SoundHound AI (NASDAQ:SOUN) Trading Up 11.4% - Still a Buy?

Shares of SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report) traded up 11.4% on Tuesday . The stock traded as high as $13.42 and last traded at $12.68. 56,706,610 shares were traded during mid-day trading, an increase of 41% from the average session volume of 40,233,230 shares. The stock had previously closed at $11.38.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the company. HC Wainwright dropped their price target on SoundHound AI from $26.00 to $18.00 and set a "buy" rating for the company in a research note on Monday, May 12th. DA Davidson cut their price objective on SoundHound AI from $13.00 to $10.00 and set a "buy" rating for the company in a research report on Monday, April 14th. Piper Sandler initiated coverage on SoundHound AI in a report on Tuesday, May 27th. They issued an "overweight" rating and a $12.00 target price on the stock. Finally, Wedbush reduced their target price on SoundHound AI from $22.00 to $15.00 and set an "outperform" rating on the stock in a report on Friday, May 9th. Four analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $10.50.

SoundHound AI Stock Up 14.7%

The firm has a market cap of $5.24 billion, a PE ratio of -23.73 and a beta of 2.59. The company's 50 day moving average price is $10.01 and its two-hundred day moving average price is $11.48.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last announced its quarterly earnings data on Thursday, May 8th. The company reported ($0.06) EPS for the quarter, beating the consensus estimate 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 company had revenue of $29.13 million for the quarter, compared to the consensus estimate of $30.38 million. During the same quarter in the prior year, the company posted ($0.07) EPS. SoundHound AI's quarterly revenue was up 151.2% on a year-over-year basis. On average, analysts expect that SoundHound AI, Inc. will post -0.38 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CEO Keyvan Mohajer sold 254,376 shares of the business's stock in a transaction on 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 directly owned 1,749,790 shares of the company's stock, valued at $16,378,034.40. The trade was a 12.69% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider James Ming Hom sold 79,530 shares of SoundHound AI stock in a transaction dated Friday, June 20th. The stock was sold at an average price of $9.36, for a total value of $744,400.80. Following the sale, the insider directly owned 637,560 shares of the company's stock, valued at $5,967,561.60. This trade represents a 11.09% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 961,289 shares of company stock valued at $9,247,847 over the last ninety days. Company 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 company. RMR Wealth Builders purchased a new position in SoundHound AI during the second quarter valued at approximately $112,000. Harbor Investment Advisory LLC grew its holdings in SoundHound AI by 92.1% in the 2nd quarter. Harbor Investment Advisory LLC now owns 14,500 shares of the company's stock valued at $156,000 after buying an additional 6,950 shares in the last quarter. Rhumbline Advisers grew its holdings in SoundHound AI by 8.9% in the 1st quarter. Rhumbline Advisers now owns 457,107 shares of the company's stock valued at $3,712,000 after buying an additional 37,431 shares in the last quarter. Strs Ohio purchased a new position in shares of SoundHound AI during the 1st quarter worth $391,000. Finally, Wealth Management Associates Inc. grew its holdings in shares of SoundHound AI by 6.9% during the 1st quarter. Wealth Management Associates Inc. now owns 115,169 shares of the company's stock worth $935,000 after purchasing an additional 7,445 shares during the period. Institutional investors and hedge funds own 19.28% of the company's stock.

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.

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