SoundHound AI (NASDAQ:SOUN) Stock Price Up 3% – Still a Buy?

Shares of SoundHound AI, Inc. (NASDAQ:SOUN) rose 3% during mid-day trading on Wednesday . The company traded as high as $7.67 and last traded at $7.54. Approximately 18,194,991 shares traded hands during mid-day trading, a decline of 32% from the average daily volume of 26,564,973 shares. The stock had previously closed at $7.32.

Analyst Ratings Changes

Several equities analysts have recently commented on SOUN shares. LADENBURG THALM/SH SH upgraded shares of SoundHound AI to a “strong-buy” rating in a report on Thursday, December 18th. DA Davidson set a $14.00 price objective on SoundHound AI in a research report on Thursday, January 8th. Zacks Research upgraded SoundHound AI from a “strong sell” rating to a “hold” rating in a research note on Monday, February 9th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of SoundHound AI in a research note on Friday, January 9th. Finally, Piper Sandler reduced their price target on SoundHound AI from $15.00 to $11.00 and set a “neutral” rating for the company in a report on Monday, January 5th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $16.07.

SoundHound AI Price Performance

The company has a fifty day simple moving average of $10.08 and a two-hundred day simple moving average of $13.16. The company has a market capitalization of $3.17 billion, a P/E ratio of -8.98 and a beta of 2.64.

Insiders Place Their Bets

In related news, CFO Nitesh Sharan sold 60,780 shares of the business’s stock in a transaction that occurred on Monday, December 22nd. The stock was sold at an average price of $11.28, for a total value of $685,598.40. Following the completion of the sale, the chief financial officer directly owned 1,705,148 shares in the company, valued at approximately $19,234,069.44. The trade was a 3.44% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, COO Michael Zagorsek sold 73,406 shares of the stock in a transaction that occurred on Monday, December 22nd. The shares were sold at an average price of $11.28, for a total value of $828,019.68. Following the transaction, the chief operating officer owned 1,787,459 shares in the company, valued at approximately $20,162,537.52. This trade represents a 3.94% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 460,922 shares of company stock worth $5,199,073 in the last three months. 9.17% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the company. Danske Bank A S bought a new stake in SoundHound AI during the third quarter valued at about $26,000. Investors Research Corp lifted its position in shares of SoundHound AI by 62.4% during the 3rd quarter. Investors Research Corp now owns 1,822 shares of the company’s stock worth $29,000 after purchasing an additional 700 shares during the last quarter. Financial Consulate Inc. acquired a new position in shares of SoundHound AI during the 3rd quarter worth about $32,000. Sound Income Strategies LLC boosted its stake in SoundHound AI by 37.3% during the 3rd quarter. Sound Income Strategies LLC now owns 2,116 shares of the company’s stock valued at $34,000 after purchasing an additional 575 shares during the period. Finally, Northwestern Mutual Wealth Management Co. grew its holdings in SoundHound AI by 83.1% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 2,336 shares of the company’s stock valued at $25,000 after buying an additional 1,060 shares during the last quarter. Institutional investors own 19.28% of the company’s stock.

About SoundHound AI

SoundHound AI, Inc is a voice AI and conversational intelligence company specializing in speech recognition, natural language understanding and sound identification technologies. Founded in 2005 and headquartered in Santa Clara, California, the company initially gained recognition with its music discovery app before pivoting to enterprise-grade voice AI solutions. Over the years, SoundHound AI has built a comprehensive platform that enables developers and businesses to embed conversational intelligence into a wide range of products and services.

The company’s core offering is the Houndify voice AI platform, which provides customizable speech-to-meaning technology, domain-specific natural language understanding and text-to-speech capabilities.