Shares of SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report) gapped down prior to trading on Friday . The stock had previously closed at $15.25, but opened at $11.14. SoundHound AI shares last traded at $11.51, with a volume of 80,125,043 shares trading hands.
Wall Street Analysts Forecast Growth
A number of brokerages have recently weighed in on SOUN. Northland Securities increased their price objective on SoundHound AI from $6.00 to $8.00 and gave the company a "market perform" rating in a report on Tuesday, January 14th. Wedbush increased their price objective on SoundHound AI from $10.00 to $22.00 and gave the company an "outperform" rating in a report on Monday, December 16th. Barclays reissued a "neutral" rating and issued a $7.00 price objective on shares of SoundHound AI in a report on Wednesday, November 13th. LADENBURG THALM/SH SH reissued a "neutral" rating and issued a $7.00 price objective on shares of SoundHound AI in a report on Wednesday, November 13th. Finally, HC Wainwright reissued a "buy" rating and issued a $26.00 price objective on shares of SoundHound AI in a report on Monday, January 13th. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. According to data from MarketBeat.com, SoundHound AI has a consensus rating of "Moderate Buy" and an average price target of $12.36.
Read Our Latest Research Report on SoundHound AI
SoundHound AI Stock Performance
The stock has a market capitalization of $4.35 billion, a price-to-earnings ratio of -30.75 and a beta of 2.56. The firm has a fifty day moving average of $16.48 and a 200 day moving average of $9.65. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.58 and a quick ratio of 2.58.
Insiders Place Their Bets
In other SoundHound AI news, Director Lawrence Marcus sold 30,000 shares of the stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $7.15, for a total transaction of $214,500.00. Following the transaction, the director now owns 178,117 shares in the company, valued at approximately $1,273,536.55. This represents a 14.41 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Keyvan Mohajer sold 156,288 shares of the stock in a transaction that occurred on Tuesday, December 24th. The stock was sold at an average price of $20.20, for a total value of $3,157,017.60. Following the transaction, the chief executive officer now owns 2,021,666 shares in the company, valued at $40,837,653.20. This represents a 7.18 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 2,782,918 shares of company stock worth $45,391,343. 12.28% of the stock is owned by corporate insiders.
Hedge Funds Weigh In On SoundHound AI
Hedge funds have recently bought and sold shares of the business. Blue Trust Inc. boosted its position in SoundHound AI by 197.6% during the fourth quarter. Blue Trust Inc. now owns 1,250 shares of the company's stock worth $25,000 after purchasing an additional 830 shares in the last quarter. Sound Income Strategies LLC lifted its position in shares of SoundHound AI by 2,542.0% in the fourth quarter. Sound Income Strategies LLC now owns 1,321 shares of the company's stock valued at $26,000 after acquiring an additional 1,271 shares in the last quarter. Orion Capital Management LLC purchased a new position in shares of SoundHound AI in the fourth quarter valued at approximately $30,000. Future Financial Wealth Managment LLC purchased a new position in shares of SoundHound AI in the fourth quarter valued at approximately $40,000. Finally, Compagnie Lombard Odier SCmA purchased a new position in shares of SoundHound AI in the fourth quarter valued at approximately $40,000. Hedge funds and other institutional investors own 19.28% of the company's stock.
SoundHound AI Company Profile
(
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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.
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