SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report)'s stock price dropped 0.2% on Friday . The stock traded as low as $10.82 and last traded at $10.88. Approximately 11,449,184 shares traded hands during mid-day trading, a decline of 80% from the average daily volume of 56,432,527 shares. The stock had previously closed at $10.91.
Analysts Set New Price Targets
Several research analysts recently issued reports on SOUN shares. 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 report on Tuesday, January 14th. HC Wainwright reissued a "buy" rating and set a $26.00 target price on shares of SoundHound AI in a research note on Monday, January 13th. Barclays restated a "neutral" rating and issued a $7.00 price target on shares of SoundHound AI in a research note on Wednesday, November 13th. Wedbush increased 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. Finally, LADENBURG THALM/SH SH restated a "neutral" rating and set a $7.00 target price on shares of SoundHound AI in a research report on Wednesday, November 13th. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $12.36.
View Our Latest Stock Analysis on SOUN
SoundHound AI Price Performance
The company's 50-day moving average is $16.24 and its 200-day moving average is $9.71. The firm has a market capitalization of $4.05 billion, a price-to-earnings ratio of -28.64 and a beta of 2.56. 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 Buying and Selling at SoundHound AI
In related news, CTO Timothy Stonehocker sold 34,407 shares of the stock in a transaction on Friday, December 20th. The stock was sold at an average price of $20.30, for a total value of $698,462.10. Following the completion of the sale, the chief technology officer now directly owns 796,581 shares in the company, valued at approximately $16,170,594.30. This represents a 4.14 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Keyvan Mohajer sold 156,288 shares of the stock in a transaction dated 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 sale, the chief executive officer now owns 2,021,666 shares of the company's stock, valued at approximately $40,837,653.20. This trade represents a 7.18 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, 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 Investors Weigh In On SoundHound AI
A number of institutional investors have recently modified their holdings of SOUN. Vanguard Group Inc. increased its holdings in SoundHound AI by 35.6% in the fourth quarter. Vanguard Group Inc. now owns 32,031,662 shares of the company's stock valued at $635,508,000 after buying an additional 8,402,881 shares during the last quarter. Rockefeller Capital Management L.P. acquired a new position in shares of SoundHound AI in the 4th quarter worth approximately $41,595,000. Invesco Ltd. increased its holdings in shares of SoundHound AI by 1,386.2% in the 4th quarter. Invesco Ltd. now owns 1,382,371 shares of the company's stock valued at $27,426,000 after acquiring an additional 1,289,360 shares during the last quarter. Driehaus Capital Management LLC acquired a new stake in shares of SoundHound AI during the 4th quarter valued at approximately $16,421,000. Finally, Capital Fund Management S.A. bought a new position in SoundHound AI during the fourth quarter worth $16,092,000. Institutional investors and hedge funds own 19.28% of the company's stock.
About SoundHound AI
(
Get Free Report)
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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