SoundHound AI (NASDAQ:SOUN) Trading 10.8% Higher – Time to Buy?

SoundHound AI, Inc. (NASDAQ:SOUN)’s share price was up 10.8% during trading on Wednesday . The stock traded as high as $9.75 and last traded at $9.86. Approximately 12,867,044 shares traded hands during mid-day trading, a decline of 77% from the average daily volume of 55,063,020 shares. The stock had previously closed at $8.90.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on SOUN. HC Wainwright reiterated a “buy” rating and set a $26.00 target price on shares of SoundHound AI in a research report on Monday, January 13th. LADENBURG THALM/SH SH reiterated a “neutral” rating and issued a $7.00 price objective on shares of SoundHound AI in a report on Wednesday, November 13th. Cantor Fitzgerald upgraded SoundHound AI to a “hold” rating in a research report on Monday. Northland Securities lifted their price objective on shares of SoundHound AI from $6.00 to $8.00 and gave the company a “market perform” rating in a report on Tuesday, January 14th. Finally, Barclays reiterated a “neutral” rating and issued a $7.00 target price on shares of SoundHound AI in a research note on Wednesday, November 13th. Four research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $12.36.

SoundHound AI Stock Up 11.7 %

The company has a market cap of $3.91 billion, a PE ratio of -27.51 and a beta of 2.56. The company has a quick ratio of 2.58, a current ratio of 2.58 and a debt-to-equity ratio of 0.13. The company’s fifty day moving average is $15.83 and its 200-day moving average is $9.85.

Insider Transactions at SoundHound AI

In other SoundHound AI news, VP Majid Emami sold 37,459 shares of the firm’s stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $20.30, for a total value of $760,417.70. Following the completion of the sale, the vice president now directly owns 698,226 shares in the company, valued at $14,173,987.80. This trade represents a 5.09 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Keyvan Mohajer sold 465,394 shares of the stock in a transaction on Monday, December 9th. The stock was sold at an average price of $15.04, for a total transaction of $6,999,525.76. Following the completion of the sale, the chief executive officer now owns 2,299,148 shares in the company, valued at $34,579,185.92. The trade was a 16.83 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 2,722,918 shares of company stock worth $44,935,943 in the last three months. Insiders own 12.28% of the company’s stock.

Institutional Investors Weigh In On SoundHound AI

Several large investors have recently bought and sold shares of the stock. Creative Planning purchased a new position in shares of SoundHound AI in the 3rd quarter valued at about $91,000. Sequoia Financial Advisors LLC lifted its position in SoundHound AI by 40.9% during the 3rd quarter. Sequoia Financial Advisors LLC now owns 29,133 shares of the company’s stock worth $136,000 after acquiring an additional 8,450 shares during the period. Signaturefd LLC grew its stake in shares of SoundHound AI by 19.5% in the 3rd quarter. Signaturefd LLC now owns 12,255 shares of the company’s stock valued at $57,000 after purchasing an additional 2,000 shares during the last quarter. International Assets Investment Management LLC increased its holdings in shares of SoundHound AI by 914.6% in the third quarter. International Assets Investment Management LLC now owns 80,152 shares of the company’s stock valued at $374,000 after purchasing an additional 72,252 shares during the period. Finally, Nisa Investment Advisors LLC raised its stake in shares of SoundHound AI by 2,198.7% during the third quarter. Nisa Investment Advisors LLC now owns 88,111 shares of the company’s stock worth $411,000 after purchasing an additional 84,278 shares during 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.