SoundHound AI (NASDAQ:SOUN) Stock Price Down 2%

SoundHound AI, Inc. (NASDAQ:SOUN)’s share price was down 2% during trading on Tuesday . The stock traded as low as $3.71 and last traded at $3.89. Approximately 9,704,886 shares traded hands during trading, a decline of 82% from the average daily volume of 54,981,418 shares. The stock had previously closed at $3.97.

Wall Street Analyst Weigh In

Several analysts recently commented on SOUN shares. DA Davidson raised their target price on SoundHound AI from $7.50 to $9.50 and gave the stock a “buy” rating in a report on Friday, March 15th. Cantor Fitzgerald raised SoundHound AI from an “underweight” rating to a “neutral” rating and set a $4.90 price objective on the stock in a report on Thursday, April 11th. HC Wainwright raised their price objective on SoundHound AI from $5.00 to $7.00 and gave the company a “buy” rating in a report on Monday, March 4th. Wedbush raised their price objective on SoundHound AI from $5.00 to $9.00 and gave the company an “outperform” rating in a report on Friday, March 1st. Finally, LADENBURG THALM/SH SH began coverage on SoundHound AI in a report on Tuesday, January 30th. They issued a “buy” rating and a $4.00 price objective on the stock. Two analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, SoundHound AI has a consensus rating of “Moderate Buy” and a consensus price target of $6.88.

SoundHound AI Price Performance

The company has a debt-to-equity ratio of 6.03, a current ratio of 4.69 and a quick ratio of 4.69. The stock has a 50 day moving average price of $5.21 and a 200-day moving average price of $3.10. The stock has a market capitalization of $1.27 billion, a price-to-earnings ratio of -9.97 and a beta of 2.75.

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

Insider Activity

In related news, CTO Timothy Stonehocker sold 5,276 shares of the stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $7.70, for a total value of $40,625.20. Following the completion of the sale, the chief technology officer now owns 982,584 shares of the company’s stock, valued at $7,565,896.80. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, CTO Timothy Stonehocker sold 5,276 shares of the stock in a transaction that occurred 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 completion of the sale, the chief technology officer now owns 982,584 shares of the company’s stock, valued at approximately $7,565,896.80. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Nitesh Sharan sold 23,212 shares of the 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 transaction, the chief financial officer now owns 751,017 shares of the company’s stock, valued at $6,286,012.29. The disclosure for this sale can be found here. Insiders sold 410,714 shares of company stock worth $2,598,723 over the last ninety days. Corporate insiders own 21.30% of the company’s stock.

Institutional Trading of SoundHound AI

Institutional investors and hedge funds have recently bought and sold shares of the stock. Good Life Advisors LLC acquired a new stake in shares of SoundHound AI during the fourth quarter valued at about $174,000. Raymond James & Associates raised its position in SoundHound AI by 221.1% in the third quarter. Raymond James & Associates now owns 982,948 shares of the company’s stock valued at $1,976,000 after purchasing an additional 676,799 shares during the period. Quadrature Capital Ltd acquired a new position in SoundHound AI during the third quarter worth $457,000. Vanguard Group Inc. boosted its position in shares of SoundHound AI by 18.6% during the third quarter. Vanguard Group Inc. now owns 13,166,989 shares of the company’s stock worth $26,466,000 after buying an additional 2,064,340 shares during the period. Finally, Victory Capital Management Inc. grew its stake 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 buying an additional 6,717 shares in the last quarter. 19.28% of the stock is currently owned by hedge funds and other institutional investors.

About SoundHound AI

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.