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

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

Analyst Ratings Changes

SOUN has been the subject of several recent analyst reports. 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. Wedbush upped their price objective on shares of SoundHound AI from $10.00 to $22.00 and gave the stock an “outperform” rating in a research report on Monday, December 16th. LADENBURG THALM/SH SH reiterated a “neutral” rating and issued a $7.00 price objective on shares of SoundHound AI in a research note on Wednesday, November 13th. Northland Securities boosted their target price on SoundHound AI from $6.00 to $8.00 and gave the stock a “market perform” rating in a research note on Tuesday, January 14th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $26.00 price target on shares of SoundHound AI in a research report on Monday, January 13th. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $12.36.

SoundHound AI Stock Up 4.3 %

The stock’s 50-day moving average price is $16.48 and its two-hundred day moving average price is $9.65. The company has a current ratio of 2.58, a quick ratio of 2.58 and a debt-to-equity ratio of 0.13. The stock has a market capitalization of $4.50 billion, a P/E ratio of -31.78 and a beta of 2.56.

Insider Activity at SoundHound AI

In related news, Director Lawrence Marcus sold 30,000 shares of SoundHound AI stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $7.15, for a total value of $214,500.00. Following the completion of the sale, the director now owns 178,117 shares of the company’s stock, valued at approximately $1,273,536.55. This trade represents a 14.41 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, VP Majid Emami sold 94,067 shares of the company’s stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $9.05, for a total transaction of $851,306.35. Following the sale, the vice president now directly owns 735,685 shares in the company, valued at approximately $6,657,949.25. This trade represents a 11.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 2,782,918 shares of company stock worth $45,391,343. Insiders own 12.28% of the company’s stock.

Hedge Funds Weigh In On SoundHound AI

Large investors have recently modified their holdings of the business. Sunbelt Securities Inc. boosted its holdings in SoundHound AI by 153.1% in the 4th quarter. Sunbelt Securities Inc. now owns 4,555 shares of the company’s stock worth $90,000 after buying an additional 2,755 shares during the period. Fourth Dimension Wealth LLC purchased a new stake in shares of SoundHound AI during the fourth quarter worth $88,000. Orion Capital Management LLC bought a new position in shares of SoundHound AI in the fourth quarter worth $30,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of SoundHound AI by 59.6% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 628,772 shares of the company’s stock valued at $12,475,000 after purchasing an additional 234,914 shares in the last quarter. Finally, Whelan Financial purchased a new position in shares of SoundHound AI in the fourth quarter valued at $583,000. Hedge funds and other institutional investors 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.