SoundHound AI (NASDAQ:SOUN) Stock Price Down 1.4% – Here’s What Happened

SoundHound AI, Inc. (NASDAQ:SOUN) traded down 1.4% during trading on Wednesday . The stock traded as low as $6.35 and last traded at $6.46. Approximately 36,772,992 shares were traded during mid-day trading, an increase of 32% from the average session volume of 27,846,660 shares. The stock had previously closed at $6.55.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on SOUN. LADENBURG THALM/SH SH raised SoundHound AI to a “strong-buy” rating in a research report on Wednesday, May 6th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of SoundHound AI in a research report on Monday, June 15th. Finally, DA Davidson reiterated a “buy” rating and set a $14.00 target price on shares of SoundHound AI in a research note on Wednesday, April 22nd. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $14.93.

SoundHound AI Stock Down 3.7%

The firm has a market capitalization of $2.69 billion, a price-to-earnings ratio of -13.23 and a beta of 2.62. The business has a 50-day moving average of $7.22 and a two-hundred day moving average of $7.95.

SoundHound AI (NASDAQ:SOUN) last announced its quarterly earnings data on Thursday, May 7th. The company reported ($0.06) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.01). The business had revenue of $44.20 million during the quarter, compared to analyst estimates of $42.56 million. SoundHound AI had a negative net margin of 91.84% and a negative return on equity of 40.15%. The company’s quarterly revenue was up 51.7% compared to the same quarter last year. During the same quarter in the prior year, the company posted ($0.06) EPS. Equities analysts predict that SoundHound AI, Inc. will post -0.45 EPS for the current fiscal year.

Insider Transactions at SoundHound AI

In other SoundHound AI news, CEO Keyvan Mohajer sold 126,540 shares of SoundHound AI stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $7.46, for a total transaction of $943,988.40. Following the sale, the chief executive officer directly owned 1,947,237 shares of the company’s stock, valued at approximately $14,526,388.02. The trade was a 6.10% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CTO Timothy Stonehocker sold 18,802 shares of the company’s stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of $7.46, for a total value of $140,262.92. Following the completion of the sale, the chief technology officer owned 502,290 shares in the company, valued at approximately $3,747,083.40. This represents a 3.61% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last three months, insiders have sold 268,022 shares of company stock valued at $1,999,444. Corporate insiders own 8.84% of the company’s stock.

Institutional Trading of SoundHound AI

Several institutional investors have recently bought and sold shares of SOUN. Hollencrest Capital Management raised its stake in SoundHound AI by 197.5% during the first quarter. Hollencrest Capital Management now owns 3,615 shares of the company’s stock worth $25,000 after acquiring an additional 2,400 shares in the last quarter. Northwestern Mutual Wealth Management Co. lifted its holdings in shares of SoundHound AI by 83.1% during the second quarter. Northwestern Mutual Wealth Management Co. now owns 2,336 shares of the company’s stock valued at $25,000 after acquiring an additional 1,060 shares during the period. Dogwood Wealth Management LLC boosted its stake in shares of SoundHound AI by 152.1% in the 4th quarter. Dogwood Wealth Management LLC now owns 2,559 shares of the company’s stock valued at $26,000 after purchasing an additional 1,544 shares in the last quarter. Danske Bank A S acquired a new stake in shares of SoundHound AI in the 3rd quarter valued at $26,000. Finally, SHP Wealth Management bought a new stake in shares of SoundHound AI in the 4th quarter worth about $27,000. Institutional investors and hedge funds own 19.28% of the company’s stock.

About SoundHound AI

SoundHound AI, Inc is a voice AI and conversational intelligence company specializing in speech recognition, natural language understanding and sound identification technologies. Founded in 2005 and headquartered in Santa Clara, California, the company initially gained recognition with its music discovery app before pivoting to enterprise-grade voice AI solutions. Over the years, SoundHound AI has built a comprehensive platform that enables developers and businesses to embed conversational intelligence into a wide range of products and services.

The company’s core offering is the Houndify voice AI platform, which provides customizable speech-to-meaning technology, domain-specific natural language understanding and text-to-speech capabilities.