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

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

Analyst Ratings Changes

SOUN has been the subject of a number of recent research reports. Piper Sandler initiated coverage on shares of SoundHound AI in a research note on Tuesday, May 27th. They issued an "overweight" rating and a $12.00 price target for the company. HC Wainwright cut their price target on SoundHound AI from $26.00 to $18.00 and set a "buy" rating on the stock in a research note on Monday, May 12th. Cantor Fitzgerald raised SoundHound AI to a "hold" rating in a research report on Monday, February 24th. DA Davidson decreased their target price on SoundHound AI from $13.00 to $10.00 and set a "buy" rating for the company in a research note on Monday, April 14th. Finally, Wedbush dropped their price target 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. 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 data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $10.50.

SoundHound AI Trading Up 3.5%

The firm has a 50 day simple moving average of $9.61 and a two-hundred day simple moving average of $11.96. The company has a market capitalization of $3.94 billion, a PE ratio of -17.85 and a beta of 2.64.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last released its 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. The company had revenue of $29.13 million during the quarter, compared to analysts' expectations of $30.38 million. SoundHound AI had a negative net margin of 184.34% and a negative return on equity of 68.55%. The business's revenue was up 151.2% on a year-over-year basis. During the same quarter last year, the business earned ($0.07) EPS. Research analysts expect that SoundHound AI, Inc. will post -0.38 earnings per share for the current fiscal year.

Insider Activity at SoundHound AI

In other SoundHound AI news, CEO Keyvan Mohajer sold 254,376 shares of the firm's stock in a transaction dated Friday, June 20th. The shares were sold at an average price of $9.36, for a total transaction of $2,380,959.36. Following the sale, the chief executive officer now directly owns 1,749,790 shares of the company's stock, valued at $16,378,034.40. This trade represents a 12.69% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Majid Emami sold 132,352 shares of the business's stock in a transaction that occurred on Tuesday, June 10th. The shares were sold at an average price of $10.04, for a total transaction of $1,328,814.08. Following the completion of the transaction, the vice president now directly owns 537,482 shares of the company's stock, valued at approximately $5,396,319.28. This represents a 19.76% decrease in their position. The disclosure for this sale can be found here. Insiders sold 961,289 shares of company stock valued at $9,247,847 in the last ninety days. Corporate insiders own 9.17% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. Keynote Financial Services LLC boosted its stake in SoundHound AI by 4.7% in the 4th quarter. Keynote Financial Services LLC now owns 16,587 shares of the company's stock worth $329,000 after buying an additional 752 shares during the last quarter. Blue Trust Inc. increased its position in SoundHound AI by 197.6% during the fourth quarter. Blue Trust Inc. now owns 1,250 shares of the company's stock worth $25,000 after purchasing an additional 830 shares during the last quarter. Russell Investments Group Ltd. raised its stake in SoundHound AI by 16.4% during the fourth quarter. Russell Investments Group Ltd. now owns 6,598 shares of the company's stock worth $131,000 after purchasing an additional 929 shares during the period. Creative Financial Designs Inc. ADV boosted its holdings in shares of SoundHound AI by 13.7% in the 4th quarter. Creative Financial Designs Inc. ADV now owns 8,317 shares of the company's stock valued at $165,000 after purchasing an additional 1,000 shares during the last quarter. Finally, CreativeOne Wealth LLC grew its stake in shares of SoundHound AI by 3.7% during the 4th quarter. CreativeOne Wealth LLC now owns 29,991 shares of the company's stock valued at $595,000 after buying an additional 1,073 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.