SoundHound AI (NASDAQ:SOUN) Trading 4.7% Higher – Here’s Why

SoundHound AI, Inc. (NASDAQ:SOUN) shot up 4.7% on Thursday . The company traded as high as $10.16 and last traded at $10.02. 19,326,581 shares changed hands during mid-day trading, a decline of 65% from the average session volume of 54,636,348 shares. The stock had previously closed at $9.57.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on SOUN. Northland Securities lifted their target price on SoundHound AI from $6.00 to $8.00 and gave the company a “market perform” rating in a research note on Tuesday, January 14th. Barclays reaffirmed a “neutral” rating and set a $7.00 target price on shares of SoundHound AI in a research note on Wednesday, November 13th. HC Wainwright restated a “buy” rating and set a $26.00 price objective on shares of SoundHound AI in a research report on Monday, January 13th. LADENBURG THALM/SH SH reissued a “neutral” rating and set a $7.00 price objective on shares of SoundHound AI in a research note on Wednesday, November 13th. Finally, Cantor Fitzgerald raised SoundHound AI to a “hold” rating in a research note on Monday. 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 stock currently has a consensus rating of “Hold” and an average target price of $12.36.

SoundHound AI Price Performance

The stock’s 50 day moving average price is $15.60 and its 200-day moving average price is $9.84. 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 stock has a market capitalization of $3.62 billion, a PE ratio of -25.58 and a beta of 2.56.

Insider Transactions at SoundHound AI

In related news, 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 value of $851,306.35. Following the completion of the sale, the vice president now directly owns 735,685 shares of the company’s stock, valued at $6,657,949.25. This represents a 11.34 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider James Ming Hom sold 36,771 shares of the stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $20.30, for a total transaction of $746,451.30. Following the transaction, the insider now owns 718,040 shares in the company, valued at approximately $14,576,212. The trade was a 4.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 2,722,918 shares of company stock valued at $44,935,943. 12.28% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the stock. B. Riley Wealth Advisors Inc. purchased a new stake in SoundHound AI during the fourth quarter valued at approximately $544,000. United Advisor Group LLC acquired a new stake in shares of SoundHound AI in the 4th quarter worth $379,000. Mackenzie Financial Corp grew its stake in SoundHound AI by 14.5% during the 4th quarter. Mackenzie Financial Corp now owns 20,831 shares of the company’s stock worth $413,000 after buying an additional 2,643 shares during the last quarter. Sunbelt Securities Inc. increased its position in SoundHound AI by 153.1% during the 4th quarter. Sunbelt Securities Inc. now owns 4,555 shares of the company’s stock valued at $90,000 after buying an additional 2,755 shares in the last quarter. Finally, Fourth Dimension Wealth LLC acquired a new stake in SoundHound AI in the fourth quarter worth about $88,000. 19.28% of the stock is owned by institutional investors.

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.