SoundHound AI (NASDAQ:SOUN) Stock Price Up 1.8% - Time to Buy?

SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report) shares were up 1.8% during trading on Wednesday . The stock traded as high as $14.18 and last traded at $14.06. Approximately 12,322,896 shares traded hands during trading, a decline of 77% from the average daily volume of 54,428,391 shares. The stock had previously closed at $13.81.

Analyst Ratings Changes

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

SoundHound AI Stock Performance

The company has a market cap of $4.31 billion, a price-to-earnings ratio of -30.47 and a beta of 2.56. The stock has a 50 day simple moving average of $16.54 and a 200 day simple moving average of $9.60. The company has a quick ratio of 2.58, a current ratio of 2.58 and a debt-to-equity ratio of 0.13.

Insider Buying and Selling

In other SoundHound AI news, CEO Keyvan Mohajer sold 156,288 shares of SoundHound AI stock in a transaction on Tuesday, December 24th. The shares were sold at an average price of $20.20, for a total value of $3,157,017.60. Following the completion of the transaction, the chief executive officer now owns 2,021,666 shares of the company's stock, valued at $40,837,653.20. The trade was a 7.18 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director Lawrence Marcus sold 30,000 shares of the stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $7.15, for a total transaction of $214,500.00. Following the sale, the director now owns 178,117 shares in the company, valued at approximately $1,273,536.55. This trade represents a 14.41 % 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 currently owned by corporate insiders.

Institutional Trading of SoundHound AI

A number of large investors have recently modified their holdings of SOUN. Sanctuary Advisors LLC bought a new position in SoundHound AI in the 2nd quarter worth approximately $104,000. Creative Planning bought a new stake in shares of SoundHound AI in the 3rd quarter worth $91,000. NBC Securities Inc. raised its position in SoundHound AI by 97.8% in the third quarter. NBC Securities Inc. now owns 7,720 shares of the company's stock worth $35,000 after acquiring an additional 3,818 shares in the last quarter. Clarus Group Inc. bought a new stake in shares of SoundHound AI in the 3rd quarter worth approximately $89,000. Finally, Fortis Group Advisors LLC lifted its position in shares of SoundHound AI by 17.1% during the 3rd quarter. Fortis Group Advisors LLC now owns 23,922 shares of the company's stock valued at $111,000 after acquiring an additional 3,492 shares during the last quarter. Institutional investors and hedge funds 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.