1,382,371 shares of the company's stock valued at $27,426,000 after purchasing an additional 1,289,360 shares in the last quarter. Driehaus Capital Management LLC bought a new position in SoundHound AI in the fourth quarter valued at $16,421,000. Finally, Capital Fund Management S.A. acquired a new stake in SoundHound AI in the 4th quarter valued at $16,092,000. 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.