SoundHound AI (NASDAQ:SOUN) Sets New 12-Month Low – Here’s What Happened

SoundHound AI, Inc. (NASDAQ:SOUN) hit a new 52-week low during mid-day trading on Friday. The stock traded as low as $4.15 and last traded at $4.2280, with a volume of 2,056,684 shares changing hands. The stock had previously closed at $4.36.

Analyst Upgrades and Downgrades

SOUN has been the topic of a number of research reports. DA Davidson decreased their price target on shares of SoundHound AI from $12.00 to $10.00 and set a “buy” rating on the stock in a research note on Thursday, August 6th. Piper Sandler reduced their price objective on shares of SoundHound AI from $7.00 to $6.00 and set a “neutral” rating on the stock in a report on Tuesday, September 22nd. Wall Street Zen raised shares of SoundHound AI from a “strong sell” rating to a “sell” rating in a research report on Saturday, October 24th. Yorkville Ives assumed coverage on shares of SoundHound AI in a report on Monday, October 5th. They issued an “in-line” rating and a $6.50 target price on the stock. Finally, Weiss Ratings raised shares of SoundHound AI from a “sell (e+)” rating to a “sell (d-)” rating in a report on Thursday, October 15th. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, SoundHound AI presently has a consensus rating of “Moderate Buy” and an average price target of $11.50.

SoundHound AI Stock Down 4.2%

The company has a 50 day simple moving average of $5.85 and a 200-day simple moving average of $7.24. The stock has a market cap of $1.85 billion, a price-to-earnings ratio of -11.04 and a beta of 2.73.

SoundHound AI (NASDAQ:SOUN) last posted its earnings results on Wednesday, August 5th. The company reported ($0.02) EPS for the quarter, topping the consensus estimate of ($0.13) by $0.11. The firm had revenue of $61.90 million during the quarter, compared to analysts’ expectations of $52.38 million. SoundHound AI had a negative net margin of 67.45% and a negative return on equity of 30.22%. SoundHound AI’s quarterly revenue was up 45.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.19) EPS. On average, equities research analysts expect that SoundHound AI, Inc. will post -0.39 EPS for the current fiscal year.

Insider Activity

In other SoundHound AI news, insider James Hom sold 38,730 shares of the firm’s stock in a transaction that occurred on Tuesday, September 15th. The stock was sold at an average price of $6.33, for a total value of $245,160.90. Following the sale, the insider owned 1,105,555 shares of the company’s stock, valued at $6,998,163.15. This trade represents a 3.38% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, SVP Majid Emami sold 38,730 shares of the business’s stock in a transaction that occurred on Tuesday, September 15th. The shares were sold at an average price of $6.33, for a total value of $245,160.90. Following the sale, the senior vice president owned 834,253 shares in the company, valued at approximately $5,280,821.49. This represents a 4.44% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 288,758 shares of company stock valued at $1,828,598 over the last three months. Corporate insiders own 8.84% of the company’s stock.

Institutional Trading of SoundHound AI

Hedge funds and other institutional investors have recently modified their holdings of the company. Swiss National Bank boosted its holdings in shares of SoundHound AI by 3.7% in the 1st quarter. Swiss National Bank now owns 767,100 shares of the company’s stock valued at $5,270,000 after buying an additional 27,300 shares during the last quarter. California State Teachers Retirement System boosted its position in SoundHound AI by 25.0% in the first quarter. California State Teachers Retirement System now owns 440,023 shares of the company’s stock valued at $3,023,000 after buying an additional 87,998 shares in the last quarter. AXQ Capital LP grew its holdings in SoundHound AI by 395.6% during the 2nd quarter. AXQ Capital LP now owns 254,744 shares of the company’s stock worth $1,648,000 after acquiring an additional 203,345 shares during the last quarter. SG Americas Securities LLC acquired a new stake in SoundHound AI during the 1st quarter valued at approximately $1,606,000. Finally, Themes Management Co LLC raised its position in shares of SoundHound AI by 86.5% in the 1st quarter. Themes Management Co LLC now owns 191,444 shares of the company’s stock worth $1,315,000 after acquiring an additional 88,820 shares in the last quarter. Institutional investors and hedge funds own 19.28% of the company’s stock.

SoundHound AI Company Profile

SoundHound AI, Inc develops voice artificial intelligence and conversational intelligence technologies. Its platform is designed to enable people to interact with devices, applications and services using natural language, with capabilities including speech recognition, language understanding and conversational response generation.

The company’s offerings include the Houndify platform, which businesses can use to create branded voice assistants and conversational interfaces. SoundHound AI also provides voice-enabled solutions for industries such as automotive, restaurants and customer service, allowing users to access information, control functions, place orders and engage with businesses through voice interactions.