SoundHound AI (NASDAQ:SOUN) Shares Up 0.8% – Time to Buy?

SoundHound AI, Inc. (NASDAQ:SOUN)’s stock price traded up 0.8% on Wednesday . The stock traded as high as $11.92 and last traded at $11.53. 18,385,452 shares changed hands during trading, a decline of 68% from the average session volume of 57,514,824 shares. The stock had previously closed at $11.44.

Analysts Set New Price Targets

Several research firms recently issued reports on SOUN. Northland Securities boosted their target price on shares of SoundHound AI from $6.00 to $8.00 and gave the company 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 stock an “outperform” rating in a research 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 report on Wednesday, November 13th. HC Wainwright reaffirmed a “buy” rating and issued a $26.00 price target on shares of SoundHound AI in a report on Monday, January 13th. Finally, LADENBURG THALM/SH SH reissued a “neutral” rating and issued a $7.00 price objective 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 given a buy rating to the stock. According to MarketBeat, SoundHound AI has an average rating of “Moderate Buy” and a consensus price target of $12.36.

SoundHound AI Stock Performance

The stock has a market cap of $4.43 billion, a price-to-earnings ratio of -31.21 and a beta of 2.56. The firm’s 50-day moving average is $16.48 and its two-hundred day moving average is $9.65. The company has a current ratio of 2.58, a quick ratio of 2.58 and a debt-to-equity ratio of 0.13.

Insiders Place Their Bets

In related news, CEO Keyvan Mohajer sold 465,394 shares of the business’s stock in a transaction that occurred 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 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. The trade was a 16.83 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Lawrence Marcus sold 30,000 shares of the company’s stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $7.15, for a total transaction of $214,500.00. Following the sale, the director now directly owns 178,117 shares of the company’s stock, valued at $1,273,536.55. The trade was a 14.41 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 2,782,918 shares of company stock worth $45,391,343. Corporate insiders own 12.28% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. Blue Trust Inc. lifted 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 worth $25,000 after buying an additional 830 shares in the last quarter. Sound Income Strategies LLC grew its holdings in shares of SoundHound AI by 2,542.0% in the fourth 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 acquired a new stake in SoundHound AI during the fourth quarter worth about $30,000. Future Financial Wealth Managment LLC acquired a new position in SoundHound AI in the 4th quarter valued at about $40,000. Finally, Compagnie Lombard Odier SCmA purchased a new stake in shares of SoundHound AI in the 4th quarter valued at approximately $40,000. 19.28% of the stock is owned by hedge funds and other institutional investors.

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.