SoundHound AI Inc. [NASDAQ: SOUN] gained 13.81% on the last trading session, reaching $2.06 price per share at the time. The company report on January 24, 2023 that SoundHound AI Secures New Financing to Strengthen Balance Sheet; Pre-Announces Outperformance in 2022 Results.
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Full year 2022 revenue expected to be at high-end of guidance range.
SoundHound AI, Inc. (Nasdaq: SOUN), a global leader in voice artificial intelligence, today announced further steps to strengthen its balance sheet and fully fund its business plan in anticipation of being GAAP operating cash flow positive by the end of 2023.
SoundHound AI Inc. represents 197.01 million in outstanding shares, while the company has a total market value of $349.17 million with the latest information. SOUN stock price has been found in the range of $1.70 to $2.11.
If compared to the average trading volume of 1.43M shares, SOUN reached a trading volume of 7738443 in the most recent trading day, which is why market watchdogs consider the stock to be active.
Here is what top equities market gurus are saying about SoundHound AI Inc. [SOUN]:
Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for SOUN shares is $3.70 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on SOUN stock is a recommendation set at 2.00. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.
Cantor Fitzgerald have made an estimate for SoundHound AI Inc. shares, keeping their opinion on the stock as Overweight, with their previous recommendation back on November 30, 2022. While these analysts kept the previous recommendation, Cantor Fitzgerald raised their target price to Neutral. The new note on the price target was released on July 01, 2022, representing the official price target for SoundHound AI Inc. stock. Previously, the target price had yet another raise to $7, while Wedbush analysts kept a Outperform rating on SOUN stock.
The Average True Range (ATR) for SoundHound AI Inc. is set at 0.26, with the Price to Sales ratio for SOUN stock in the period of the last 12 months amounting to 12.93.
Trading performance analysis for SOUN stock
SoundHound AI Inc. [SOUN] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 40.14. With this latest performance, SOUN shares gained by 106.00% in over the last four-week period, additionally sinking by -41.14% over the last 6 months.
Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for SOUN stock in for the last two-week period is set at 72.89, with the RSI for the last a single of trading hit 82.64, and the three-weeks RSI is set at 64.80 for SoundHound AI Inc. [SOUN]. The present Moving Average for the last 50 days of trading for this stock 1.3100, while it was recorded at 1.6600 for the last single week of trading.
SoundHound AI Inc. [SOUN]: A deeper dive into fundamental analysis
SoundHound AI Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 1.10 and a Current Ratio set at 1.10.
An analysis of insider ownership at SoundHound AI Inc. [SOUN]
There are presently around $36 million, or 11.00% of SOUN stock, in the hands of institutional investors. The top three institutional holders of SOUN stocks are: ANCHORAGE CAPITAL GROUP, L.L.C. with ownership of 3,197,767, which is approximately 0% of the company’s market cap and around 3.10% of the total institutional ownership; COTA CAPITAL MANAGEMENT, LLC, holding 2,038,595 shares of the stock with an approximate value of $4.2 million in SOUN stocks shares; and BLACKROCK INC., currently with $3.62 million in SOUN stock with ownership of nearly -0.503% of the company’s market capitalization.
Positions in SoundHound AI Inc. stocks held by institutional investors increased at the end of March and at the time of the March reporting period, where 15 institutional holders increased their position in SoundHound AI Inc. [NASDAQ:SOUN] by around 2,342,176 shares. Additionally, 17 investors decreased positions by around 291,898 shares, while 13 investors held positions by with 14,602,409 shares. The mentioned changes placed institutional holdings at 17,236,483 shares, according to the latest SEC report filing. SOUN stock had 10 new institutional investments in for a total of 2,136,684 shares, while 8 institutional investors sold positions of 191,032 shares during the same period.