SoundHound AI (NASDAQ:SOUN) Trading 1.5% Higher – Should You Buy?

SoundHound AI, Inc. (NASDAQ:SOUN) was up 1.5% on Thursday . The company traded as high as $6.80 and last traded at $6.78. Approximately 12,727,490 shares changed hands during mid-day trading, a decline of 52% from the average daily volume of 26,540,129 shares. The stock had previously closed at $6.68.

Analyst Ratings Changes

SOUN has been the subject of a number of research analyst reports. Weiss Ratings reiterated a “sell (d-)” rating on shares of SoundHound AI in a research report on Friday, January 9th. DA Davidson set a $14.00 price objective on shares of SoundHound AI in a research report on Thursday, January 8th. HC Wainwright lowered their target price on shares of SoundHound AI from $26.00 to $20.00 and set a “buy” rating on the stock in a research note on Monday, March 2nd. LADENBURG THALM/SH SH upgraded shares of SoundHound AI to a “strong-buy” rating in a research report on Thursday, December 18th. Finally, Zacks Research raised shares of SoundHound AI from a “strong sell” rating to a “hold” rating in a report on Monday, February 9th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, SoundHound AI currently has an average rating of “Moderate Buy” and a consensus price target of $14.93.

SoundHound AI Trading Up 1.5%

The stock has a market capitalization of $2.87 billion, a PE ratio of -135.57 and a beta of 2.71. The business has a fifty day moving average price of $7.94 and a 200-day moving average price of $11.88.

SoundHound AI (NASDAQ:SOUN) last announced its quarterly earnings data on Thursday, February 26th. The company reported ($0.02) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.02). The company had revenue of $55.06 million for the quarter, compared to analysts’ expectations of $53.88 million. SoundHound AI had a negative return on equity of 3.63% and a negative net margin of 8.71%.SoundHound AI’s revenue for the quarter was up 59.4% compared to the same quarter last year. During the same period last year, the firm posted ($0.05) EPS. On average, equities analysts anticipate that SoundHound AI, Inc. will post -0.38 earnings per share for the current fiscal year.

Insider Activity

In related news, CFO Nitesh Sharan sold 44,027 shares of the stock in a transaction on Friday, March 20th. The shares were sold at an average price of $6.79, for a total transaction of $298,943.33. Following the transaction, the chief financial officer owned 1,661,121 shares of the company’s stock, valued at approximately $11,279,011.59. This trade represents a 2.58% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Keyvan Mohajer sold 124,510 shares of SoundHound AI stock in a transaction on Friday, March 20th. The stock was sold at an average price of $6.79, for a total transaction of $845,422.90. Following the completion of the transaction, the chief executive officer owned 2,073,777 shares in the company, valued at approximately $14,080,945.83. The trade was a 5.66% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders sold 337,649 shares of company stock valued at $2,447,222. Insiders own 9.17% of the company’s stock.

Institutional Trading of SoundHound AI

Institutional investors have recently added to or reduced their stakes in the business. Hsbc Holdings PLC bought a new position in shares of SoundHound AI during the fourth quarter valued at about $110,000. Rockefeller Capital Management L.P. lifted its stake in shares of SoundHound AI by 3.5% in the 4th quarter. Rockefeller Capital Management L.P. now owns 179,327 shares of the company’s stock valued at $1,788,000 after acquiring an additional 6,096 shares during the last quarter. SHP Wealth Management bought a new stake in shares of SoundHound AI in the 4th quarter valued at about $27,000. Virtu Financial LLC boosted its holdings in SoundHound AI by 43.9% during the 4th quarter. Virtu Financial LLC now owns 219,773 shares of the company’s stock valued at $2,191,000 after acquiring an additional 67,088 shares during the period. Finally, Alpine Woods Capital Investors LLC grew its position in SoundHound AI by 143.0% during the 4th quarter. Alpine Woods Capital Investors LLC now owns 50,742 shares of the company’s stock worth $506,000 after acquiring an additional 29,857 shares during the last quarter. 19.28% of the stock is currently owned by hedge funds and other institutional investors.

About SoundHound AI

SoundHound AI, Inc is a voice AI and conversational intelligence company specializing in speech recognition, natural language understanding and sound identification technologies. Founded in 2005 and headquartered in Santa Clara, California, the company initially gained recognition with its music discovery app before pivoting to enterprise-grade voice AI solutions. Over the years, SoundHound AI has built a comprehensive platform that enables developers and businesses to embed conversational intelligence into a wide range of products and services.

The company’s core offering is the Houndify voice AI platform, which provides customizable speech-to-meaning technology, domain-specific natural language understanding and text-to-speech capabilities.