SoundHound AI (NASDAQ:SOUN) Shares Gap Down to $3.97

SoundHound AI, Inc. (NASDAQ:SOUN) gapped down before the market opened on Tuesday . The stock had previously closed at $3.97, but opened at $3.77. SoundHound AI shares last traded at $3.93, with a volume of 6,014,973 shares.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. DA Davidson upped their target price on shares of SoundHound AI from $7.50 to $9.50 and gave the company a “buy” rating in a report on Friday, March 15th. Northland Securities reiterated a “market perform” rating on shares of SoundHound AI in a research report on Wednesday, February 28th. 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 report on Monday, March 4th. LADENBURG THALM/SH SH assumed coverage on shares of SoundHound AI in a research report on Tuesday, January 30th. They set a “buy” rating and a $4.00 price objective for the company. Finally, Cantor Fitzgerald upgraded shares of SoundHound AI from an “underweight” rating to a “neutral” rating and set a $4.90 price objective for the company in a research report on Thursday, April 11th. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $6.88.

SoundHound AI Stock Performance

The company has a current ratio of 4.69, a quick ratio of 4.69 and a debt-to-equity ratio of 6.03. The firm has a market capitalization of $1.22 billion, a price-to-earnings ratio of -9.97 and a beta of 2.75. The stock’s 50 day moving average price is $5.21 and its two-hundred day moving average price is $3.10.

SoundHound AI (NASDAQ:SOUN) last posted its quarterly 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). SoundHound AI had a negative return on equity of 1,955.68% and a negative net margin of 188.57%. The company had revenue of $17.10 million for the quarter, compared to analyst estimates of $17.75 million. During the same period last year, the company earned ($0.15) earnings per share. The business’s revenue for the quarter was up 80.0% compared to the same quarter last year. On average, analysts forecast that SoundHound AI, Inc. will post -0.3 EPS for the current year.

Insider Buying and Selling 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 shares were sold at an average price of $9.55, for a total transaction of $382,000.00. Following the completion of the transaction, the director now directly owns 450,250 shares in the company, valued at approximately $4,299,887.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CEO Keyvan Mohajer sold 107,927 shares of SoundHound AI stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $3.70, for a total transaction of $399,329.90. Following the completion of the sale, the chief executive officer now directly owns 1,218,712 shares in the company, valued at $4,509,234.40. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Eric R. Ball sold 40,000 shares of SoundHound AI 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 of the company’s stock, valued at $4,299,887.50. The disclosure for this sale can be found here. In the last three months, insiders sold 410,714 shares of company stock worth $2,598,723. 21.30% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On SoundHound AI

Hedge funds and other institutional investors have recently modified their holdings of the company. Royal Bank of Canada grew its holdings in shares of SoundHound AI by 520.7% during the second quarter. Royal Bank of Canada now owns 8,690 shares of the company’s stock worth $40,000 after buying an additional 7,290 shares in the last quarter. Ballew Advisors Inc purchased a new stake in shares of SoundHound AI during the first quarter worth about $59,000. Two Sigma Securities LLC purchased a new stake in shares of SoundHound AI during the first quarter worth about $28,000. State of Wisconsin Investment Board purchased a new stake in shares of SoundHound AI during the second quarter worth about $52,000. Finally, Ameritas Investment Partners Inc. purchased a new stake in shares of SoundHound AI during the second quarter worth about $53,000. 19.28% of the stock is currently owned by hedge funds and other 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.