SoundHound AI (NASDAQ:SOUN) Shares Down 3.2% – What’s Next?

SoundHound AI, Inc. (NASDAQ:SOUN) dropped 3.2% during mid-day trading on Tuesday . The company traded as low as $7.43 and last traded at $7.52. Approximately 16,630,906 shares were traded during trading, a decline of 51% from the average daily volume of 34,011,348 shares. The stock had previously closed at $7.77.

Analyst Upgrades and Downgrades

SOUN has been the subject of a number of research analyst reports. Cantor Fitzgerald upgraded shares of SoundHound AI from a “neutral” rating to an “overweight” rating and raised their price objective for the stock from $5.00 to $7.00 in a report on Friday, August 9th. DA Davidson restated a “buy” rating and set a $9.50 price objective on shares of SoundHound AI in a report on Monday, September 30th. Wedbush restated an “outperform” rating and set a $9.00 price objective on shares of SoundHound AI in a report on Thursday, September 26th. Northland Securities lifted their target price on shares of SoundHound AI from $5.50 to $6.00 and gave the stock a “market perform” rating in a research note on Friday, August 9th. Finally, HC Wainwright reiterated a “buy” rating and issued a $7.00 target price on shares of SoundHound AI in a research note on Wednesday, September 18th. One equities research analyst has rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $7.08.

SoundHound AI Trading Down 2.7 %

The stock has a market cap of $2.71 billion, a P/E ratio of -18.82 and a beta of 2.71. The stock’s fifty day moving average price is $5.12 and its 200 day moving average price is $4.89.

Insider Buying and Selling

In other news, Director Lawrence Marcus sold 50,000 shares of the company’s stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $5.02, for a total transaction of $251,000.00. Following the completion of the sale, the director now owns 74,038 shares of the company’s stock, valued at $371,670.76. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other SoundHound AI news, Director Lawrence Marcus sold 50,000 shares of the stock in a transaction that occurred on Tuesday, August 20th. The shares were sold at an average price of $5.02, for a total transaction of $251,000.00. Following the completion of the sale, the director now directly owns 74,038 shares of the company’s stock, valued at $371,670.76. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Keyvan Mohajer sold 63,544 shares of the stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $4.92, for a total value of $312,636.48. Following the transaction, the chief executive officer now owns 2,299,148 shares of the company’s stock, valued at $11,311,808.16. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 327,275 shares of company stock worth $1,606,644 in the last quarter. Corporate insiders own 12.28% of the company’s stock.

Institutional Trading of SoundHound AI

A number of hedge funds and other institutional investors have recently bought and sold shares of SOUN. Carnegie Investment Counsel purchased a new position in shares of SoundHound AI during the third quarter valued at $4,193,000. Vanguard Group Inc. increased its stake in shares of SoundHound AI by 16.1% during the first quarter. Vanguard Group Inc. now owns 16,070,453 shares of the company’s stock valued at $94,655,000 after buying an additional 2,226,471 shares during the period. International Assets Investment Management LLC increased its stake in shares of SoundHound AI by 914.6% during the third quarter. International Assets Investment Management LLC now owns 80,152 shares of the company’s stock valued at $374,000 after buying an additional 72,252 shares during the period. Bank of New York Mellon Corp increased its stake in shares of SoundHound AI by 92.7% during the second quarter. Bank of New York Mellon Corp now owns 997,543 shares of the company’s stock valued at $3,940,000 after buying an additional 479,912 shares during the period. Finally, SG Americas Securities LLC increased its stake in shares of SoundHound AI by 1,039.3% during the second quarter. SG Americas Securities LLC now owns 213,775 shares of the company’s stock valued at $844,000 after buying an additional 195,011 shares during the period. Hedge funds and other institutional investors own 19.28% of the company’s stock.

SoundHound AI Company Profile

SoundHound AI, Inc develops independent voice artificial intelligence (AI) solutions that enables businesses across automotive, TV, and IoT, and to customer service industries to deliver high-quality conversational experiences to their customers. Its products include Houndify platform that offers a suite of Houndify tools to help brands build conversational voice assistants, such as Application Programming Interfaces (API) for text and voice queries, support for custom commands, extensive library of content domains, inclusive software development kit platforms, collaboration capabilities, diagnostic tools, and built-in analytics; SoundHound Chat AI that integrates with knowledge domains, pulling real-time data like weather, sports, stocks, flight status, and restaurants; and SoundHound Smart Answering is built to offer customer establishments custom AI-powered voice assistant.