SoundHound AI (NASDAQ:SOUN) Stock Price Up 3.8% – Still a Buy?

SoundHound AI, Inc. (NASDAQ:SOUN) shot up 3.8% on Thursday . The company traded as high as $7.85 and last traded at $7.83. 13,548,332 shares traded hands during trading, a decline of 48% from the average session volume of 26,172,314 shares. The stock had previously closed at $7.54.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on SOUN. Piper Sandler cut their target price on SoundHound AI from $15.00 to $11.00 and set a “neutral” rating for the company in a research note on Monday, January 5th. Zacks Research upgraded shares of SoundHound AI from a “strong sell” rating to a “hold” rating in a report on Monday, February 9th. Weiss Ratings reissued a “sell (d-)” rating on shares of SoundHound AI in a research note on Friday, January 9th. Cantor Fitzgerald raised shares of SoundHound AI from a “neutral” rating to an “overweight” rating and lifted their price target for the company from $13.00 to $15.00 in a research report on Friday, December 12th. Finally, DA Davidson set a $14.00 price objective on SoundHound AI in a research report on Thursday, January 8th. One analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $16.07.

SoundHound AI Trading Down 0.1%

The stock has a market capitalization of $3.29 billion, a price-to-earnings ratio of -9.31 and a beta of 2.64. The firm’s fifty day moving average price is $9.83 and its 200 day moving average price is $13.07.

Insider Buying and Selling at SoundHound AI

In other news, SVP Majid Emami sold 42,600 shares of SoundHound AI stock in a transaction on Monday, December 22nd. The stock was sold at an average price of $11.28, for a total value of $480,528.00. Following the completion of the sale, the senior vice president directly owned 565,586 shares of the company’s stock, valued at approximately $6,379,810.08. The trade was a 7.00% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Keyvan Mohajer sold 144,326 shares of the business’s stock in a transaction on Monday, December 22nd. The shares were sold at an average price of $11.28, for a total value of $1,627,997.28. Following the completion of the sale, the chief executive officer owned 2,198,287 shares in the company, valued at $24,796,677.36. This represents a 6.16% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 460,922 shares of company stock valued at $5,199,073. Corporate insiders own 9.17% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in SOUN. Northwestern Mutual Wealth Management Co. lifted its position in shares of SoundHound AI by 83.1% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 2,336 shares of the company’s stock worth $25,000 after purchasing an additional 1,060 shares during the last quarter. Dogwood Wealth Management LLC raised its stake in SoundHound AI by 152.1% in the fourth quarter. Dogwood Wealth Management LLC now owns 2,559 shares of the company’s stock valued at $26,000 after buying an additional 1,544 shares in the last quarter. Danske Bank A S purchased a new stake in SoundHound AI during the 3rd quarter worth about $26,000. Advisors Asset Management Inc. lifted its holdings in SoundHound AI by 68.4% during the 2nd quarter. Advisors Asset Management Inc. now owns 2,519 shares of the company’s stock worth $27,000 after buying an additional 1,023 shares during the last quarter. Finally, Investors Research Corp boosted 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 acquiring an additional 700 shares in the last quarter. Institutional investors and hedge funds own 19.28% of the company’s stock.

SoundHound AI Company Profile

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.