SoundHound AI (NASDAQ:SOUN) Stock Price Up 3% – Time to Buy?

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

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on SOUN. LADENBURG THALM/SH SH raised shares of SoundHound AI to a “strong-buy” rating in a report on Thursday, December 18th. Zacks Research upgraded SoundHound AI from a “strong sell” rating to a “hold” rating in a research report on Monday, February 9th. DA Davidson set a $14.00 target price on shares of SoundHound AI in a research note on Thursday, January 8th. Cantor Fitzgerald raised 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 note on Friday, December 12th. Finally, Weiss Ratings restated a “sell (d-)” rating on shares of SoundHound AI in a research note on Friday, January 9th. One research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, SoundHound AI presently has a consensus rating of “Moderate Buy” and an average price target of $16.07.

SoundHound AI Stock Performance

The stock has a 50-day simple moving average of $10.08 and a 200 day simple moving average of $13.16. The stock has a market capitalization of $3.17 billion, a P/E ratio of -8.98 and a beta of 2.64.

Insider Transactions at SoundHound AI

In related news, COO Michael Zagorsek sold 73,406 shares of the business’s stock in a transaction that occurred on Monday, December 22nd. The shares were sold at an average price of $11.28, for a total transaction of $828,019.68. Following the completion of the sale, the chief operating officer directly owned 1,787,459 shares of the company’s stock, valued at $20,162,537.52. The trade was a 3.94% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO Keyvan Mohajer sold 144,326 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 transaction of $1,627,997.28. Following the completion of the transaction, 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 ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders sold 460,922 shares of company stock valued at $5,199,073. 9.17% of the stock is currently owned by insiders.

Institutional Trading of SoundHound AI

A number of institutional investors have recently bought and sold shares of the business. Sound Income Strategies LLC raised its position in shares of 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 acquiring an additional 575 shares during the last quarter. Investors Research Corp grew its stake in shares of SoundHound AI by 62.4% during the third 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 period. EP Wealth Advisors LLC grew its stake in shares of SoundHound AI by 5.3% during the second quarter. EP Wealth Advisors LLC now owns 14,100 shares of the company’s stock worth $151,000 after purchasing an additional 706 shares during the period. Newbridge Financial Services Group Inc. increased its holdings in SoundHound AI by 2.7% in the third quarter. Newbridge Financial Services Group Inc. now owns 31,880 shares of the company’s stock valued at $513,000 after purchasing an additional 830 shares during the last quarter. Finally, Insigneo Advisory Services LLC lifted its stake in SoundHound AI by 7.4% in the third quarter. Insigneo Advisory Services LLC now owns 12,416 shares of the company’s stock valued at $200,000 after buying an additional 858 shares during the period. Institutional investors and hedge funds 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.