SoundHound AI, Inc. (SOUN) is seeing a rise in its stock price today, likely driven by recent institutional interest. Franklin Resources Inc. has acquired a new stake in the company, purchasing 37,900 shares valued at approximately $177,000, as disclosed in a recent SEC filing. This move is part of a broader trend, with several hedge funds increasing their positions in SoundHound AI, indicating growing confidence in the company's prospects.
On Reddit, discussions are buzzing with excitement over SoundHound's recent developments. One user highlighted the significance of the company's partnership with Lucid Motors, stating, "Lucid is a high tech company and develops high tech long range advanced EV cars. LUCID wouldn’t have chosen Soundhound unless they evaluated and found Soundhound AI to be a great solution that fits their technology." Another user expressed optimism about the stock's potential, predicting, "It’s very possible to hit $50 mid March. 26% shorted. It will squeeze within next few weeks."
SoundHound AI's stock is currently trading at $20.91, up 3.75% from its previous close of $20.16. Despite being just nine minutes into the trading day, the stock has already seen a volume of 5,056,457 shares, which is 8.32% of its average daily volume, indicating a strong start to the day.