Cantor Fitzgerald Upgrades SoundHound AI (NASDAQ:SOUN) to “Hold”

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

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

SoundHound AI Price Performance

NASDAQ SOUN opened at $9.43 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. The firm has a market capitalization of $3.71 billion, a price-to-earnings ratio of -26.19 and a beta of 2.56. The company has a 50 day simple moving average of $16.04 and a 200-day simple moving average of $9.82. SoundHound AI has a 52-week low of $3.50 and a 52-week high of $24.98.

Insider Buying and Selling at SoundHound AI

In related news, COO Michael Zagorsek sold 277,813 shares of the firm’s stock in a transaction that occurred on Wednesday, December 18th. The stock was sold at an average price of $21.25, for a total value of $5,903,526.25. Following the transaction, the chief operating officer now directly owns 1,473,322 shares of the company’s stock, valued at approximately $31,308,092.50. This trade represents a 15.86 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Keyvan Mohajer sold 465,394 shares of the business’s stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $15.04, for a total value of $6,999,525.76. Following the completion of the sale, the chief executive officer now owns 2,299,148 shares of the company’s stock, valued at approximately $34,579,185.92. This trade represents a 16.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 2,722,918 shares of company stock worth $44,935,943 over the last three months. Corporate insiders own 12.28% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of SOUN. Blue Trust Inc. increased its position in SoundHound AI by 197.6% during the fourth quarter. Blue Trust Inc. now owns 1,250 shares of the company’s stock worth $25,000 after acquiring an additional 830 shares during the period. Sound Income Strategies LLC grew its position in SoundHound AI by 2,542.0% in the 4th quarter. Sound Income Strategies LLC now owns 1,321 shares of the company’s stock worth $26,000 after purchasing an additional 1,271 shares during the last quarter. Orion Capital Management LLC bought a new position in shares of SoundHound AI during the 4th quarter worth about $30,000. Future Financial Wealth Managment LLC acquired a new position in shares of SoundHound AI during the fourth quarter valued at about $40,000. Finally, Compagnie Lombard Odier SCmA bought a new stake in shares of SoundHound AI in the fourth quarter valued at about $40,000. 19.28% of the stock is currently owned by institutional investors and hedge funds.

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.