SoundHound AI (NASDAQ:SOUN) Stock Price Up 1.5% - Should You Buy?

SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report)'s stock price was up 1.5% during trading on Friday . The stock traded as high as $19.95 and last traded at $19.14. Approximately 42,825,350 shares traded hands during trading, an increase of 7% from the average daily volume of 40,148,219 shares. The stock had previously closed at $18.86.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on SOUN. HC Wainwright boosted their price target on shares of SoundHound AI from $7.00 to $8.00 and gave the stock a "buy" rating in a research note on Thursday, November 14th. Wedbush upped their target price on shares of SoundHound AI from $10.00 to $22.00 and gave the company an "outperform" rating in a research report on Monday. Barclays reissued a "neutral" rating and issued a $7.00 price target on shares of SoundHound AI in a research note on Wednesday, November 13th. LADENBURG THALM/SH SH reiterated a "neutral" rating and issued a $7.00 price objective on shares of SoundHound AI in a report on Wednesday, November 13th. Finally, DA Davidson restated a "buy" rating and set a $9.50 target price on shares of SoundHound AI in a research report on Monday, September 30th. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $9.50.

SoundHound AI Stock Performance

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 stock has a 50-day moving average price of $9.01 and a 200 day moving average price of $6.21. The company has a market cap of $8.04 billion, a price-to-earnings ratio of -60.42 and a beta of 3.03.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last announced its quarterly earnings results on Tuesday, November 12th. The company reported ($0.06) earnings per share for the quarter, beating analysts' consensus estimates of ($0.07) by $0.01. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. The firm had revenue of $25.10 million for the quarter, compared to analyst estimates of $23.02 million. During the same quarter in the previous year, the firm posted ($0.09) earnings per share. The business's revenue was up 88.7% on a year-over-year basis. As a group, analysts anticipate that SoundHound AI, Inc. will post -0.38 EPS for the current fiscal year.

Insider Activity

In other news, insider James Ming Hom sold 58,382 shares of SoundHound AI stock in a transaction on Monday, December 16th. The stock was sold at an average price of $18.35, for a total value of $1,071,309.70. Following the transaction, the insider now owns 754,811 shares in the company, valued at approximately $13,850,781.85. This trade represents a 7.18 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Eric R. Ball sold 30,000 shares of the firm's stock in a transaction dated Monday, November 25th. The shares were sold at an average price of $8.03, for a total value of $240,900.00. Following the completion of the sale, the director now directly owns 110,907 shares in the company, valued at $890,583.21. This trade represents a 21.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 2,321,786 shares of company stock worth $35,065,286 over the last three months. Corporate insiders own 12.28% of the company's stock.

Institutional Investors Weigh In On SoundHound AI

Hedge funds have recently made changes to their positions in the stock. Oppenheimer & Co. Inc. boosted its position in SoundHound AI by 11.0% in the third quarter. Oppenheimer & Co. Inc. now owns 19,000 shares of the company's stock valued at $89,000 after buying an additional 1,887 shares in the last quarter. Integrated Wealth Concepts LLC boosted its stake in shares of SoundHound AI by 13.0% during the third quarter. Integrated Wealth Concepts LLC now owns 17,150 shares of the company's stock valued at $80,000 after purchasing an additional 1,975 shares in the last quarter. Signaturefd LLC boosted its stake in shares of SoundHound AI by 19.5% during the third quarter. Signaturefd LLC now owns 12,255 shares of the company's stock valued at $57,000 after purchasing an additional 2,000 shares in the last quarter. Newbridge Financial Services Group Inc. grew its holdings in shares of SoundHound AI by 24.7% during the second quarter. Newbridge Financial Services Group Inc. now owns 11,720 shares of the company's stock worth $46,000 after purchasing an additional 2,320 shares during the last quarter. Finally, Wolverine Asset Management LLC increased its position in SoundHound AI by 7.7% in the 3rd quarter. Wolverine Asset Management LLC now owns 35,102 shares of the company's stock valued at $164,000 after acquiring an additional 2,522 shares during the period. 19.28% of the stock is currently 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.