SoundHound AI (NASDAQ:SOUN) Stock Price Down 6% – What’s Next?

SoundHound AI, Inc. (NASDAQ:SOUN)’s share price was down 6% during mid-day trading on Thursday . The company traded as low as $7.86 and last traded at $8.14. Approximately 7,619,615 shares changed hands during trading, a decline of 80% from the average daily volume of 37,973,272 shares. The stock had previously closed at $8.66.

Analyst Ratings Changes

SOUN has been the topic of a number of research reports. HC Wainwright reiterated a “buy” rating and set a $26.00 target price on shares of SoundHound AI in a research report on Monday, March 3rd. Northland Securities raised their target price on SoundHound AI from $6.00 to $8.00 and gave the company a “market perform” rating in a research report on Tuesday, January 14th. Wedbush raised 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. DA Davidson raised their price target on shares of SoundHound AI from $9.50 to $13.00 and gave the stock a “buy” rating in a research note on Friday, February 28th. Finally, Cantor Fitzgerald upgraded SoundHound AI to a “hold” rating in a research note on Monday, February 24th. Four research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $12.86.

SoundHound AI Trading Down 11.8 %

The firm’s 50-day simple moving average is $11.03 and its 200-day simple moving average is $10.65. The firm has a market capitalization of $2.92 billion, a P/E ratio of -20.33 and a beta of 2.62. The company has a quick ratio of 2.58, a current ratio of 2.58 and a debt-to-equity ratio of 0.13.

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

Insider Buying and Selling

In other SoundHound AI news, VP Majid Emami sold 28,392 shares of the business’s stock in a transaction on Thursday, March 20th. The shares were sold at an average price of $9.90, for a total transaction of $281,080.80. Following the transaction, the vice president now directly owns 669,834 shares of the company’s stock, valued at approximately $6,631,356.60. The trade was a 4.07 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Diana Sroka sold 3,402 shares of the firm’s stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $10.08, for a total transaction of $34,292.16. Following the completion of the sale, the director now directly owns 138,850 shares of the company’s stock, valued at approximately $1,399,608. This represents a 2.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 500,565 shares of company stock worth $4,999,726 in the last quarter. 12.28% of the stock is owned by insiders.

Hedge Funds Weigh In On SoundHound AI

Institutional investors have recently bought and sold shares of the stock. Blue Trust Inc. grew its holdings in shares of SoundHound AI by 197.6% during the 4th quarter. Blue Trust Inc. now owns 1,250 shares of the company’s stock worth $25,000 after acquiring an additional 830 shares during the period. Sound Income Strategies LLC boosted its holdings in shares of SoundHound AI by 2,542.0% during the 4th quarter. Sound Income Strategies LLC now owns 1,321 shares of the company’s stock valued at $26,000 after buying an additional 1,271 shares in the last quarter. Orion Capital Management LLC purchased a new stake in shares of SoundHound AI in the 4th quarter worth about $30,000. Future Financial Wealth Managment LLC purchased a new position in SoundHound AI during the 4th quarter valued at about $40,000. Finally, Compagnie Lombard Odier SCmA bought a new stake in SoundHound AI during the fourth quarter worth about $40,000. 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.