SoundHound AI (NASDAQ:SOUN) Trading Down 0.7%

SoundHound AI, Inc. (NASDAQ:SOUN) shares dropped 0.7% during trading on Wednesday . The stock traded as low as $3.98 and last traded at $4.03. Approximately 5,556,891 shares were traded during mid-day trading, a decline of 90% from the average daily volume of 54,496,023 shares. The stock had previously closed at $4.06.

Analyst Ratings Changes

SOUN has been the subject of several recent analyst reports. LADENBURG THALM/SH SH initiated coverage on SoundHound AI in a report on Tuesday, January 30th. They issued a “buy” rating and a $4.00 price target for the company. Northland Securities reissued a “market perform” rating on shares of SoundHound AI in a report on Wednesday, February 28th. Wedbush raised their price target on SoundHound AI from $5.00 to $9.00 and gave the company an “outperform” rating in a report on Friday, March 1st. Cantor Fitzgerald raised SoundHound AI from an “underweight” rating to a “neutral” rating and set a $4.90 price target for the company in a report on Thursday, April 11th. Finally, HC Wainwright raised their price target on SoundHound AI from $5.00 to $7.00 and gave the company a “buy” rating in a report on Monday, March 4th. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, SoundHound AI has a consensus rating of “Moderate Buy” and an average price target of $6.88.

SoundHound AI Stock Performance

The firm has a fifty day moving average of $5.26 and a 200-day moving average of $3.11. The stock has a market capitalization of $1.22 billion, a price-to-earnings ratio of -10.33 and a beta of 2.75. The company has a quick ratio of 4.69, a current 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) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.05) by ($0.01). The firm had revenue of $17.10 million for 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 for the quarter was up 80.0% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.15) earnings per share. As a group, sell-side analysts anticipate that SoundHound AI, Inc. will post -0.3 EPS for the current year.

Insider Transactions at SoundHound AI

In other news, CEO Keyvan Mohajer sold 31,665 shares of the business’s stock in a transaction on Friday, March 22nd. The stock was sold at an average price of $6.08, for a total value of $192,523.20. Following the completion of the transaction, the chief executive officer now directly owns 1,137,831 shares of the company’s stock, valued at $6,918,012.48. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, Director Lawrence Marcus sold 50,000 shares of the business’s stock in a transaction on Tuesday, March 12th. The stock was sold at an average price of $7.00, for a total value of $350,000.00. Following the completion of the transaction, the director now directly owns 333,117 shares of the company’s stock, valued at $2,331,819. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Keyvan Mohajer sold 31,665 shares of the business’s stock in a transaction on Friday, March 22nd. The stock was sold at an average price of $6.08, for a total value of $192,523.20. Following the completion of the transaction, the chief executive officer now directly owns 1,137,831 shares of the company’s stock, valued at $6,918,012.48. The disclosure for this sale can be found here. Insiders sold a total of 410,714 shares of company stock valued at $2,598,723 over the last three months. 21.30% of the stock is currently owned by insiders.

Institutional Investors Weigh In On SoundHound AI

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Wealthcare Advisory Partners LLC purchased a new stake in shares of SoundHound AI in the first quarter valued at $85,000. Sovereign Financial Group Inc. purchased a new stake in shares of SoundHound AI in the first quarter valued at $163,000. Global Assets Advisory LLC purchased a new stake in shares of SoundHound AI in the first quarter valued at $819,000. Ballew Advisors Inc purchased a new stake in shares of SoundHound AI in the first quarter valued at $59,000. Finally, HighPoint Advisor Group LLC purchased a new stake in shares of SoundHound AI in the fourth quarter valued at $37,000. 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.