SoundHound AI (NASDAQ:SOUN) Stock Price Up 9.5% - Still a Buy?

SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report) shares shot up 9.5% during mid-day trading on Wednesday . The company traded as high as $9.00 and last traded at $8.91. 11,480,140 shares were traded during mid-day trading, a decline of 70% from the average session volume of 37,915,292 shares. The stock had previously closed at $8.14.

Analyst Upgrades and Downgrades

A number of research firms recently commented on SOUN. Northland Securities boosted their price objective on shares of SoundHound AI from $6.00 to $8.00 and gave the stock a "market perform" rating in a report on Tuesday, January 14th. 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. Cantor Fitzgerald upgraded shares of SoundHound AI to a "hold" rating in a research report on Monday, February 24th. Finally, HC Wainwright restated a "buy" rating and set a $26.00 price objective on shares of SoundHound AI in a research report on Monday, March 3rd. Four investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $12.43.

SoundHound AI Stock Performance

The stock has a market cap of $3.80 billion, a PE ratio of -26.44 and a beta of 2.73. 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 simple moving average of $9.02 and a 200-day simple moving average of $11.05.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last issued its earnings results on Thursday, February 27th. The company reported ($0.69) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.11) by ($0.58). SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. The firm had revenue of $34.54 million for the quarter, compared to analysts' expectations of $33.70 million. Equities analysts predict that SoundHound AI, Inc. will post -0.38 earnings per share for the current fiscal year.

Insider Transactions at SoundHound AI

In other news, CTO Timothy Stonehocker sold 3,333 shares of the company's stock in a transaction on Monday, March 24th. The shares were sold at an average price of $10.08, for a total value of $33,596.64. Following the completion of the transaction, the chief technology officer now directly owns 765,534 shares in the company, valued at approximately $7,716,582.72. This represents a 0.43 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider James Ming Hom sold 28,388 shares of SoundHound AI stock in a transaction on Thursday, March 20th. The stock was sold at an average price of $9.90, for a total transaction of $281,041.20. Following the sale, the insider now directly owns 689,652 shares in the company, valued at $6,827,554.80. This trade represents a 3.95 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 500,565 shares of company stock valued at $4,999,726 over the last quarter. Company insiders own 12.28% of the company's stock.

Hedge Funds Weigh In On SoundHound AI

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Blue Trust Inc. lifted its stake in shares of SoundHound AI by 197.6% in the fourth quarter. Blue Trust Inc. now owns 1,250 shares of the company's stock worth $25,000 after acquiring an additional 830 shares in the last quarter. Sound Income Strategies LLC raised its position in shares of SoundHound AI by 2,542.0% in the 4th quarter. Sound Income Strategies LLC now owns 1,321 shares of the company's stock valued at $26,000 after purchasing an additional 1,271 shares in the last quarter. Orion Capital Management LLC acquired a new position in shares of SoundHound AI in the 4th quarter valued at approximately $30,000. Golden State Wealth Management LLC grew its position in shares of SoundHound AI by 100.0% during the first quarter. Golden State Wealth Management LLC now owns 4,230 shares of the company's stock worth $34,000 after buying an additional 2,115 shares in the last quarter. Finally, Future Financial Wealth Managment LLC bought a new stake in shares of SoundHound AI in the fourth quarter worth $40,000. 19.28% of the stock is owned by hedge funds and other 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.