SoundHound AI (NASDAQ:SOUN) Reaches New 12-Month High – Should You Buy?

Shares of SoundHound AI, Inc. (NASDAQ:SOUN) reached a new 52-week high on Friday . The company traded as high as $16.20 and last traded at $16.19, with a volume of 51214255 shares trading hands. The stock had previously closed at $13.67.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. DA Davidson reiterated a “buy” rating and set a $9.50 price objective on shares of SoundHound AI in a research report on Monday, September 30th. Barclays restated a “neutral” rating and issued a $7.00 price target on shares of SoundHound AI in a report on Wednesday, November 13th. HC Wainwright upped their price target on shares of SoundHound AI from $7.00 to $8.00 and gave the stock a “buy” rating in a report on Thursday, November 14th. 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. Finally, Wedbush restated an “outperform” rating and issued a $9.00 price target on shares of SoundHound AI in a report on Thursday, September 26th. Three analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, SoundHound AI has a consensus rating of “Moderate Buy” and an average target price of $7.64.

SoundHound AI Trading Up 20.3 %

The stock’s 50 day moving average is $7.23 and its two-hundred day moving average is $5.60. The company has a market capitalization of $6.08 billion, a PE ratio of -44.97 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 released its quarterly earnings results on Tuesday, November 12th. The company reported ($0.06) EPS for the quarter, beating the consensus estimate of ($0.07) by $0.01. The business had revenue of $25.10 million during the quarter, compared to analyst estimates 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 quarterly revenue was up 88.7% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.09) earnings per share. As a group, sell-side analysts predict that SoundHound AI, Inc. will post -0.38 EPS for the current fiscal year.

Insider Buying and Selling at SoundHound AI

In related news, CFO Nitesh Sharan sold 39,728 shares of the stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $4.88, for a total value of $193,872.64. Following the completion of the transaction, the chief financial officer now directly owns 1,560,411 shares of the company’s stock, valued at $7,614,805.68. This trade represents a 2.48 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CTO Timothy Stonehocker sold 20,337 shares of the stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $4.88, for a total transaction of $99,244.56. Following the completion of the transaction, the chief technology officer now owns 1,039,194 shares in the company, valued at approximately $5,071,266.72. This trade represents a 1.92 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 2,035,416 shares of company stock valued at $26,334,544. 12.28% of the stock is currently owned by insiders.

Hedge Funds Weigh In On SoundHound AI

Several hedge funds and other institutional investors have recently bought and sold shares of SOUN. Carnegie Investment Counsel acquired a new position in SoundHound AI in the 3rd quarter worth approximately $4,193,000. Geode Capital Management LLC grew its stake in shares of SoundHound AI by 9.1% during the 3rd quarter. Geode Capital Management LLC now owns 7,193,599 shares of the company’s stock worth $33,529,000 after purchasing an additional 602,311 shares during the period. Bank of New York Mellon Corp grew its stake in shares of SoundHound AI by 92.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 997,543 shares of the company’s stock worth $3,940,000 after purchasing an additional 479,912 shares during the period. Shellback Capital LP acquired a new stake in shares of SoundHound AI during the 2nd quarter worth approximately $1,196,000. Finally, Squarepoint Ops LLC grew its stake in shares of SoundHound AI by 818.0% during the 2nd quarter. Squarepoint Ops LLC now owns 231,168 shares of the company’s stock worth $913,000 after purchasing an additional 205,985 shares during the period. Institutional investors and hedge funds own 19.28% of the company’s stock.

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.