SoundHound AI (NASDAQ:SOUN) Trading Up 11.6% - Time to Buy?

SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report)'s stock price shot up 11.6% during trading on Tuesday . The stock traded as high as $11.03 and last traded at $10.69. 31,789,146 shares traded hands during mid-day trading, a decline of 16% from the average session volume of 38,011,167 shares. The stock had previously closed at $9.58.

Analyst Ratings Changes

Several brokerages recently commented on SOUN. Piper Sandler began coverage on shares of SoundHound AI in a research report on Tuesday. They issued an "overweight" rating and a $12.00 price target for the company. DA Davidson dropped their price objective on shares of SoundHound AI from $13.00 to $10.00 and set a "buy" rating on the stock in a research note on Monday, April 14th. Wedbush dropped their price objective on shares of SoundHound AI from $22.00 to $15.00 and set an "outperform" rating on the stock in a research note on Friday, May 9th. Cantor Fitzgerald upgraded shares of SoundHound AI to a "hold" rating in a research note on Monday, February 24th. Finally, HC Wainwright dropped their price objective on shares of SoundHound AI from $26.00 to $18.00 and set a "buy" rating on the stock in a research note on Monday, May 12th. Four research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $10.50.

SoundHound AI Trading Down 4.1%

The company's 50 day moving average price is $9.15 and its 200 day moving average price is $11.75. The company has a market cap of $4.06 billion, a price-to-earnings ratio of -28.06 and a beta of 2.71. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.58 and a current ratio of 2.58.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The company reported ($0.06) EPS for the quarter, topping the consensus estimate of ($0.09) by $0.03. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. The company had revenue of $29.13 million for the quarter, compared to analyst estimates of $30.38 million. During the same quarter in the prior year, the business posted ($0.07) EPS. SoundHound AI's quarterly revenue was up 151.2% on a year-over-year basis. Research analysts anticipate that SoundHound AI, Inc. will post -0.38 EPS for the current year.

Insider Transactions at SoundHound AI

In other news, insider James Ming Hom sold 28,388 shares of the stock in a transaction on Thursday, March 20th. The shares were sold at an average price of $9.90, for a total transaction of $281,041.20. Following the transaction, the insider now owns 689,652 shares in the company, valued at $6,827,554.80. This represents a 3.95% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Keyvan Mohajer sold 118,605 shares of the stock in a transaction on Thursday, March 20th. The stock was sold at an average price of $9.90, for a total transaction of $1,174,189.50. Following the transaction, the chief executive officer now owns 1,903,061 shares in the company, valued at approximately $18,840,303.90. This trade represents a 5.87% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 548,537 shares of company stock worth $5,567,760 in the last 90 days. 12.28% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. grew its stake in SoundHound AI by 9.5% in the 1st quarter. Vanguard Group Inc. now owns 35,059,943 shares of the company's stock valued at $284,687,000 after buying an additional 3,028,281 shares during the last quarter. Geode Capital Management LLC grew its stake in SoundHound AI by 4.4% in the 4th quarter. Geode Capital Management LLC now owns 7,509,496 shares of the company's stock valued at $149,024,000 after buying an additional 315,897 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in SoundHound AI by 84.2% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 4,973,728 shares of the company's stock valued at $40,390,000 after buying an additional 2,274,105 shares during the last quarter. Northern Trust Corp grew its stake in SoundHound AI by 2.5% in the 1st quarter. Northern Trust Corp now owns 2,979,011 shares of the company's stock valued at $24,190,000 after buying an additional 72,766 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its stake in SoundHound AI by 4.5% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 2,847,261 shares of the company's stock valued at $23,120,000 after buying an additional 121,568 shares during the last quarter. 19.28% of the stock is currently owned by institutional investors and hedge funds.

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.