SoundHound AI (NASDAQ:SOUN) Trading Up 6.1% - Should You Buy?

Shares of SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report) traded up 6.1% during mid-day trading on Tuesday . The company traded as high as $10.17 and last traded at $10.07. 18,340,639 shares were traded during mid-day trading, a decline of 53% from the average session volume of 38,987,855 shares. The stock had previously closed at $9.49.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on SOUN. DA Davidson dropped their target price on shares of SoundHound AI from $13.00 to $10.00 and set a "buy" rating for the company in a report on Monday, April 14th. Wedbush dropped their price objective on SoundHound AI from $22.00 to $15.00 and set an "outperform" rating for the company in a report on Friday, May 9th. Piper Sandler assumed coverage on SoundHound AI in a research report on Tuesday, May 27th. They issued an "overweight" rating and a $12.00 price objective on the stock. Finally, HC Wainwright decreased their target price on SoundHound AI from $26.00 to $18.00 and set a "buy" rating for the company in a report on Monday, May 12th. Four investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $10.50.

SoundHound AI Stock Performance

The stock has a market cap of $3.95 billion, a P/E ratio of -17.86 and a beta of 2.64. The firm has a 50-day moving average price of $9.72 and a 200-day moving average price of $11.89.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last posted its quarterly earnings data on Thursday, May 8th. The company reported ($0.06) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.09) by $0.03. SoundHound AI had a negative return on equity of 68.55% and a negative net margin of 184.34%. The business had revenue of $29.13 million during the quarter, compared to the consensus estimate of $30.38 million. During the same quarter in the prior year, the company earned ($0.07) earnings per share. The firm's quarterly revenue was up 151.2% compared to the same quarter last year. On average, research analysts predict that SoundHound AI, Inc. will post -0.38 earnings per share for the current year.

Insider Activity at SoundHound AI

In related news, Director Diana Sroka sold 2,800 shares of the firm's stock in a transaction that occurred on Tuesday, June 24th. The stock was sold at an average price of $9.94, for a total transaction of $27,832.00. Following the completion of the transaction, the director now owns 153,949 shares of the company's stock, valued at $1,530,253.06. This trade represents a 1.79% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider James Ming Hom sold 3,815 shares of SoundHound AI stock in a transaction on Monday, May 12th. The shares were sold at an average price of $10.00, for a total value of $38,150.00. Following the transaction, the insider now owns 637,090 shares of the company's stock, valued at $6,370,900. The trade was a 0.60% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 961,289 shares of company stock valued at $9,247,847 in the last three months. Company insiders own 9.17% of the company's stock.

Hedge Funds Weigh In On SoundHound AI

Several institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. boosted 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 worth $284,687,000 after purchasing an additional 3,028,281 shares in the last quarter. Geode Capital Management LLC raised its holdings in SoundHound AI by 4.4% in the fourth quarter. Geode Capital Management LLC now owns 7,509,496 shares of the company's stock worth $149,024,000 after buying an additional 315,897 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of SoundHound AI by 84.2% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 4,973,728 shares of the company's stock worth $40,390,000 after buying an additional 2,274,105 shares in the last quarter. Northern Trust Corp increased its position in shares of SoundHound AI by 2.5% during the first quarter. Northern Trust Corp now owns 2,979,011 shares of the company's stock valued at $24,190,000 after acquiring an additional 72,766 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in shares of SoundHound AI by 4.5% during the first quarter. Charles Schwab Investment Management Inc. now owns 2,847,261 shares of the company's stock valued at $23,120,000 after acquiring an additional 121,568 shares in the last quarter. 19.28% of the stock is currently owned by 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.