SoundHound AI (NASDAQ:SOUN) Stock Price Up 4.1% - Time to Buy?

SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report) rose 4.1% during mid-day trading on Thursday . The stock traded as high as $14.59 and last traded at $14.55. Approximately 11,040,248 shares traded hands during trading, a decline of 79% from the average daily volume of 53,361,348 shares. The stock had previously closed at $13.97.

Analyst Upgrades and Downgrades

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

SoundHound AI Stock Up 4.3 %

The firm has a market cap of $4.50 billion, a PE ratio of -31.78 and a beta of 2.56. The stock has a 50 day simple moving average of $16.48 and a 200-day simple 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.

Insider Transactions at SoundHound AI

In other SoundHound AI news, Director Eric R. Ball sold 30,000 shares of SoundHound AI stock in a transaction on Monday, November 25th. The stock was sold at an average price of $8.03, for a total value of $240,900.00. Following the completion of the sale, the director now owns 110,907 shares of the company's stock, valued at approximately $890,583.21. This trade represents a 21.29 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Keyvan Mohajer sold 156,288 shares of the company's 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 transaction, the chief executive officer now directly owns 2,021,666 shares in the company, valued at approximately $40,837,653.20. The trade was a 7.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 2,782,918 shares of company stock valued at $45,391,343 in the last quarter. 12.28% of the stock is owned by insiders.

Hedge Funds Weigh In On SoundHound AI

Hedge funds have recently bought and sold shares of the business. Commons Capital LLC grew its stake in shares of SoundHound AI by 2.7% in the fourth quarter. Commons Capital LLC now owns 27,349 shares of the company's stock worth $543,000 after acquiring an additional 723 shares during the period. ST Germain D J Co. Inc. boosted its stake in shares of SoundHound AI by 33.2% in the 4th quarter. ST Germain D J Co. Inc. now owns 3,008 shares of the company's stock worth $60,000 after buying an additional 750 shares during the last quarter. Keynote Financial Services LLC grew its holdings in shares of SoundHound AI by 4.7% in the fourth quarter. Keynote Financial Services LLC now owns 16,587 shares of the company's stock worth $329,000 after acquiring an additional 752 shares during the period. Blue Trust Inc. increased 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 valued at $25,000 after acquiring an additional 830 shares during the last quarter. Finally, Russell Investments Group Ltd. lifted its holdings in SoundHound AI by 16.4% in the fourth quarter. Russell Investments Group Ltd. now owns 6,598 shares of the company's stock valued at $131,000 after acquiring an additional 929 shares during the period. Hedge funds and other institutional investors 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.