SoundHound AI (NASDAQ:SOUN) Trading 4.3% Higher - Should You Buy?

Shares of SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report) traded up 4.3% during trading on Monday . The stock traded as high as $9.75 and last traded at $9.49. 11,508,246 shares changed hands during trading, a decline of 70% from the average session volume of 38,863,877 shares. The stock had previously closed at $9.10.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on SOUN shares. HC Wainwright cut their target price on shares of SoundHound AI from $26.00 to $18.00 and set a "buy" rating on the stock in a report on Monday, May 12th. DA Davidson cut 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. Cantor Fitzgerald raised shares of SoundHound AI to a "hold" rating in a report on Monday, February 24th. Wedbush cut their target price on shares of SoundHound AI from $22.00 to $15.00 and set an "outperform" rating on the stock in a report on Friday, May 9th. Finally, Piper Sandler started coverage on shares of SoundHound AI in a report on Tuesday, May 27th. They issued an "overweight" rating and a $12.00 target price on the stock. Four research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $10.50.

SoundHound AI Stock Performance

The company has a quick ratio of 2.58, a current ratio of 2.58 and a debt-to-equity ratio of 0.13. The stock has a market cap of $3.87 billion, a price-to-earnings ratio of -26.74 and a beta of 2.64. The company's 50-day simple moving average is $9.46 and its 200-day simple moving average is $12.02.

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

Insiders Place Their Bets

In other SoundHound AI news, CEO Keyvan Mohajer sold 118,605 shares of SoundHound AI stock in a transaction on Thursday, March 20th. The shares were sold at an average price of $9.90, for a total transaction of $1,174,189.50. Following the completion of the sale, the chief executive officer now owns 1,903,061 shares of the company's stock, valued at $18,840,303.90. This trade represents a 5.87% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, VP Majid Emami sold 28,392 shares of SoundHound AI stock in a transaction on Thursday, March 20th. The shares were sold at an average price of $9.90, for a total transaction of $281,080.80. Following the sale, the vice president now directly owns 669,834 shares of the company's stock, valued at $6,631,356.60. This trade represents a 4.07% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 680,889 shares of company stock worth $6,896,574. Corporate insiders own 9.17% of the company's stock.

Institutional Investors Weigh In On SoundHound AI

Institutional investors and hedge funds have recently modified their holdings of the business. Blue Trust Inc. lifted its stake in shares of SoundHound AI by 197.6% in the 4th quarter. Blue Trust Inc. now owns 1,250 shares of the company's stock valued at $25,000 after purchasing an additional 830 shares during the last quarter. Orion Capital Management LLC acquired a new stake in shares of SoundHound AI in the 4th quarter valued at $30,000. BIT Capital GmbH acquired a new stake in shares of SoundHound AI in the 4th quarter valued at $43,000. AlphaQuest LLC acquired a new stake in shares of SoundHound AI in the 1st quarter valued at $32,000. Finally, Larson Financial Group LLC lifted its stake in shares of SoundHound AI by 76.9% in the 4th quarter. Larson Financial Group LLC now owns 4,068 shares of the company's stock valued at $81,000 after purchasing an additional 1,768 shares during the last quarter. Institutional investors and hedge funds own 19.28% of the company's stock.

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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