SoundHound AI (NASDAQ:SOUN) Stock Price Up 3.8% – Time to Buy?

Shares of SoundHound AI, Inc. (NASDAQ:SOUN) traded up 3.8% during mid-day trading on Thursday . The company traded as high as $7.85 and last traded at $7.83. 13,548,332 shares changed 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

Several equities research analysts have recently commented on SOUN shares. Piper Sandler lowered their price target on shares of SoundHound AI from $15.00 to $11.00 and set a “neutral” rating for the company in a research report on Monday, January 5th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of SoundHound AI in a research note on Friday, January 9th. DA Davidson set a $14.00 price objective on shares of SoundHound AI in a research note on Thursday, January 8th. LADENBURG THALM/SH SH raised shares of SoundHound AI to a “strong-buy” rating in a research note on Thursday, December 18th. Finally, Zacks Research upgraded shares of SoundHound AI from a “strong sell” rating to a “hold” rating in a report on Monday, February 9th. One investment analyst has rated the stock with a Strong Buy rating, five have issued a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $16.07.

SoundHound AI Stock Performance

The firm’s 50-day simple moving average is $9.99 and its 200 day simple moving average is $13.12. The stock 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 company’s stock in a transaction dated Monday, December 22nd. The shares were sold at an average price of $11.28, for a total value of $685,598.40. Following the sale, the chief financial officer directly owned 1,705,148 shares of the company’s stock, valued at approximately $19,234,069.44. This represents a 3.44% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Majid Emami sold 42,600 shares of SoundHound AI stock in a transaction dated Monday, December 22nd. The stock was sold at an average price of $11.28, for a total value of $480,528.00. Following the transaction, the senior vice president owned 565,586 shares of the company’s stock, valued at $6,379,810.08. The trade was a 7.00% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have 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

Institutional investors and hedge funds have recently made changes to their positions in the company. 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 valued at $25,000 after acquiring an additional 1,060 shares during the period. Dogwood Wealth Management LLC increased its holdings in SoundHound AI by 152.1% in the 4th 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 during the period. Danske Bank A S acquired a new position in shares of SoundHound AI in the 3rd quarter valued at approximately $26,000. Advisors Asset Management Inc. lifted its holdings 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 acquiring an additional 1,023 shares during the period. Finally, Investors Research Corp increased its stake in SoundHound AI by 62.4% in the third quarter. Investors Research Corp now owns 1,822 shares of the company’s stock valued at $29,000 after acquiring an additional 700 shares during the last quarter. 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.