H.C. Wainwright initates SoundHound AI Inc. (SOUN) stock to a Buy


In a filing, SoundHound AI Inc. revealed its Chief Technology Officer STONEHOCKER TIMOTHY unloaded Company’s shares for reported $7267.0 on Aug 21. In the deal valued at $2.34 per share,3,104 shares were sold. As a result of this transaction, STONEHOCKER TIMOTHY now holds 1,003,760 shares worth roughly $ 2.14 million.

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Then, STONEHOCKER TIMOTHY sold 3,261 shares, generating $10,318 in total proceeds. Upon selling the shares at $3.16, the Chief Technology Officer now owns 806,864 shares.

Before that, EMAMI MAJID sold 68,333 shares. SoundHound AI Inc. shares valued at $302,162 were divested by the VP, Engineering at a price of $4.42 per share. As a result of the transaction, EMAMI MAJID now holds 301,389 shares, worth roughly $0.64 million.

H.C. Wainwright initiated its SoundHound AI Inc. [SOUN] rating to a Buy in a research note published on Friday, September 05, 2023; the price target was $5. PT values the company’s stock at a premium of 57.4 to its Friday closing price.

Price Performance Review of SOUN

On Friday, SoundHound AI Inc. [NASDAQ:SOUN] saw its stock fall -0.93% to $2.13. On the same session, the stock had its day’s lowest price of $2.04, but rose to a high of $2.15. Over the last five days, the stock has lost -7.39%. SoundHound AI Inc. shares have risen nearly 20.34% since the year began. Nevertheless, the stocks have fallen -35.84% over the past one year. While a 52-week high of $5.11 was reached on 06/29/23, a 52-week low of $0.93 was recorded on 01/10/23. SMA at 50 days reached $2.58, while 200 days put it at $2.49. A total of 18.0 million shares were traded, compared to the trading of 11.78 million shares in the previous session.

Levels Of Support And Resistance For SOUN Stock

The 24-hour chart illustrates a support level at 2.06, which if violated will result in even more drops to 2.00. On the upside, there is a resistance level at 2.17. A further resistance level may holdings at 2.22. The Relative Strength Index (RSI) on the 14-day chart is 38.49, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at -0.19, which suggests price will go down in the next trading period. Percent R suggests that price movement has been bearish at 85.94%. Stochastics %K at 12.71% indicates the stock is a buying.

How much short interest is there in SoundHound AI Inc.?

A steep rise in short interest was recorded in SoundHound AI Inc. stocks on Aug 30, 2023, growing by 6.27 million shares to a total of 26.73 million shares. Yahoo Finance data shows the prior-month short interest on Jul 30, 2023 was 20.46 million shares. There was a rise of 23.46%, which implies that there is a positive sentiment for the stock. In spite of short shares comprising just 16.16% of the overall stock float, the days-to-cover ratio (short ratio) rose to 1.66.

SoundHound AI Inc. [SOUN] – Who Are The Largest Shareholders?

In filings from The Vanguard Group, Inc., it is revealed that the company now owns 10,718,737 shares, or roughly 5.27% of the outstanding SOUN shares. In other words, the investor’s shares have risen by 4,244,989 from its previous 13-F filing of 6473748.0. Additionally, BlackRock Fund Advisors increased 375.43% of its stake after which the total value it holdings stand at $22,043,168. Over the last quarter, Geode Capital Management LLC purchased 1,613,110 shares of SoundHound AI Inc., while SSgA Funds Management, Inc. bought 2,276,465 shares. At present, Global X Management Co. LLC is holding 1,687,898 shares valued at $4.25 million. Northern Trust Investments, Inc. owned 1,253,401 shares of the company at the time of its most recent 13F filing, worth $3.16 million.

According to FactSet, SoundHound AI Inc.’s share price will average $5.05 in the next year, based on opinions of analysts polled by the firm. This is up nearly 113.95 percent from its previous closing price of $2.15. Analysts expect SoundHound AI Inc. stock to reach the higher price of $7.00, while the lowest price estimate is $4.00. However, 4 analysts have rated SOUN stock as a Buy in their predictions for 2023.


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