SoundHound AI (NASDAQ:SOUN) Trading 3.8% Higher – Here’s Why

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

Analysts Set New Price Targets

Several research firms recently weighed in on SOUN. LADENBURG THALM/SH SH raised SoundHound AI to a “strong-buy” rating in a research note on Thursday, December 18th. Piper Sandler decreased their price target on shares of SoundHound AI from $15.00 to $11.00 and set a “neutral” rating on the stock in a report on Monday, January 5th. DA Davidson set a $14.00 price objective on shares of SoundHound AI in a research note on Thursday, January 8th. Zacks Research raised shares of SoundHound AI from a “strong sell” rating to a “hold” rating in a research note on Monday, February 9th. Finally, Cantor Fitzgerald upgraded SoundHound AI from a “neutral” rating to an “overweight” rating and boosted their price objective for the stock from $13.00 to $15.00 in a research report on Friday, December 12th. One 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 issued a Sell rating to the stock. Based on data from MarketBeat, SoundHound AI has an average rating of “Moderate Buy” and a consensus target price of $16.07.

SoundHound AI Price Performance

The stock has a 50-day moving average price of $9.99 and a 200-day moving average price of $13.12. The company has a market capitalization of $3.29 billion, a P/E ratio of -9.32 and a beta of 2.64.

Insider Buying and Selling

In other news, CFO Nitesh Sharan sold 60,780 shares of the business’s stock in a transaction dated Monday, December 22nd. The stock was sold at an average price of $11.28, for a total value of $685,598.40. Following the transaction, the chief financial officer directly owned 1,705,148 shares of the company’s stock, valued at $19,234,069.44. The trade was a 3.44% decrease in their position. The sale 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 firm’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 $828,019.68. Following the sale, the chief operating officer directly owned 1,787,459 shares of the company’s stock, valued at $20,162,537.52. This represents a 3.94% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 460,922 shares of company stock worth $5,199,073. Corporate insiders own 9.17% of the company’s stock.

Hedge Funds Weigh In On SoundHound AI

A number of institutional investors and hedge funds have recently modified their holdings of the business. Northwestern Mutual Wealth Management Co. increased its stake in shares of 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 acquiring an additional 1,060 shares in the last quarter. Dogwood Wealth Management LLC increased 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 purchasing an additional 1,544 shares in the last quarter. Danske Bank A S acquired a new position in shares of SoundHound AI during the third quarter valued at about $26,000. Advisors Asset Management Inc. boosted its position in shares of 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 purchasing an additional 1,023 shares in the last quarter. Finally, Investors Research Corp grew its stake in shares of SoundHound AI by 62.4% in the 3rd quarter. Investors Research Corp now owns 1,822 shares of the company’s stock valued at $29,000 after buying an additional 700 shares during the period. 19.28% of the stock is currently owned by institutional investors.

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.