SoundHound AI (NASDAQ:SOUN) Stock Price Down 0.2%

SoundHound AI, Inc. (NASDAQ:SOUN)’s stock price fell 0.2% during trading on Thursday . The stock traded as low as $4.64 and last traded at $4.80. 8,203,321 shares traded hands during mid-day trading, a decline of 83% from the average session volume of 49,494,703 shares. The stock had previously closed at $4.81.

Wall Street Analyst Weigh In

Several analysts have issued reports on the stock. LADENBURG THALM/SH SH initiated coverage on shares of SoundHound AI in a research note on Tuesday, January 30th. They set a “buy” rating and a $4.00 target price on the stock. HC Wainwright increased their price objective on SoundHound AI from $5.00 to $7.00 and gave the stock a “buy” rating in a research note on Monday, March 4th. Cantor Fitzgerald raised shares of SoundHound AI from an “underweight” rating to a “neutral” rating and set a $4.90 price target for the company in a research report on Thursday, April 11th. Northland Securities reiterated a “market perform” rating on shares of SoundHound AI in a research note on Wednesday, February 28th. Finally, DA Davidson boosted their price target 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. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $6.88.

SoundHound AI Stock Down 1.2 %

The firm has a market cap of $1.47 billion, a P/E ratio of -12.31 and a beta of 2.87. The business’s fifty day moving average price is $5.46 and its two-hundred day moving average price is $3.38. The company has a current ratio of 4.69, a quick ratio of 4.69 and a debt-to-equity ratio of 6.03.

SoundHound AI (NASDAQ:SOUN) last issued its quarterly earnings data on Thursday, February 29th. The company reported ($0.06) EPS for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.01). SoundHound AI had a negative net margin of 188.57% and a negative return on equity of 1,955.68%. The company had revenue of $17.10 million for the quarter, compared to analyst estimates of $17.75 million. During the same period in the prior year, the company posted ($0.15) EPS. The business’s revenue was up 80.0% on a year-over-year basis. As a group, equities research analysts anticipate that SoundHound AI, Inc. will post -0.3 EPS for the current year.

Insider Transactions at SoundHound AI

In related news, CTO Timothy Stonehocker sold 5,276 shares of SoundHound AI stock in a transaction on Thursday, March 21st. The shares were sold at an average price of $7.70, for a total value of $40,625.20. Following the transaction, the chief technology officer now owns 982,584 shares in the company, valued at approximately $7,565,896.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CTO Timothy Stonehocker sold 5,276 shares of the firm’s stock in a transaction on Thursday, March 21st. The shares were sold at an average price of $7.70, for a total value of $40,625.20. Following the sale, the chief technology officer now owns 982,584 shares in the company, valued at $7,565,896.80. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Keyvan Mohajer sold 107,927 shares of the company’s stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $3.70, for a total transaction of $399,329.90. Following the transaction, the chief executive officer now owns 1,218,712 shares of the company’s stock, valued at $4,509,234.40. The disclosure for this sale can be found here. Over the last three months, insiders sold 405,057 shares of company stock worth $2,587,804. 21.30% of the stock is owned by insiders.

Hedge Funds Weigh In On SoundHound AI

Several institutional investors and hedge funds have recently added to or reduced their stakes in SOUN. Principal Financial Group Inc. grew its stake in shares of SoundHound AI by 16.5% in the 1st quarter. Principal Financial Group Inc. now owns 18,560 shares of the company’s stock valued at $109,000 after purchasing an additional 2,629 shares during the period. Hexagon Capital Partners LLC acquired a new position in SoundHound AI during the first quarter worth $29,000. Victory Capital Management Inc. boosted its stake in shares of SoundHound AI by 45.0% in the 3rd quarter. Victory Capital Management Inc. now owns 21,658 shares of the company’s stock valued at $44,000 after purchasing an additional 6,717 shares in the last quarter. DecisionPoint Financial LLC bought a new stake in shares of SoundHound AI in the 1st quarter worth about $40,000. Finally, Prosperity Wealth Management Inc. increased its position in shares of SoundHound AI by 18.5% during the 4th quarter. Prosperity Wealth Management Inc. now owns 50,600 shares of the company’s stock worth $107,000 after purchasing an additional 7,900 shares in the last quarter. 19.28% of the stock is currently 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.