SoundHound AI (NASDAQ:SOUN) Shares Up 0.8% – What’s Next?

SoundHound AI, Inc. (NASDAQ:SOUN)’s share price shot up 0.8% during trading on Wednesday . The stock traded as high as $11.92 and last traded at $11.53. 18,385,452 shares traded hands during mid-day trading, a decline of 68% from the average session volume of 57,514,824 shares. The stock had previously closed at $11.44.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on SOUN shares. LADENBURG THALM/SH SH reissued a “neutral” rating and set a $7.00 price objective on shares of SoundHound AI in a research report on Wednesday, November 13th. Northland Securities lifted 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. 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 report on Monday, December 16th. Barclays reiterated a “neutral” rating and issued a $7.00 target price on shares of SoundHound AI in a report on Wednesday, November 13th. Finally, HC Wainwright restated a “buy” rating and set a $26.00 price target on shares of SoundHound AI in a research note 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. According to data from MarketBeat.com, SoundHound AI has an average rating of “Moderate Buy” and a consensus price target of $12.36.

SoundHound AI Stock Performance

The stock’s fifty day simple moving average is $16.48 and its 200-day simple moving average is $9.65. The company has a market capitalization of $4.43 billion, a price-to-earnings ratio of -31.21 and a beta of 2.56. The company has a current ratio of 2.58, a quick ratio of 2.58 and a debt-to-equity ratio of 0.13.

Insider Activity at SoundHound AI

In other SoundHound AI news, CEO Keyvan Mohajer sold 156,288 shares of the business’s stock in a transaction that occurred on Tuesday, December 24th. The shares were sold at an average price of $20.20, for a total transaction of $3,157,017.60. Following the completion of the transaction, the chief executive officer now owns 2,021,666 shares in the company, valued at $40,837,653.20. The trade was a 7.18 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, COO Michael Zagorsek sold 277,813 shares of the firm’s stock in a transaction on Wednesday, December 18th. The shares were sold at an average price of $21.25, for a total transaction of $5,903,526.25. Following the completion of the sale, the chief operating officer now owns 1,473,322 shares in the company, valued at $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. Over the last three months, insiders sold 2,782,918 shares of company stock worth $45,391,343. Company insiders own 12.28% of the company’s stock.

Hedge Funds Weigh In On SoundHound AI

A number of institutional investors and hedge funds have recently modified their holdings of the company. Blue Trust Inc. lifted its holdings in SoundHound AI by 197.6% during the 4th quarter. Blue Trust Inc. now owns 1,250 shares of the company’s stock worth $25,000 after buying an additional 830 shares during the last quarter. Sound Income Strategies LLC raised its position in shares of SoundHound AI by 2,542.0% during the 4th quarter. Sound Income Strategies LLC now owns 1,321 shares of the company’s stock worth $26,000 after acquiring an additional 1,271 shares in the last quarter. Orion Capital Management LLC purchased a new stake in SoundHound AI during the fourth quarter worth approximately $30,000. Future Financial Wealth Managment LLC acquired a new position in SoundHound AI in the fourth quarter valued at approximately $40,000. Finally, Compagnie Lombard Odier SCmA purchased a new position in SoundHound AI in the fourth quarter valued at approximately $40,000. Institutional investors and hedge funds 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.