SoundHound AI (NASDAQ:SOUN) Stock Rating Upgraded by Cantor Fitzgerald

SoundHound AI (NASDAQ:SOUN) was upgraded by stock analysts at Cantor Fitzgerald to a “hold” rating in a note issued to investors on Monday,Zacks.com reports.

Several other equities research analysts also recently issued reports on the stock. Barclays reiterated a “neutral” rating and set a $7.00 price objective on shares of SoundHound AI in a research note on Wednesday, November 13th. Wedbush increased their price target on SoundHound AI from $10.00 to $22.00 and gave the company an “outperform” rating in a report on Monday, December 16th. LADENBURG THALM/SH SH reissued a “neutral” rating and issued a $7.00 price objective on shares of SoundHound AI in a research report on Wednesday, November 13th. Northland Securities upped their target price on SoundHound AI from $6.00 to $8.00 and gave the stock a “market perform” rating in a research report on Tuesday, January 14th. Finally, HC Wainwright reiterated a “buy” rating and issued a $26.00 target price on shares of SoundHound AI in a research note on Monday, January 13th. Four research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $12.36.

SoundHound AI Stock Performance

NASDAQ SOUN opened at $8.90 on Monday. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.58 and a quick ratio of 2.58. SoundHound AI has a 1-year low of $3.50 and a 1-year high of $24.98. The firm has a market capitalization of $3.50 billion, a P/E ratio of -24.72 and a beta of 2.56. The business’s 50-day simple moving average is $15.83 and its 200-day simple moving average is $9.85.

Insider Activity

In related news, VP Majid Emami sold 94,067 shares of the stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $9.05, for a total value of $851,306.35. Following the completion of the transaction, the vice president now owns 735,685 shares of the company’s stock, valued at approximately $6,657,949.25. This represents a 11.34 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Lawrence Marcus sold 20,000 shares of SoundHound AI stock in a transaction that occurred on Monday, December 23rd. The stock was sold at an average price of $20.47, for a total value of $409,400.00. Following the sale, the director now owns 108,117 shares in the company, valued at $2,213,154.99. This represents a 15.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 2,722,918 shares of company stock worth $44,935,943 over the last ninety days. Corporate insiders own 12.28% of the company’s stock.

Institutional Trading of SoundHound AI

A number of hedge funds and other institutional investors have recently made changes to their positions in SOUN. Vanguard Group Inc. grew its holdings in SoundHound AI by 35.6% during the 4th quarter. Vanguard Group Inc. now owns 32,031,662 shares of the company’s stock worth $635,508,000 after acquiring an additional 8,402,881 shares in the last quarter. Geode Capital Management LLC grew its stake in SoundHound AI by 4.4% in the fourth quarter. Geode Capital Management LLC now owns 7,509,496 shares of the company’s stock worth $149,024,000 after purchasing an additional 315,897 shares in the last quarter. State Street Corp increased its holdings in SoundHound AI by 0.6% in the third quarter. State Street Corp now owns 7,197,414 shares of the company’s stock valued at $33,540,000 after buying an additional 42,869 shares during the last quarter. Northern Trust Corp raised its stake in SoundHound AI by 10.0% during the fourth quarter. Northern Trust Corp now owns 2,906,245 shares of the company’s stock valued at $57,660,000 after buying an additional 264,382 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its holdings in SoundHound AI by 5.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,725,693 shares of the company’s stock worth $54,078,000 after buying an additional 143,487 shares during the last quarter. 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.