SoundHound AI (NASDAQ:SOUN) Stock Price Up 0.8% – Here’s What Happened

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

Analyst Upgrades and Downgrades

SOUN has been the subject of a number of research reports. HC Wainwright reiterated a “buy” rating and set a $26.00 price target on shares of SoundHound AI in a research report on Monday, January 13th. Barclays reiterated a “neutral” rating and set a $7.00 price target on shares of SoundHound AI in a research report on Wednesday, November 13th. Wedbush lifted their price objective on 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 restated a “neutral” rating and set a $7.00 price objective on shares of SoundHound AI in a research report on Wednesday, November 13th. Finally, Northland Securities lifted their price objective on SoundHound AI from $6.00 to $8.00 and gave the stock a “market perform” rating in a research report on Tuesday, January 14th. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $12.36.

SoundHound AI Price Performance

The stock has a market capitalization of $4.05 billion, a PE ratio of -28.64 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. The company’s 50 day simple moving average is $16.38 and its 200 day simple moving average is $9.67.

Insiders Place Their Bets

In other SoundHound AI news, VP Majid Emami sold 37,459 shares of SoundHound AI 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 of the company’s stock, valued at approximately $14,173,987.80. The trade was a 5.09 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Eric R. Ball sold 30,000 shares of SoundHound AI stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $8.03, for a total transaction of $240,900.00. Following the completion of the sale, the director now directly owns 110,907 shares of the company’s stock, valued at $890,583.21. The trade was a 21.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 2,752,918 shares of company stock valued at $45,176,843. Company insiders own 12.28% of the company’s stock.

Institutional Trading of SoundHound AI

Institutional investors have recently made changes to their positions in the stock. Kieckhefer Group LLC purchased a new stake in shares of SoundHound AI during the 4th quarter valued at $3,432,000. Charles Schwab Investment Management Inc. grew its stake in shares of SoundHound AI by 7.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,582,206 shares of the company’s stock valued at $12,033,000 after buying an additional 189,109 shares during the period. Oriental Harbor Investment Fund purchased a new stake in shares of SoundHound AI during the 4th quarter valued at $8,964,000. 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 valued at $33,529,000 after buying an additional 602,311 shares during the period. Finally, Wealth Effects LLC purchased a new stake in shares of SoundHound AI during the 4th quarter valued at $357,000. 19.28% of the stock is owned by hedge funds and other institutional investors.

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.