SoundHound AI (NASDAQ:SOUN) Stock Price Up 3.2% – Time to Buy?

SoundHound AI, Inc. (NASDAQ:SOUN)’s stock price was up 3.2% during mid-day trading on Wednesday . The stock traded as high as $7.01 and last traded at $6.68. Approximately 27,348,971 shares traded hands during trading, a decline of 0% from the average session volume of 27,355,463 shares. The stock had previously closed at $6.47.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on SOUN shares. Weiss Ratings reissued a “sell (e+)” rating on shares of SoundHound AI in a report on Monday, June 15th. DA Davidson reaffirmed a “buy” rating and issued a $14.00 target price on shares of SoundHound AI in a report on Wednesday, April 22nd. Finally, LADENBURG THALM/SH SH upgraded SoundHound AI to a “strong-buy” rating in a research report on Wednesday, May 6th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $14.93.

SoundHound AI Stock Up 0.2%

The company has a market cap of $2.84 billion, a P/E ratio of -13.96 and a beta of 2.62. The firm’s 50 day moving average is $7.79 and its two-hundred day moving average is $8.39.

SoundHound AI (NASDAQ:SOUN) last announced its earnings results on Thursday, May 7th. The company reported ($0.06) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.05) by ($0.01). SoundHound AI had a negative return on equity of 40.15% and a negative net margin of 91.84%.The company had revenue of $44.20 million for the quarter, compared to the consensus estimate of $42.56 million. During the same period in the prior year, the business earned ($0.06) earnings per share. The firm’s revenue for the quarter was up 51.7% on a year-over-year basis. As a group, research analysts forecast that SoundHound AI, Inc. will post -0.45 EPS for the current fiscal year.

Insider Activity at SoundHound AI

In related news, CEO Keyvan Mohajer sold 126,540 shares of SoundHound AI stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $7.46, for a total value of $943,988.40. Following the transaction, the chief executive officer directly owned 1,947,237 shares of the company’s stock, valued at $14,526,388.02. The trade was a 6.10% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CTO Timothy Stonehocker sold 18,802 shares of the stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of $7.46, for a total transaction of $140,262.92. Following the sale, the chief technology officer directly owned 502,290 shares of the company’s stock, valued at $3,747,083.40. This represents a 3.61% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 268,022 shares of company stock valued at $1,999,444 over the last ninety days. Insiders own 8.84% of the company’s stock.

Hedge Funds Weigh In On SoundHound AI

Hedge funds have recently bought and sold shares of the company. Hollencrest Capital Management boosted its position in SoundHound AI by 197.5% during the first quarter. Hollencrest Capital Management now owns 3,615 shares of the company’s stock valued at $25,000 after acquiring an additional 2,400 shares during the last quarter. Northwestern Mutual Wealth Management Co. raised its position in shares of SoundHound AI by 83.1% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 2,336 shares of the company’s stock worth $25,000 after acquiring an additional 1,060 shares in the last quarter. Dogwood Wealth Management LLC lifted its stake in shares of SoundHound AI by 152.1% in the 4th quarter. Dogwood Wealth Management LLC now owns 2,559 shares of the company’s stock valued at $26,000 after purchasing an additional 1,544 shares during the period. Danske Bank A S acquired a new position in shares of SoundHound AI in the 3rd quarter valued at about $26,000. Finally, SHP Wealth Management bought a new stake in shares of SoundHound AI during the 4th quarter valued at about $27,000. Institutional investors own 19.28% of the company’s stock.

SoundHound AI Company Profile

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.