SoundHound AI (NASDAQ:SOUN) Stock Price Up 6.3% – Time to Buy?

SoundHound AI, Inc. (NASDAQ:SOUN)’s share price traded up 6.3% during trading on Monday . The company traded as high as $7.09 and last traded at $6.96. 28,077,139 shares were traded during mid-day trading, an increase of 3% from the average daily volume of 27,291,377 shares. The stock had previously closed at $6.55.

Wall Street Analysts Forecast Growth

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

SoundHound AI Stock Up 2.4%

The company has a market cap of $2.94 billion, a PE ratio of -14.47 and a beta of 2.62. The company’s fifty day moving average is $7.71 and its 200-day moving average is $8.30.

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

Insider Transactions at SoundHound AI

In other news, CEO Keyvan Mohajer sold 126,540 shares of the business’s stock in a transaction on Monday, June 15th. The shares were sold at an average price of $7.46, for a total transaction of $943,988.40. Following the completion of the sale, the chief executive officer 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 position. The sale was disclosed in a legal filing with the SEC, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, SVP Majid Emami sold 28,843 shares of the company’s stock in a transaction on Monday, June 15th. The stock was sold at an average price of $7.46, for a total value of $215,168.78. Following the completion of the sale, the senior vice president owned 472,983 shares of the company’s stock, valued at $3,528,453.18. This trade represents a 5.75% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders have sold 268,022 shares of company stock worth $1,999,444. 8.84% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On SoundHound AI

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its position in shares of SoundHound AI by 4.4% in the fourth quarter. Vanguard Group Inc. now owns 45,367,437 shares of the company’s stock worth $452,313,000 after purchasing an additional 1,909,868 shares during the period. Geode Capital Management LLC boosted its holdings in SoundHound AI by 3.1% in the 4th quarter. Geode Capital Management LLC now owns 9,180,321 shares of the company’s stock worth $91,543,000 after buying an additional 273,097 shares during the period. Morgan Stanley increased its stake in SoundHound AI by 48.1% in the 4th quarter. Morgan Stanley now owns 8,987,522 shares of the company’s stock worth $89,606,000 after buying an additional 2,917,280 shares in the last quarter. State Street Corp raised its holdings in SoundHound AI by 0.9% during the fourth quarter. State Street Corp now owns 8,691,235 shares of the company’s stock valued at $86,652,000 after acquiring an additional 80,908 shares during the period. Finally, UBS Group AG lifted its position in shares of SoundHound AI by 77.6% in the fourth quarter. UBS Group AG now owns 6,124,283 shares of the company’s stock valued at $61,059,000 after acquiring an additional 2,676,707 shares in the last quarter. 19.28% of the stock is owned by hedge funds and other institutional investors.

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.