SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report) shares were down 27.7% on Friday . The company traded as low as $10.40 and last traded at $11.03. Approximately 97,948,779 shares changed hands during mid-day trading, an increase of 76% from the average daily volume of 55,575,215 shares. The stock had previously closed at $15.25.
Analyst Ratings Changes
Several brokerages have issued reports on SOUN. HC Wainwright reaffirmed a "buy" rating and set a $26.00 price objective on shares of SoundHound AI in a report on Monday, January 13th. Wedbush lifted their price target on SoundHound AI from $10.00 to $22.00 and gave the stock an "outperform" rating in a research report on Monday, December 16th. 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. Barclays restated a "neutral" rating and set a $7.00 target price on shares of SoundHound AI in a research report on Wednesday, November 13th. Finally, LADENBURG THALM/SH SH reiterated a "neutral" rating and issued a $7.00 price target on shares of SoundHound AI in a research report on Wednesday, November 13th. Three investment 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 stock currently has an average rating of "Moderate Buy" and an average target price of $12.36.
Get Our Latest Stock Analysis on SOUN
SoundHound AI Stock Performance
The company has a current ratio of 2.58, a quick ratio of 2.58 and a debt-to-equity ratio of 0.13. The firm has a market capitalization of $4.35 billion, a PE ratio of -30.75 and a beta of 2.56. The stock's 50 day moving average price is $16.43 and its two-hundred day moving average price is $9.66.
Insider Activity at SoundHound AI
In other news, CEO Keyvan Mohajer sold 465,394 shares of the firm's stock in a transaction on Monday, December 9th. The stock was sold at an average price of $15.04, for a total transaction of $6,999,525.76. Following the sale, the chief executive officer now owns 2,299,148 shares in the company, valued at $34,579,185.92. This trade represents a 16.83 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Majid Emami sold 37,459 shares of the firm's stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $20.30, for a total value of $760,417.70. Following the completion of the sale, the vice president now directly owns 698,226 shares in the company, valued at approximately $14,173,987.80. The trade was a 5.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 2,782,918 shares of company stock valued at $45,391,343 over the last quarter. Insiders own 12.28% of the company's stock.
Hedge Funds Weigh In On SoundHound AI
Hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. increased its position in shares of SoundHound AI by 35.6% in the fourth quarter. Vanguard Group Inc. now owns 32,031,662 shares of the company's stock worth $635,508,000 after acquiring an additional 8,402,881 shares in the last quarter. Geode Capital Management LLC raised its position in SoundHound AI by 4.4% in the fourth quarter. Geode Capital Management LLC now owns 7,509,496 shares of the company's stock valued at $149,024,000 after purchasing an additional 315,897 shares during the period. State Street Corp lifted its stake in shares of SoundHound AI by 0.6% during the third quarter. State Street Corp now owns 7,197,414 shares of the company's stock worth $33,540,000 after purchasing an additional 42,869 shares in the last quarter. Northern Trust Corp boosted its position in shares of SoundHound AI by 10.0% in the fourth quarter. Northern Trust Corp now owns 2,906,245 shares of the company's stock worth $57,660,000 after buying an additional 264,382 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its stake in shares of SoundHound AI by 5.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,725,693 shares of the company's stock valued at $54,078,000 after buying an additional 143,487 shares in the last quarter. 19.28% of the stock is owned by institutional investors and hedge funds.
SoundHound AI Company Profile
(
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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