SoundHound AI (NASDAQ:SOUN) Stock Price Down 2.9% – Here’s What Happened

SoundHound AI, Inc. (NASDAQ:SOUN)’s stock price dropped 2.9% on Thursday . The company traded as low as $9.50 and last traded at $9.86. Approximately 9,592,139 shares changed hands during trading, a decline of 77% from the average daily volume of 42,444,491 shares. The stock had previously closed at $10.15.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the stock. Wedbush boosted their price objective on shares of SoundHound AI from $10.00 to $22.00 and gave the stock an “outperform” rating in a report on Monday, December 16th. LADENBURG THALM/SH SH reissued a “neutral” rating and issued a $7.00 target price on shares of SoundHound AI in a report on Wednesday, November 13th. Northland Securities upped their price target on SoundHound AI from $6.00 to $8.00 and gave the company a “market perform” rating in a report on Tuesday, January 14th. Cantor Fitzgerald upgraded SoundHound AI to a “hold” rating in a report on Monday, February 24th. Finally, DA Davidson boosted their target price on SoundHound AI from $9.50 to $13.00 and gave the stock a “buy” rating in a research report on Friday, February 28th. Four research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, SoundHound AI presently has a consensus rating of “Hold” and an average price target of $12.86.

SoundHound AI Trading Down 6.5 %

The company has a debt-to-equity ratio of 0.13, a current ratio of 2.58 and a quick ratio of 2.58. The stock has a 50-day moving average price of $14.58 and a two-hundred day moving average price of $10.02. The stock has a market cap of $3.73 billion, a PE ratio of -26.25 and a beta of 2.56.

SoundHound AI (NASDAQ:SOUN) last released its quarterly earnings results on Thursday, February 27th. The company reported ($0.69) earnings per share for the quarter, missing the consensus estimate of ($0.11) by ($0.58). The firm had revenue of $34.54 million for the quarter, compared to analysts’ expectations of $33.70 million. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. Sell-side analysts forecast that SoundHound AI, Inc. will post -0.38 earnings per share for the current fiscal year.

Insider Transactions at SoundHound AI

In other SoundHound AI news, VP Majid Emami sold 37,459 shares of the business’s stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $20.30, for a total transaction of $760,417.70. Following the sale, the vice president now directly owns 698,226 shares of the company’s stock, valued at $14,173,987.80. The trade was a 5.09 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Keyvan Mohajer sold 465,394 shares of the firm’s stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $15.04, for a total value of $6,999,525.76. Following the completion of the sale, the chief executive officer now directly owns 2,299,148 shares of the company’s stock, valued at $34,579,185.92. The trade was a 16.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 2,524,960 shares of company stock worth $42,945,727 in the last three months. Insiders own 12.28% of the company’s stock.

Hedge Funds Weigh In On SoundHound AI

Several hedge funds have recently added to or reduced their stakes in the company. Kieckhefer Group LLC purchased a new position in SoundHound AI during the 4th quarter valued at $3,432,000. Charles Schwab Investment Management Inc. increased its stake in SoundHound AI by 7.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,582,206 shares of the company’s stock worth $12,033,000 after buying an additional 189,109 shares during the period. Oriental Harbor Investment Fund purchased a new position in SoundHound AI in the 4th quarter worth about $8,964,000. Geode Capital Management LLC lifted its holdings in SoundHound AI by 9.1% during the 3rd quarter. Geode Capital Management LLC now owns 7,193,599 shares of the company’s stock valued at $33,529,000 after buying an additional 602,311 shares in the last quarter. Finally, Wealth Effects LLC bought a new position in SoundHound AI in the fourth quarter worth approximately $357,000. 19.28% of the stock is currently owned by institutional investors.

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.