SoundHound AI Inc. [SOUN] Stock trading around $2.08 per share: What’s Next?

SoundHound AI Inc. [NASDAQ: SOUN] gained 4.52% or 0.09 points to close at $2.08 with a heavy trading volume of 8795022 shares. The company report on March 7, 2023 that SoundHound AI Reports Strong Q4 Revenue, Up 84% Year-Over-Year.

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Full Year 2022 Revenue of $31.1 Million at High End of Guidance; Company Expects to Grow Revenue by Approximately 50% in 2023.

SoundHound AI, Inc. (Nasdaq: SOUN), a global leader in voice artificial intelligence, today reported its financial results for the fourth quarter and full year 2022.

It opened the trading session at $1.95, the shares rose to $2.15 and dropped to $1.85, the range by which the price of stock traded the whole day. The daily chart for SOUN points out that the company has recorded -35.80% loss over the past six months. However, it is still -123.66% lower than its most recent low trading price.

If we look at the average trading volume of 11.74M shares, SOUN reached to a volume of 8795022 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 $4.23 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 1.70. 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 0.53, with the Price to Sales ratio for SOUN stock in the period of the last 12 months amounting to 14.87.

Trading performance analysis for SOUN stock

SoundHound AI Inc. [SOUN] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -36.20. With this latest performance, SOUN shares dropped by -48.00% in over the last four-week period, additionally sinking by -35.80% 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 40.12, with the RSI for the last a single of trading hit 33.96, and the three-weeks RSI is set at 43.98 for SoundHound AI Inc. [SOUN]. The present Moving Average for the last 50 days of trading for this stock 2.4200, while it was recorded at 2.4400 for the last single week of trading, and 2.8900 for the last 200 days.

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 $50 million, or 11.00% of SOUN stock, in the hands of institutional investors. The top three institutional holders of SOUN stocks are: VANGUARD GROUP INC with ownership of 6,525,085, which is approximately 308.279% of the company’s market cap and around 3.10% of the total institutional ownership; ANCHORAGE CAPITAL GROUP, L.L.C., holding 3,197,767 shares of the stock with an approximate value of $6.65 million in SOUN stocks shares; and COTA CAPITAL MANAGEMENT, LLC, currently with $4.24 million in SOUN stock with ownership of nearly -0.099% of the company’s market capitalization.

Positions in SoundHound AI Inc. stocks held by institutional investors increased at the end of Tuesday and at the time of the Tuesday reporting period, where 18 institutional holders increased their position in SoundHound AI Inc. [NASDAQ:SOUN] by around 7,980,061 shares. Additionally, 14 investors decreased positions by around 987,667 shares, while 12 investors held positions by with 15,280,751 shares. The mentioned changes placed institutional holdings at 24,248,479 shares, according to the latest SEC report filing. SOUN stock had 7 new institutional investments in for a total of 2,603,889 shares, while 9 institutional investors sold positions of 555,619 shares during the same period.


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