SoundHound AI (NASDAQ:SOUN) Stock Price Down 3.8%

SoundHound AI, Inc. (NASDAQ:SOUN)’s stock price dropped 3.8% on Wednesday . The company traded as low as $5.42 and last traded at $5.59. Approximately 19,273,840 shares traded hands during trading, a decline of 68% from the average daily volume of 60,218,512 shares. The stock had previously closed at $5.81.

Analyst Ratings Changes

SOUN has been the subject of several analyst reports. DA Davidson increased their price objective on SoundHound AI from $7.50 to $9.50 and gave the stock a “buy” rating in a research note on Friday, March 15th. HC Wainwright upped their price target on shares of SoundHound AI from $5.00 to $7.00 and gave the company a “buy” rating in a research note on Monday, March 4th. LADENBURG THALM/SH SH assumed coverage on shares of SoundHound AI in a report on Tuesday, January 30th. They set a “buy” rating and a $4.00 target price on the stock. Northland Securities reaffirmed a “market perform” rating on shares of SoundHound AI in a report on Wednesday, February 28th. Finally, Cantor Fitzgerald restated an “underweight” rating and issued a $4.90 target price (down previously from $5.80) on shares of SoundHound AI in a research note on Wednesday, March 20th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $6.88.

SoundHound AI Price Performance

The business has a 50 day simple moving average of $4.45 and a two-hundred day simple moving average of $2.84. The firm has a market capitalization of $1.82 billion, a P/E ratio of -15.10 and a beta of 2.84. The company has a debt-to-equity ratio of 6.03, a quick ratio of 4.69 and a current ratio of 4.69.

SoundHound AI (NASDAQ:SOUN) last announced its earnings results on Thursday, February 29th. The company reported ($0.06) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.01). The company had revenue of $17.10 million during the quarter, compared to analysts’ expectations of $17.75 million. SoundHound AI had a negative net margin of 188.57% and a negative return on equity of 1,955.68%. The company’s revenue for the quarter was up 80.0% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.15) earnings per share. On average, sell-side analysts expect that SoundHound AI, Inc. will post -0.29 EPS for the current fiscal year.

Insider Activity at SoundHound AI

In other SoundHound AI news, Director Eric R. Ball sold 40,000 shares of the firm’s stock in a transaction dated Thursday, March 14th. The stock was sold at an average price of $9.55, for a total transaction of $382,000.00. Following the sale, the director now owns 450,250 shares in the company, valued at $4,299,887.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, Director Eric R. Ball sold 40,000 shares of the stock in a transaction dated Thursday, March 14th. The stock was sold at an average price of $9.55, for a total transaction of $382,000.00. Following the transaction, the director now directly owns 450,250 shares in the company, valued at approximately $4,299,887.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Nitesh Sharan sold 23,212 shares of the business’s stock in a transaction that occurred on Tuesday, March 19th. The stock was sold at an average price of $8.37, for a total value of $194,284.44. Following the completion of the sale, the chief financial officer now owns 751,017 shares of the company’s stock, valued at approximately $6,286,012.29. The disclosure for this sale can be found here. Insiders have sold a total of 410,714 shares of company stock valued at $2,598,723 over the last 90 days. 21.30% of the stock is owned by insiders.

Hedge Funds Weigh In On SoundHound AI

A number of large investors have recently added to or reduced their stakes in SOUN. Raymond James & Associates lifted its stake in shares of SoundHound AI by 221.1% in the 3rd quarter. Raymond James & Associates now owns 982,948 shares of the company’s stock valued at $1,976,000 after acquiring an additional 676,799 shares during the last quarter. Quadrature Capital Ltd bought a new stake in SoundHound AI during the 3rd quarter valued at $457,000. Principal Financial Group Inc. purchased a new stake in SoundHound AI during the 2nd quarter valued at $75,000. Victory Capital Management Inc. increased its position in shares of SoundHound AI by 45.0% in the third quarter. Victory Capital Management Inc. now owns 21,658 shares of the company’s stock valued at $44,000 after acquiring an additional 6,717 shares during the period. Finally, Swiss National Bank increased its position in shares of SoundHound AI by 12.0% in the third quarter. Swiss National Bank now owns 351,500 shares of the company’s stock valued at $707,000 after acquiring an additional 37,700 shares during the period. 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.