SoundHound AI (NASDAQ:SOUN) Stock Price Up 4.7% – Still a Buy?

Shares of SoundHound AI, Inc. (NASDAQ:SOUN) shot up 4.7% during mid-day trading on Thursday . The company traded as high as $10.16 and last traded at $10.02. 19,326,581 shares traded hands during mid-day trading, a decline of 65% from the average session volume of 54,636,348 shares. The stock had previously closed at $9.57.

Wall Street Analyst Weigh In

Several research firms have weighed in on SOUN. Barclays reiterated a “neutral” rating and set a $7.00 price target on shares of SoundHound AI in a research note on Wednesday, November 13th. Northland Securities raised their price target on shares of SoundHound AI from $6.00 to $8.00 and gave the stock a “market perform” rating in a research report on Tuesday, January 14th. HC Wainwright restated a “buy” rating and set a $26.00 price objective on shares of SoundHound AI in a research note on Monday, January 13th. LADENBURG THALM/SH SH reiterated a “neutral” rating and issued a $7.00 price objective on shares of SoundHound AI in a research note on Wednesday, November 13th. Finally, Cantor Fitzgerald upgraded shares of SoundHound AI to a “hold” rating in a research report on Monday. Four analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $12.36.

SoundHound AI Trading Down 3.8 %

The company has a quick ratio of 2.58, a current ratio of 2.58 and a debt-to-equity ratio of 0.13. The company’s 50-day moving average is $15.60 and its 200 day moving average is $9.84. The company has a market cap of $3.62 billion, a price-to-earnings ratio of -25.58 and a beta of 2.56.

Insider Activity

In related news, VP Majid Emami sold 37,459 shares of the business’s stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $20.30, for a total transaction of $760,417.70. Following the completion of the sale, the vice president now directly owns 698,226 shares in the company, valued at approximately $14,173,987.80. The trade was a 5.09 % 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, insider James Ming Hom sold 36,771 shares of the business’s stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $20.30, for a total transaction of $746,451.30. Following the transaction, the insider now owns 718,040 shares in the company, valued at $14,576,212. The trade was a 4.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 2,722,918 shares of company stock worth $44,935,943 in the last ninety days. Company insiders own 12.28% of the company’s stock.

Institutional Trading of SoundHound AI

Several institutional investors have recently made changes to their positions in SOUN. B. Riley Wealth Advisors Inc. acquired a new stake in SoundHound AI during the fourth quarter worth $544,000. United Advisor Group LLC acquired a new stake in shares of SoundHound AI during the fourth quarter valued at about $379,000. Mackenzie Financial Corp raised its stake in shares of SoundHound AI by 14.5% in the 4th quarter. Mackenzie Financial Corp now owns 20,831 shares of the company’s stock valued at $413,000 after acquiring an additional 2,643 shares during the period. Sunbelt Securities Inc. raised its position in SoundHound AI by 153.1% in the fourth quarter. Sunbelt Securities Inc. now owns 4,555 shares of the company’s stock valued at $90,000 after purchasing an additional 2,755 shares during the period. Finally, Fourth Dimension Wealth LLC acquired a new position in SoundHound AI during the fourth quarter worth $88,000. Hedge funds and other institutional investors own 19.28% of the company’s stock.

SoundHound AI Company Profile

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.