SoundHound AI (NASDAQ:SOUN) Trading Up 5.4% - Time to Buy?

SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report) was up 5.4% during mid-day trading on Thursday . The stock traded as high as $12.78 and last traded at $12.42. Approximately 23,386,269 shares changed hands during trading, a decline of 41% from the average daily volume of 39,972,128 shares. The stock had previously closed at $11.78.

Analyst Ratings Changes

Several equities analysts have recently issued reports on SOUN shares. DA Davidson reduced 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 reissued a "neutral" rating and set a $12.00 target price on shares of SoundHound AI in a report on Monday. Wedbush dropped 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. Finally, HC Wainwright dropped their price target on SoundHound AI from $26.00 to $18.00 and set a "buy" rating on the stock in a report on Monday, May 12th. Five analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat, SoundHound AI presently has an average rating of "Hold" and an average price target of $10.50.

SoundHound AI Stock Up 7.3%

The company's fifty day moving average is $10.40 and its two-hundred day moving average is $11.14. The firm has a market capitalization of $5.08 billion, a price-to-earnings ratio of -22.98 and a beta of 2.59.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last issued its quarterly earnings data 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. SoundHound AI had a negative net margin of 184.34% and a negative return on equity of 68.55%. The company 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 firm earned ($0.07) earnings per share. The firm's revenue was up 151.2% compared to the same quarter last year. On average, equities research analysts expect that SoundHound AI, Inc. will post -0.38 EPS for the current year.

Insider Activity

In other news, Director Diana Sroka sold 2,800 shares of the company's stock in a transaction on Tuesday, June 24th. The shares were sold at an average price of $9.94, for a total value of $27,832.00. Following the sale, the director directly owned 153,949 shares of the company's stock, valued at approximately $1,530,253.06. This represents a 1.79% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Nitesh Sharan sold 111,111 shares of the company's stock in a transaction on Friday, June 20th. The stock was sold at an average price of $9.36, for a total transaction of $1,039,998.96. Following the transaction, the chief financial officer owned 1,442,900 shares in the company, valued at approximately $13,505,544. The trade was a 7.15% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 961,289 shares of company stock worth $9,247,847. Company insiders own 9.17% 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 business. Yarbrough Capital LLC bought a new position in shares of SoundHound AI in the first quarter valued at approximately $1,258,000. Deutsche Bank AG boosted its position in shares of SoundHound AI by 64.2% in the fourth quarter. Deutsche Bank AG now owns 264,559 shares of the company's stock valued at $5,249,000 after acquiring an additional 103,450 shares during the period. Rockefeller Capital Management L.P. bought a new position in shares of SoundHound AI in the fourth quarter valued at approximately $41,595,000. Bulltick Wealth Management LLC purchased a new stake in SoundHound AI in the fourth quarter valued at approximately $2,611,000. Finally, Vanguard Group Inc. raised its stake in SoundHound AI by 35.6% in the fourth quarter. Vanguard Group Inc. now owns 32,031,662 shares of the company's stock valued at $635,508,000 after purchasing an additional 8,402,881 shares in the last quarter. Institutional investors 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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