SoundHound AI (NASDAQ:SOUN) Trading 7% Higher – Here’s Why

SoundHound AI, Inc. (NASDAQ:SOUN) shares shot up 7% during trading on Tuesday . The stock traded as high as $11.90 and last traded at $11.74. 41,826,841 shares changed hands during mid-day trading, a decline of 27% from the average session volume of 57,615,789 shares. The stock had previously closed at $10.97.

Analysts Set New Price Targets

Several equities research analysts have issued reports on SOUN shares. Barclays restated a “neutral” rating and set a $7.00 target price on shares of SoundHound AI in a research report on Wednesday, November 13th. Wedbush raised their price objective on shares of SoundHound AI from $10.00 to $22.00 and gave the company an “outperform” rating in a research report on Monday, December 16th. LADENBURG THALM/SH SH reaffirmed a “neutral” rating and set a $7.00 target price on shares of SoundHound AI in a report on Wednesday, November 13th. Northland Securities boosted their price target on shares of SoundHound AI from $6.00 to $8.00 and gave the company a “market perform” rating in a research report on Tuesday, January 14th. Finally, HC Wainwright reiterated a “buy” rating and issued a $26.00 price objective on shares of SoundHound AI in a research report on Monday, January 13th. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $12.36.

SoundHound AI Price Performance

The firm has a 50-day moving average price of $16.38 and a 200 day moving average price of $9.67. The stock has a market capitalization of $4.29 billion, a P/E ratio of -30.31 and a beta of 2.56. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.58 and a current ratio of 2.58.

Insider Activity

In other news, CTO Timothy Stonehocker sold 34,407 shares of the company’s stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $20.30, for a total transaction of $698,462.10. Following the completion of the transaction, the chief technology officer now directly owns 796,581 shares of the company’s stock, valued at approximately $16,170,594.30. This represents a 4.14 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Lawrence Marcus sold 20,000 shares of the firm’s stock in a transaction dated Monday, December 23rd. The stock was sold at an average price of $20.47, for a total value of $409,400.00. Following the completion of the sale, the director now directly owns 108,117 shares in the company, valued at $2,213,154.99. The trade was a 15.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 2,752,918 shares of company stock valued at $45,176,843. Corporate insiders own 12.28% of the company’s stock.

Hedge Funds Weigh In On SoundHound AI

Hedge funds and other institutional investors have recently made changes to their positions in the business. Commons Capital LLC raised its stake in SoundHound AI by 2.7% in the fourth quarter. Commons Capital LLC now owns 27,349 shares of the company’s stock worth $543,000 after buying an additional 723 shares in the last quarter. ST Germain D J Co. Inc. boosted its stake in SoundHound AI by 33.2% during the fourth quarter. ST Germain D J Co. Inc. now owns 3,008 shares of the company’s stock worth $60,000 after acquiring an additional 750 shares in the last quarter. Keynote Financial Services LLC grew its holdings in SoundHound AI by 4.7% in the fourth quarter. Keynote Financial Services LLC now owns 16,587 shares of the company’s stock worth $329,000 after purchasing an additional 752 shares during the period. Blue Trust Inc. increased its stake in shares of SoundHound AI by 197.6% during the fourth quarter. Blue Trust Inc. now owns 1,250 shares of the company’s stock valued at $25,000 after purchasing an additional 830 shares in the last quarter. Finally, Russell Investments Group Ltd. lifted its holdings in shares of SoundHound AI by 16.4% during the fourth quarter. Russell Investments Group Ltd. now owns 6,598 shares of the company’s stock valued at $131,000 after purchasing an additional 929 shares during the last quarter. 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.