SoundHound AI (NASDAQ:SOUN) Upgraded at Zacks Research

SoundHound AI (NASDAQ:SOUNGet Free Report) was upgraded by Zacks Research from a “strong sell” rating to a “hold” rating in a report issued on Monday,Zacks.com reports.

A number of other research analysts also recently commented on SOUN. Piper Sandler lowered their price objective on shares of SoundHound AI from $15.00 to $11.00 and set a “neutral” rating on the stock in a research report on Monday, January 5th. LADENBURG THALM/SH SH upgraded shares of SoundHound AI to a “strong-buy” rating in a report on Thursday, December 18th. Cantor Fitzgerald raised shares of SoundHound AI from a “neutral” rating to an “overweight” rating and upped their price target for the stock from $13.00 to $15.00 in a research note on Friday, December 12th. HC Wainwright lifted their price objective on SoundHound AI from $18.00 to $26.00 and gave the company a “buy” rating in a research report on Thursday, October 16th. Finally, DA Davidson set a $14.00 target price on SoundHound AI in a research report on Thursday, January 8th. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, SoundHound AI presently has a consensus rating of “Moderate Buy” and a consensus target price of $16.07.

Get Our Latest Report on SOUN

SoundHound AI Stock Down 6.4%

Shares of SoundHound AI stock opened at $8.25 on Monday. SoundHound AI has a 12 month low of $6.52 and a 12 month high of $22.17. The stock has a market cap of $3.47 billion, a PE ratio of -9.82 and a beta of 2.64. The business has a fifty day simple moving average of $10.58 and a 200-day simple moving average of $13.27.

Insider Activity at SoundHound AI

In other SoundHound AI news, CFO Nitesh Sharan sold 60,780 shares of the business’s stock in a transaction on 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 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 filing with the SEC, which can be accessed through this link. Also, CTO Timothy Stonehocker sold 29,676 shares of the firm’s stock in a transaction dated Friday, January 9th. The stock was sold at an average price of $12.00, for a total transaction of $356,112.00. Following the transaction, the chief technology officer directly owned 544,179 shares of the company’s stock, valued at $6,530,148. The trade was a 5.17% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 462,265 shares of company stock worth $5,216,518 in the last three months. Company insiders own 9.17% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Royal Bank of Canada boosted its holdings in SoundHound AI by 71.3% during the first quarter. Royal Bank of Canada now owns 160,299 shares of the company’s stock valued at $1,301,000 after purchasing an additional 66,714 shares in the last quarter. Integrated Wealth Concepts LLC lifted its position in shares of SoundHound AI by 8.9% during the 1st quarter. Integrated Wealth Concepts LLC now owns 14,676 shares of the company’s stock worth $119,000 after buying an additional 1,201 shares during the period. NewEdge Advisors LLC lifted its position in shares of SoundHound AI by 12.9% during the 1st quarter. NewEdge Advisors LLC now owns 41,030 shares of the company’s stock worth $333,000 after buying an additional 4,692 shares during the period. Goldman Sachs Group Inc. boosted its stake in SoundHound AI by 69.8% in the 1st quarter. Goldman Sachs Group Inc. now owns 2,639,689 shares of the company’s stock valued at $21,434,000 after buying an additional 1,085,473 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in SoundHound AI by 10.1% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 692,170 shares of the company’s stock valued at $5,620,000 after acquiring an additional 63,398 shares during the period. Institutional investors and hedge funds own 19.28% of the company’s stock.

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SoundHound AI Company Profile

(Get Free Report)

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.

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