SoundHound AI (NASDAQ:SOUN) Hits New 1-Year High – Time to Buy?

SoundHound AI, Inc. (NASDAQ:SOUN)’s stock price reached a new 52-week high on Thursday . The company traded as high as $24.08 and last traded at $20.84, with a volume of 156047484 shares changing hands. The stock had previously closed at $19.39.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on SOUN shares. DA Davidson reissued a “buy” rating and set a $9.50 price objective on shares of SoundHound AI in a research note on Monday, September 30th. HC Wainwright increased their price target on SoundHound AI from $7.00 to $8.00 and gave the stock a “buy” rating in a research note on Thursday, November 14th. Barclays reaffirmed a “neutral” rating and issued a $7.00 price objective on shares of SoundHound AI in a research report on Wednesday, November 13th. Wedbush increased their target price on SoundHound AI from $10.00 to $22.00 and gave the stock an “outperform” rating in a research report on Monday, December 16th. Finally, LADENBURG THALM/SH SH restated a “neutral” rating and issued a $7.00 price target on shares of SoundHound AI in a report on Wednesday, November 13th. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $9.50.

SoundHound AI Price Performance

The company has a 50 day simple moving average of $9.01 and a 200 day simple moving average of $6.21. The company has a market capitalization of $8.04 billion, a price-to-earnings ratio of -60.42 and a beta of 3.03. The company has a quick ratio of 2.58, a current ratio of 2.58 and a debt-to-equity ratio of 0.13.

SoundHound AI (NASDAQ:SOUN) last posted its earnings results on Tuesday, November 12th. The company reported ($0.06) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.01. The firm had revenue of $25.10 million during the quarter, compared to the consensus estimate of $23.02 million. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. The company’s revenue was up 88.7% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.09) EPS. As a group, research analysts predict that SoundHound AI, Inc. will post -0.38 EPS for the current year.

Insider Activity at SoundHound AI

In other SoundHound AI news, Director Lawrence Marcus sold 25,000 shares of the stock in a transaction that occurred on Thursday, December 12th. The shares were sold at an average price of $14.00, for a total value of $350,000.00. Following the completion of the sale, the director now owns 128,117 shares of the company’s stock, valued at $1,793,638. This trade represents a 16.33 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Michael Zagorsek sold 277,813 shares of the business’s stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $21.25, for a total transaction of $5,903,526.25. Following the transaction, the chief operating officer now directly owns 1,473,322 shares in the company, valued at approximately $31,308,092.50. The trade was a 15.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 2,321,786 shares of company stock worth $35,065,286. 12.28% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On SoundHound AI

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Kings Path Partners LLC purchased a new stake in SoundHound AI during the 2nd quarter worth approximately $28,000. International Assets Investment Management LLC acquired a new stake in shares of SoundHound AI during the second quarter worth approximately $31,000. NBC Securities Inc. increased its stake in shares of SoundHound AI by 97.8% in the third quarter. NBC Securities Inc. now owns 7,720 shares of the company’s stock worth $35,000 after buying an additional 3,818 shares during the last quarter. Amalgamated Bank raised its holdings in SoundHound AI by 108.0% in the second quarter. Amalgamated Bank now owns 9,819 shares of the company’s stock valued at $39,000 after acquiring an additional 5,099 shares in the last quarter. Finally, Signaturefd LLC raised its holdings in SoundHound AI by 27.3% in the second quarter. Signaturefd LLC now owns 10,255 shares of the company’s stock valued at $41,000 after acquiring an additional 2,200 shares in the last quarter. Hedge funds and other institutional investors own 19.28% of the company’s stock.

About SoundHound AI

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.