SoundHound AI (NASDAQ:SOUN) Trading Down 2.7% – Here’s What Happened

SoundHound AI, Inc. (NASDAQ:SOUN) was down 2.7% on Monday . The company traded as low as $10.07 and last traded at $10.06. Approximately 10,183,469 shares changed hands during mid-day trading, a decline of 75% from the average daily volume of 40,032,597 shares. The stock had previously closed at $10.34.

Analysts Set New Price Targets

Several brokerages have weighed in on SOUN. Northland Securities upped their target price on SoundHound AI from $6.00 to $8.00 and gave the stock a “market perform” rating in a research report on Tuesday, January 14th. DA Davidson raised their price objective on shares of SoundHound AI from $9.50 to $13.00 and gave the company a “buy” rating in a research report on Friday, February 28th. HC Wainwright reissued a “buy” rating and issued a $26.00 target price on shares of SoundHound AI in a research report on Monday, March 3rd. Cantor Fitzgerald upgraded shares of SoundHound AI to a “hold” rating in a research note on Monday, February 24th. Finally, Wedbush increased their price target on shares of SoundHound AI from $10.00 to $22.00 and gave the stock an “outperform” rating in a research note on Monday, December 16th. Four investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $12.86.

SoundHound AI Trading Down 2.8 %

The company has a current ratio of 2.58, a quick ratio of 2.58 and a debt-to-equity ratio of 0.13. The business’s fifty day simple moving average is $12.85 and its two-hundred day simple moving average is $10.26. The stock has a market capitalization of $3.95 billion, a P/E ratio of -27.72 and a beta of 2.62.

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

Insider Buying and Selling at SoundHound AI

In other news, insider James Ming Hom sold 36,771 shares of the firm’s stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $20.30, for a total transaction of $746,451.30. Following the completion of the transaction, the insider now directly owns 718,040 shares of the company’s stock, valued at approximately $14,576,212. This trade represents a 4.87 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Majid Emami sold 37,459 shares of the firm’s stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $20.30, for a total transaction of $760,417.70. Following the transaction, 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 disclosure for this sale can be found here. Insiders sold a total of 802,489 shares of company stock valued at $16,542,220 in the last ninety days. Company insiders own 12.28% of the company’s stock.

Hedge Funds Weigh In On SoundHound AI

Several institutional investors have recently added to or reduced their stakes in SOUN. Sigma Planning Corp lifted its holdings in SoundHound AI by 79.7% during the 3rd quarter. Sigma Planning Corp now owns 21,640 shares of the company’s stock valued at $101,000 after purchasing an additional 9,600 shares during the last quarter. Harbour Investments Inc. lifted its holdings in SoundHound AI by 4.7% during the 3rd quarter. Harbour Investments Inc. now owns 62,534 shares of the company’s stock valued at $291,000 after purchasing an additional 2,788 shares during the last quarter. Victory Capital Management Inc. lifted its holdings in SoundHound AI by 230.9% during the 3rd quarter. Victory Capital Management Inc. now owns 120,812 shares of the company’s stock valued at $563,000 after purchasing an additional 84,301 shares during the last quarter. Oppenheimer & Co. Inc. lifted its holdings in SoundHound AI by 11.0% during the 3rd quarter. Oppenheimer & Co. Inc. now owns 19,000 shares of the company’s stock valued at $89,000 after purchasing an additional 1,887 shares during the last quarter. Finally, Briaud Financial Planning Inc bought a new position in SoundHound AI during the 3rd quarter valued at about $92,000. 19.28% of the stock is 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.