What's Going On With SoundHound AI (SOUN) Stock Wednesday?

Shares of SoundHound AI Inc SOUN are bouncing around Wednesday morning amid an upward trend that has seen the stock gain more than 23% over the last five days and around 50% in the past month. The conversational intelligence company has been lifted by recent strategic agreements that expand its market presence.

What To Know: A partnership with Red Lobster announced Tuesday is the latest catalyst propelling the stock. SoundHound said earlier this week that it will deploy its AI-powered phone ordering agent across all of the seafood chain’s locations, ensuring every call is answered, streamlining the takeout process.

The collaboration follows a deal last week where SoundHound acquired Interactions Corporation, a move praised by analysts for expanding its enterprise customer base and creating significant cross-sell opportunities.

H.C. Wainwright analyst Scott Buck also recently reiterated a Buy rating on the stock, citing management’s strategy and confidence in achieving profitability by late 2025, which has contributed to the recent momentum in shares.

Benzinga Edge Rankings: Reflecting its recent performance, the stock has earned a powerful Benzinga Edge momentum score of 96.96.

SOUN Price Action: According to data from Benzinga Pro, SoundHound shares are down 1.14% at $17.84 Wednesday morning. The stock has a 52-week high of $24.98 and a 52-week low of $4.45.

The stock is well above its 50-day moving average of $13.24, indicating strong upward momentum. Key support levels can be identified around the 100-day moving average at $11.75, while resistance may be encountered near the 52-week high of $24.98.

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How To Buy SOUN Stock

By now you’re likely curious about how to participate in the market for SoundHound AI – be it to purchase shares, or even attempt to bet against the company.

Buying shares is typically done through a brokerage account. You can find a list of possible trading platforms here. Many will allow you to buy “fractional shares,” which allows you to own portions of stock without buying an entire share.

If you’re looking to bet against a company, the process is more complex. You’ll need access to an options trading platform, or a broker who will allow you to “go short” a share of stock by lending you the shares to sell. The process of shorting a stock can be found at this resource. Otherwise, if your broker allows you to trade options, you can either buy a put option, or sell a call option at a strike price above where shares are currently trading – either way it allows you to profit off of the share price decline.

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