SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report)'s stock price dropped 28.1% during mid-day trading on Monday . The stock traded as low as $10.40 and last traded at $10.97. Approximately 176,466,981 shares were traded during mid-day trading, an increase of 244% from the average daily volume of 51,269,032 shares. The stock had previously closed at $15.25.
Wall Street Analysts Forecast Growth
Several research analysts have recently commented on the company. Northland Securities lifted their target price on SoundHound AI from $6.00 to $8.00 and gave the stock a "market perform" rating in a research note on Tuesday, January 14th. Wedbush upped their price objective 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. Barclays restated a "neutral" rating and set a $7.00 target price on shares of SoundHound AI in a research note on Wednesday, November 13th. HC Wainwright restated a "buy" rating and set a $26.00 price objective on shares of SoundHound AI in a research report on Monday, January 13th. Finally, LADENBURG THALM/SH SH reaffirmed a "neutral" rating and issued a $7.00 target price on shares of SoundHound AI in a research report on Wednesday, November 13th. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $12.36.
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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 stock's 50-day simple moving average is $16.24 and its 200-day simple moving average is $9.71. The stock has a market cap of $4.05 billion, a price-to-earnings ratio of -28.64 and a beta of 2.56.
Insiders Place Their Bets
In other SoundHound AI news, VP Majid Emami sold 94,067 shares of the stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $9.05, for a total transaction of $851,306.35. Following the sale, the vice president now directly owns 735,685 shares in the company, valued at $6,657,949.25. This represents a 11.34 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, COO Michael Zagorsek sold 277,813 shares of the business's stock in a transaction that occurred on Wednesday, December 18th. The shares were sold at an average price of $21.25, for a total transaction of $5,903,526.25. Following the completion of the transaction, the chief operating officer now owns 1,473,322 shares of the company's stock, valued at $31,308,092.50. The trade was a 15.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 2,752,918 shares of company stock worth $45,176,843 in the last 90 days. Company insiders own 12.28% of the company's stock.
Hedge Funds Weigh In On SoundHound AI
A number of institutional investors have recently modified their holdings of SOUN. Blue Trust Inc. boosted its position in SoundHound AI by 197.6% in the fourth quarter. Blue Trust Inc. now owns 1,250 shares of the company's stock valued at $25,000 after buying an additional 830 shares in the last quarter. Sound Income Strategies LLC boosted its holdings in shares of SoundHound AI by 2,542.0% during the 4th 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 bought a new stake in SoundHound AI during the 4th quarter worth $30,000. Future Financial Wealth Managment LLC acquired a new position in SoundHound AI in the 4th quarter worth about $40,000. Finally, Compagnie Lombard Odier SCmA bought a new position in SoundHound AI in the fourth quarter valued at about $40,000. Institutional investors and hedge funds 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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