Investors can speculate about the future of a stock by watching how its insiders buy and sell stocks. SoundHound AI Inc shares valued at $250,970 were sold by MARCUS LAWRENCE on Aug 20 ’24. At $5.02 per share, MARCUS LAWRENCE sold 50,000 shares. The insider’s holdings dropped to 74,038 shares worth approximately $0.37 million following the completion of this transaction.
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Also, STONEHOCKER TIMOTHY sold 208,000 shares, netting a total of over 1,196,478 in proceeds. Following the sale of shares at $5.75 each, the insider now holds 659,531 shares.
Before that, SHARAN NITESH had sold 22,384 shares from its account. In a trade valued at $90,429, the Chief Financial Officer traded SoundHound AI Inc shares for $4.04 each. Upon closing the transaction, the insider’s holdings decreased to 22,384 shares, worth approximately $3.65 million.
As published in a research note from Cantor Fitzgerald on August 09, 2024, SoundHound AI Inc [SOUN] has been rated up from a Neutral to an Overweight and the price target has been revised to $7 from $5. Analysts at Cantor Fitzgerald upgraded the stock from ‘”an Underweight”‘ to ‘”a Neutral”‘ outlook in a report released in mid April. As of March 20, 2024, Cantor Fitzgerald has decreased its “an Overweight” rating to a “an Underweight” for SOUN. Earlier on February 28, 2024, Northland Capital downgraded its rating. Their new recommendation was “a Market perform” for SOUN stock which previously was a “an Outperform”.
Analyzing SOUN Stock Performance
During the last five days, there has been a surge of approximately 2.87%. Over the course of the year, SoundHound AI Inc shares have jumped approximately 136.32%. Shares of the company reached a 52-week high of $10.25 on 03/14/24 and a 52-week low of $1.62 on 02/06/24. A 50-day SMA is recorded $4.92, while a 200-day SMA reached $4.25. Nevertheless, trading volume fell to 14.2 million shares from 26.11 million shares the previous day.
Support And Resistance Levels for SoundHound AI Inc (SOUN)
According to the 24-hour chart, there is a support level at 4.95, which, if violated, would cause prices to drop to 4.88. In the upper region, resistance lies at 5.09. The next price resistance is at 5.16. RSI (Relative Strength Index) is 56.12 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at 0.17, which suggests the price will decrease in the coming days. Percent R is at 16.96%, indicating bullish price movement. Stochastics %K at holding indicates that the stock is to be held.
