SoundHound AI (NASDAQ:SOUN) Stock Price Up 8.7% – Still a Buy?

Shares of SoundHound AI, Inc. (NASDAQ:SOUN) were up 8.7% on Thursday . The company traded as high as $12.98 and last traded at $12.80. Approximately 29,587,469 shares changed hands during mid-day trading, a decline of 34% from the average daily volume of 44,763,914 shares. The stock had previously closed at $11.78.

Analysts Set New Price Targets

SOUN has been the topic of several research reports. DA Davidson restated a “buy” rating and issued a $17.00 price target on shares of SoundHound AI in a research report on Tuesday, November 18th. LADENBURG THALM/SH SH upgraded shares of SoundHound AI from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $9.00 to $16.00 in a report on Monday, August 11th. HC Wainwright increased their price target on shares of SoundHound AI from $18.00 to $26.00 and gave the company a “buy” rating in a report on Thursday, October 16th. Piper Sandler lifted their price target on SoundHound AI from $12.00 to $15.00 and gave the stock a “neutral” rating in a research report on Friday, November 7th. Finally, Northland Capmk upgraded SoundHound AI from a “hold” rating to a “strong-buy” rating in a research report on Friday, August 8th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $17.42.

SoundHound AI Trading Up 8.7%

The stock has a market capitalization of $5.38 billion, a PE ratio of -15.24 and a beta of 2.63. The business’s 50 day moving average is $15.63 and its 200 day moving average is $13.26.

SoundHound AI (NASDAQ:SOUN) last announced its quarterly earnings data on Thursday, November 6th. The company reported ($0.03) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.09) by $0.06. SoundHound AI had a negative net margin of 211.16% and a negative return on equity of 93.64%. The business had revenue of $42.05 million during the quarter, compared to the consensus estimate of $40.48 million. During the same quarter last year, the firm earned ($0.04) earnings per share. The firm’s quarterly revenue was up 67.6% compared to the same quarter last year. As a group, analysts anticipate that SoundHound AI, Inc. will post -0.38 EPS for the current year.

Insider Activity at SoundHound AI

In other SoundHound AI news, CTO Timothy Stonehocker sold 70,524 shares of the company’s stock in a transaction on Wednesday, October 8th. The stock was sold at an average price of $20.00, for a total value of $1,410,480.00. Following the transaction, the chief technology officer owned 606,525 shares of the company’s stock, valued at $12,130,500. This represents a 10.42% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Keyvan Mohajer sold 138,523 shares of SoundHound AI stock in a transaction on Monday, September 22nd. The stock was sold at an average price of $16.00, for a total value of $2,216,368.00. Following the sale, the chief executive officer owned 2,461,267 shares of the company’s stock, valued at approximately $39,380,272. This trade represents a 5.33% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 787,260 shares of company stock worth $13,973,056 over the last quarter. 9.17% of the stock is owned by insiders.

Hedge Funds Weigh In On SoundHound AI

A number of hedge funds have recently added to or reduced their stakes in the stock. Northwestern Mutual Wealth Management Co. raised its stake in shares of SoundHound AI by 83.1% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 2,336 shares of the company’s stock valued at $25,000 after acquiring an additional 1,060 shares in the last quarter. Danske Bank A S bought a new position in SoundHound AI in the third quarter worth approximately $26,000. Advisors Asset Management Inc. increased its holdings in SoundHound AI by 68.4% during the 2nd quarter. Advisors Asset Management Inc. now owns 2,519 shares of the company’s stock worth $27,000 after purchasing an additional 1,023 shares during the period. Investors Research Corp increased its holdings in SoundHound AI by 62.4% during the 3rd quarter. Investors Research Corp now owns 1,822 shares of the company’s stock worth $29,000 after purchasing an additional 700 shares during the period. Finally, AlphaQuest LLC bought a new stake in SoundHound AI during the 1st quarter valued at $32,000. 19.28% of the stock is currently owned by institutional investors.

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.