SoundHound AI (NASDAQ:SOUN) Shares Up 7% – Time to Buy?

SoundHound AI, Inc. (NASDAQ:SOUN)’s share price was up 7% on Tuesday . The stock traded as high as $11.90 and last traded at $11.74. Approximately 41,826,841 shares were traded during mid-day trading, a decline of 27% from the average daily volume of 57,615,789 shares. The stock had previously closed at $10.97.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on SOUN. 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. Wedbush increased their price target on SoundHound AI from $10.00 to $22.00 and gave the company an “outperform” rating in a research note on Monday, December 16th. HC Wainwright reaffirmed a “buy” rating and issued a $26.00 price objective on shares of SoundHound AI in a research note on Monday, January 13th. Barclays reissued 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 restated a “neutral” rating and set a $7.00 price target on shares of SoundHound AI in a 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. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $12.36.

SoundHound AI Stock Performance

The company has a debt-to-equity ratio of 0.13, a current ratio of 2.58 and a quick ratio of 2.58. The stock has a fifty day simple moving average of $16.48 and a two-hundred day simple moving average of $9.65. The firm has a market capitalization of $4.50 billion, a P/E ratio of -31.78 and a beta of 2.56.

Insider Activity

In other SoundHound AI news, CEO Keyvan Mohajer sold 465,394 shares of the firm’s stock in a transaction on Monday, December 9th. The shares were sold at an average price of $15.04, for a total value of $6,999,525.76. Following the completion of the sale, the chief executive officer now directly owns 2,299,148 shares in the company, valued at approximately $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 SEC, which can be accessed through this hyperlink. Also, Director Lawrence Marcus sold 20,000 shares of SoundHound AI stock in a transaction on Monday, December 23rd. The shares were sold at an average price of $20.47, for a total transaction of $409,400.00. Following the completion of the sale, the director now directly owns 108,117 shares of the company’s stock, valued at approximately $2,213,154.99. This trade represents a 15.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 2,782,918 shares of company stock worth $45,391,343 in the last quarter. 12.28% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. Blue Trust Inc. increased its holdings in shares of 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 in the last quarter. Sound Income Strategies LLC grew its position in SoundHound AI by 2,542.0% in the 4th quarter. Sound Income Strategies LLC now owns 1,321 shares of the company’s stock valued at $26,000 after purchasing an additional 1,271 shares during the period. Orion Capital Management LLC bought a new stake in SoundHound AI during the 4th quarter valued at $30,000. NBC Securities Inc. raised its holdings in SoundHound AI by 97.8% during the third quarter. NBC Securities Inc. now owns 7,720 shares of the company’s stock worth $35,000 after buying an additional 3,818 shares during the last quarter. Finally, Future Financial Wealth Managment LLC bought a new position in shares of SoundHound AI in the fourth quarter valued at $40,000. 19.28% of the stock is owned by institutional investors and hedge funds.

About SoundHound AI

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.