SoundHound AI (NASDAQ:SOUN) Stock Price Up 7% – Here’s What Happened

SoundHound AI, Inc. (NASDAQ:SOUN)’s share price rose 7% on Tuesday . The company 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 Ratings Changes

SOUN has been the topic of a number of research reports. Wedbush boosted their target price on shares of SoundHound AI from $10.00 to $22.00 and gave the stock an “outperform” rating in a research note on Monday, December 16th. Barclays restated a “neutral” rating and set a $7.00 price target on shares of SoundHound AI in a report on Wednesday, November 13th. Northland Securities boosted their target price on shares of SoundHound AI from $6.00 to $8.00 and gave the stock a “market perform” rating in a report on Tuesday, January 14th. LADENBURG THALM/SH SH reissued a “neutral” rating and issued a $7.00 price objective on shares of SoundHound AI in a research note on Wednesday, November 13th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $26.00 target price on shares of SoundHound AI in a research report on Monday, January 13th. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $12.36.

SoundHound AI Stock Performance

The stock has a fifty day simple moving average of $16.38 and a two-hundred day simple moving average of $9.67. The stock has a market capitalization of $4.29 billion, a price-to-earnings ratio of -30.31 and a beta of 2.56. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.58 and a current ratio of 2.58.

Insider Transactions at SoundHound AI

In other SoundHound AI news, VP Majid Emami sold 94,067 shares of the stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $9.05, for a total value of $851,306.35. Following the transaction, the vice president now owns 735,685 shares in the company, valued at approximately $6,657,949.25. This represents a 11.34 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CTO Timothy Stonehocker sold 34,407 shares of the business’s stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $20.30, for a total value of $698,462.10. Following the sale, the chief technology officer now owns 796,581 shares of the company’s stock, valued at approximately $16,170,594.30. This represents a 4.14 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 2,752,918 shares of company stock valued at $45,176,843 in the last 90 days. 12.28% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On SoundHound AI

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. boosted its stake in SoundHound AI by 35.6% during the 4th quarter. Vanguard Group Inc. now owns 32,031,662 shares of the company’s stock valued at $635,508,000 after purchasing an additional 8,402,881 shares during the last quarter. Rockefeller Capital Management L.P. purchased a new position in SoundHound AI during the 4th quarter worth $41,595,000. Invesco Ltd. raised its holdings in shares of SoundHound AI by 1,386.2% in the fourth quarter. Invesco Ltd. now owns 1,382,371 shares of the company’s stock valued at $27,426,000 after purchasing an additional 1,289,360 shares during the last quarter. Driehaus Capital Management LLC bought a new position in shares of SoundHound AI during the fourth quarter valued at about $16,421,000. Finally, Capital Fund Management S.A. purchased a new position in SoundHound AI during the fourth quarter worth about $16,092,000. 19.28% of the stock is owned by 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.