SoundHound AI (NASDAQ:SOUN) Shares Up 0.9% – Time to Buy?

SoundHound AI, Inc. (NASDAQ:SOUN)’s stock price was up 0.9% during trading on Friday . The stock traded as high as $4.83 and last traded at $4.73. Approximately 3,722,854 shares changed hands during trading, a decline of 89% from the average daily volume of 35,023,289 shares. The stock had previously closed at $4.69.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on SOUN shares. HC Wainwright reaffirmed a “buy” rating and issued a $7.00 price objective on shares of SoundHound AI in a research note on Wednesday, September 18th. Cantor Fitzgerald upgraded SoundHound AI from a “neutral” rating to an “overweight” rating and raised their price target for the company from $5.00 to $7.00 in a research report on Friday, August 9th. DA Davidson reaffirmed a “buy” rating and set a $9.50 price target on shares of SoundHound AI in a research note on Monday, September 30th. Northland Securities increased their price objective on shares of SoundHound AI from $5.50 to $6.00 and gave the company a “market perform” rating in a research note on Friday, August 9th. Finally, Wedbush restated an “outperform” rating and set a $9.00 target price on shares of SoundHound AI in a research report on Thursday, September 26th. One analyst has rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $7.08.

SoundHound AI Price Performance

The firm has a market cap of $1.54 billion, a price-to-earnings ratio of -12.34 and a beta of 2.73. The business has a 50 day moving average of $4.82 and a 200 day moving average of $4.84.

SoundHound AI (NASDAQ:SOUN) last released its quarterly earnings results on Thursday, August 8th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.09) by ($0.02). The firm had revenue of $13.46 million for the quarter, compared to analyst estimates of $13.09 million. SoundHound AI had a negative return on equity of 93.28% and a negative net margin of 195.65%. SoundHound AI’s revenue for the quarter was up 53.8% on a year-over-year basis. During the same period in the prior year, the business earned ($0.10) earnings per share. Research analysts predict that SoundHound AI, Inc. will post -0.36 earnings per share for the current year.

Insiders Place Their Bets

In other SoundHound AI news, CEO Keyvan Mohajer sold 63,544 shares of the stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $4.92, for a total transaction of $312,636.48. Following the transaction, the chief executive officer now owns 2,299,148 shares of the company’s stock, valued at $11,311,808.16. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. In other SoundHound AI news, CEO Keyvan Mohajer sold 63,544 shares of SoundHound AI stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $4.92, for a total value of $312,636.48. Following the completion of the sale, the chief executive officer now owns 2,299,148 shares in the company, valued at $11,311,808.16. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Nitesh Sharan sold 39,728 shares of the stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $4.88, for a total transaction of $193,872.64. Following the transaction, the chief financial officer now owns 1,560,411 shares in the company, valued at approximately $7,614,805.68. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 535,275 shares of company stock valued at $2,802,644. Company insiders own 21.30% of the company’s stock.

Hedge Funds Weigh In On SoundHound AI

Hedge funds have recently made changes to their positions in the stock. Soviero Asset Management LP purchased a new position in shares of SoundHound AI in the 4th quarter worth $106,000. Intrinsic Edge Capital Management LLC increased its stake in SoundHound AI by 47.7% during the fourth quarter. Intrinsic Edge Capital Management LLC now owns 4,848,211 shares of the company’s stock worth $10,278,000 after acquiring an additional 1,566,238 shares during the last quarter. Quadrature Capital Ltd raised its holdings in shares of SoundHound AI by 67.1% in the 4th quarter. Quadrature Capital Ltd now owns 381,557 shares of the company’s stock worth $807,000 after purchasing an additional 153,273 shares during the period. HighPoint Advisor Group LLC acquired a new position in shares of SoundHound AI in the 4th quarter valued at about $37,000. Finally, Ballew Advisors Inc purchased a new stake in shares of SoundHound AI during the 1st quarter worth about $59,000. Institutional investors and hedge funds 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.