SoundHound AI (NASDAQ:SOUN) Stock Price Down 0.7% – Here’s Why

SoundHound AI, Inc. (NASDAQ:SOUN)’s stock price traded down 0.7% on Thursday . The stock traded as low as $7.55 and last traded at $7.71. 4,005,011 shares were traded during mid-day trading, a decline of 89% from the average session volume of 37,797,812 shares. The stock had previously closed at $7.76.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on SOUN shares. HC Wainwright reaffirmed a “buy” rating and issued a $26.00 target price on shares of SoundHound AI in a research note on Monday, March 3rd. Cantor Fitzgerald raised SoundHound AI to a “hold” rating in a research report on Monday, February 24th. DA Davidson lowered their target price on SoundHound AI from $13.00 to $10.00 and set a “buy” rating for the company in a research note on Monday, April 14th. Finally, Northland Securities upped their price target on shares of SoundHound AI from $6.00 to $8.00 and gave the company a “market perform” rating in a report on Tuesday, January 14th. Four analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $12.43.

SoundHound AI Stock Up 1.0 %

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 firm’s 50 day moving average is $9.41 and its two-hundred day moving average is $10.87. The firm has a market capitalization of $3.13 billion, a P/E ratio of -21.76 and a beta of 2.73.

SoundHound AI (NASDAQ:SOUN) last announced 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). The business had revenue of $34.54 million for the quarter, compared to analyst estimates of $33.70 million. SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. Research analysts predict that SoundHound AI, Inc. will post -0.38 EPS for the current year.

Insider Buying and Selling at SoundHound AI

In other news, CEO Keyvan Mohajer sold 138,895 shares of the business’s stock in a transaction on Monday, March 24th. The stock was sold at an average price of $10.08, for a total transaction of $1,400,061.60. Following the completion of the transaction, the chief executive officer now owns 1,764,166 shares of the company’s stock, valued at approximately $17,782,793.28. The trade was a 7.30 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider James Ming Hom sold 51,196 shares of the business’s stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $10.25, for a total value of $524,759.00. Following the transaction, the insider now directly owns 638,456 shares of the company’s stock, valued at approximately $6,544,174. The trade was a 7.42 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 500,565 shares of company stock valued at $4,999,726 in the last three months. 12.28% of the stock is currently owned by company insiders.

Institutional Trading of SoundHound AI

Hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. grew its position in SoundHound AI by 35.6% during the 4th quarter. Vanguard Group Inc. now owns 32,031,662 shares of the company’s stock worth $635,508,000 after acquiring an additional 8,402,881 shares during the last quarter. Rockefeller Capital Management L.P. acquired a new position in shares of SoundHound AI in the fourth quarter valued at approximately $41,595,000. Invesco Ltd. raised its holdings in SoundHound AI by 1,386.2% in the 4th quarter. Invesco Ltd. now owns 1,382,371 shares of the company’s stock valued at $27,426,000 after buying an additional 1,289,360 shares during the last quarter. Driehaus Capital Management LLC acquired a new stake in SoundHound AI during the 4th quarter worth approximately $16,421,000. Finally, Capital Fund Management S.A. acquired a new position in SoundHound AI in the 4th quarter valued at approximately $16,092,000. 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.