SoundHound AI (NASDAQ:SOUN) Stock Price Down 2.6% – What’s Next?

SoundHound AI, Inc. (NASDAQ:SOUN) shares traded down 2.6% on Monday . The stock traded as low as $14.95 and last traded at $15.19. 16,798,264 shares changed hands during mid-day trading, a decline of 70% from the average session volume of 56,071,328 shares. The stock had previously closed at $15.60.

Analyst Upgrades and Downgrades

Several research firms have issued reports on SOUN. Barclays reaffirmed a “neutral” rating and issued a $7.00 price target on shares of SoundHound AI in a report on Wednesday, November 13th. Wedbush upped their target price on SoundHound AI from $10.00 to $22.00 and gave the company an “outperform” rating in a research report on Monday, December 16th. Northland Securities increased their price target on SoundHound AI from $6.00 to $8.00 and gave the company a “market perform” rating in a research note on Tuesday, January 14th. HC Wainwright restated a “buy” rating and set a $26.00 price target on shares of SoundHound AI in a research note on Monday, January 13th. Finally, LADENBURG THALM/SH SH reaffirmed a “neutral” rating and issued a $7.00 price objective on shares of SoundHound AI in a research report on Wednesday, November 13th. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $12.36.

SoundHound AI Stock Performance

The firm has a market capitalization of $5.49 billion, a price-to-earnings ratio of -38.81 and a beta of 2.56. The firm’s 50 day simple moving average is $16.59 and its 200 day simple moving average is $9.38. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.58 and a current ratio of 2.58.

SoundHound AI (NASDAQ:SOUN) last released its quarterly earnings data on Tuesday, November 12th. The company reported ($0.06) EPS for the quarter, topping the consensus estimate of ($0.07) by $0.01. The business had revenue of $25.10 million for the quarter, compared to analyst estimates of $23.02 million. SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. The business’s quarterly revenue was up 88.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.09) EPS. Sell-side analysts forecast that SoundHound AI, Inc. will post -0.38 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Keyvan Mohajer sold 465,394 shares of the firm’s stock in a transaction on Monday, December 9th. The stock was sold at an average price of $15.04, for a total transaction of $6,999,525.76. Following the completion of the transaction, the chief executive officer now directly owns 2,299,148 shares in the company, valued at $34,579,185.92. This trade represents a 16.83 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, VP Majid Emami sold 368,662 shares of the business’s stock in a transaction on Friday, December 6th. The stock was sold at an average price of $15.00, for a total transaction of $5,529,930.00. Following the completion of the transaction, the vice president now owns 735,685 shares of the company’s stock, valued at approximately $11,035,275. This trade represents a 33.38 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 2,782,918 shares of company stock worth $45,391,343. Company insiders own 12.28% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. AQR Capital Management LLC increased its position in shares of SoundHound AI by 40.2% in the second quarter. AQR Capital Management LLC now owns 29,417 shares of the company’s stock valued at $116,000 after buying an additional 8,440 shares in the last quarter. The Manufacturers Life Insurance Company raised its holdings in SoundHound AI by 101.7% in the second quarter. The Manufacturers Life Insurance Company now owns 106,076 shares of the company’s stock valued at $419,000 after buying an additional 53,490 shares during the period. Truist Financial Corp lifted its holdings in shares of SoundHound AI by 432.9% during the 2nd quarter. Truist Financial Corp now owns 96,729 shares of the company’s stock valued at $382,000 after acquiring an additional 125,785 shares in the last quarter. Sanctuary Advisors LLC acquired a new stake in shares of SoundHound AI in the second quarter valued at about $104,000. Finally, Dynamic Advisor Solutions LLC purchased a new position in shares of SoundHound AI in the third quarter valued at $66,000. 19.28% of the stock is currently owned by institutional investors and hedge funds.

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.