SoundHound AI (NASDAQ:SOUN) Trading Down 2.6% – Here’s What Happened

Shares of SoundHound AI, Inc. (NASDAQ:SOUN) dropped 2.6% on Thursday . The company traded as low as $8.95 and last traded at $9.13. Approximately 6,043,229 shares were traded during trading, a decline of 84% from the average daily volume of 38,168,922 shares. The stock had previously closed at $9.38.

Analysts Set New Price Targets

SOUN has been the subject of a number of recent analyst reports. Wedbush lifted 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. Northland Securities raised their price objective on shares of SoundHound AI from $6.00 to $8.00 and gave the stock a “market perform” rating in a research note on Tuesday, January 14th. Cantor Fitzgerald raised SoundHound AI to a “hold” rating in a research note on Monday, February 24th. HC Wainwright reissued a “buy” rating and set a $26.00 price target on shares of SoundHound AI in a research note on Monday, March 3rd. Finally, DA Davidson upped their price objective on SoundHound AI from $9.50 to $13.00 and gave the company a “buy” rating in a research report on Friday, February 28th. Four equities research 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, SoundHound AI currently has a consensus rating of “Hold” and an average price target of $12.86.

SoundHound AI Price Performance

The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.58 and a current ratio of 2.58. The firm has a fifty day simple moving average of $11.79 and a 200 day simple moving average of $10.53. The company has a market capitalization of $3.39 billion, a PE ratio of -23.61 and a beta of 2.62.

SoundHound AI (NASDAQ:SOUN) last announced its quarterly earnings results on Thursday, February 27th. The company reported ($0.69) EPS for the quarter, missing the consensus estimate 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 firm had revenue of $34.54 million for the quarter, compared to analysts’ expectations of $33.70 million. Equities analysts anticipate that SoundHound AI, Inc. will post -0.38 EPS for the current year.

Insider Activity

In other SoundHound AI news, insider James Ming Hom sold 28,388 shares of the business’s stock in a transaction dated Thursday, March 20th. The shares were sold at an average price of $9.90, for a total value of $281,041.20. Following the completion of the transaction, the insider now directly owns 689,652 shares in the company, valued at approximately $6,827,554.80. The trade was a 3.95 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CTO Timothy Stonehocker sold 27,714 shares of the firm’s stock in a transaction dated Thursday, March 20th. The shares were sold at an average price of $9.90, for a total transaction of $274,368.60. Following the completion of the sale, the chief technology officer now owns 768,867 shares in the company, valued at $7,611,783.30. This represents a 3.48 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 500,565 shares of company stock worth $4,999,726. 12.28% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On SoundHound AI

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Victory Capital Management Inc. increased its position in shares of SoundHound AI by 230.9% during the third quarter. Victory Capital Management Inc. now owns 120,812 shares of the company’s stock worth $563,000 after purchasing an additional 84,301 shares in the last quarter. Intech Investment Management LLC purchased a new position in SoundHound AI during the 3rd quarter worth $305,000. Charles Schwab Investment Management Inc. increased its position in SoundHound AI by 7.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,582,206 shares of the company’s stock valued at $12,033,000 after buying an additional 189,109 shares in the last quarter. Independent Advisor Alliance raised its stake in SoundHound AI by 85.3% in the third quarter. Independent Advisor Alliance now owns 36,663 shares of the company’s stock valued at $171,000 after buying an additional 16,880 shares during the last quarter. Finally, The Manufacturers Life Insurance Company boosted its holdings in SoundHound AI by 43.1% in the third quarter. The Manufacturers Life Insurance Company now owns 151,826 shares of the company’s stock worth $708,000 after acquiring an additional 45,750 shares in the last quarter. Hedge funds and other 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.