SoundHound AI (NASDAQ:SOUN) Trading Down 2.5%

SoundHound AI, Inc. (NASDAQ:SOUN)’s stock price traded down 2.5% during mid-day trading on Friday . The company traded as low as $4.34 and last traded at $4.37. 4,399,081 shares traded hands during mid-day trading, a decline of 88% from the average session volume of 37,701,352 shares. The stock had previously closed at $4.48.

Analysts Set New Price Targets

SOUN has been the subject of a number of research analyst reports. HC Wainwright reissued a “buy” rating and set a $7.00 target price on shares of SoundHound AI in a research report on Monday, August 12th. Wedbush reissued an “outperform” rating and set a $9.00 price objective on shares of SoundHound AI in a research report on Friday, August 9th. Northland Securities raised their target price on SoundHound AI from $5.50 to $6.00 and gave the company a “market perform” rating in a report on Friday, August 9th. Finally, Cantor Fitzgerald upgraded SoundHound AI from a “neutral” rating to an “overweight” rating and upped their price target for the stock from $5.00 to $7.00 in a report on Friday, August 9th. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, SoundHound AI presently has an average rating of “Moderate Buy” and a consensus target price of $7.08.

SoundHound AI Stock Down 2.2 %

The business has a 50-day moving average of $4.81 and a two-hundred day moving average of $5.02. The firm has a market capitalization of $1.44 billion, a price-to-earnings ratio of -11.50 and a beta of 2.77.

SoundHound AI (NASDAQ:SOUN) last released its quarterly earnings data on Thursday, August 8th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.02). SoundHound AI had a negative net margin of 195.65% and a negative return on equity of 93.28%. The firm had revenue of $13.46 million for the quarter, compared to the consensus estimate of $13.09 million. During the same quarter in the prior year, the firm posted ($0.10) earnings per share. The business’s revenue for the quarter was up 53.8% on a year-over-year basis. Equities analysts predict that SoundHound AI, Inc. will post -0.36 EPS for the current fiscal year.

Insider Transactions at SoundHound AI

In other SoundHound AI news, insider James Ming Hom sold 16,716 shares of the firm’s stock in a transaction dated Thursday, June 20th. The shares were sold at an average price of $4.04, for a total transaction of $67,532.64. Following the completion of the transaction, the insider now owns 486,989 shares in the company, valued at $1,967,435.56. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other SoundHound AI news, insider James Ming Hom sold 16,716 shares of the stock in a transaction on Thursday, June 20th. The stock was sold at an average price of $4.04, for a total transaction of $67,532.64. Following the completion of the transaction, the insider now directly owns 486,989 shares in the company, valued at $1,967,435.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Lawrence Marcus sold 50,000 shares of the business’s stock in a transaction on Tuesday, August 20th. The shares were sold at an average price of $5.02, for a total transaction of $251,000.00. Following the completion of the sale, the director now owns 74,038 shares in the company, valued at approximately $371,670.76. The disclosure for this sale can be found here. In the last three months, insiders sold 571,728 shares of company stock valued at $2,742,476. Company insiders own 21.30% of the company’s stock.

Institutional Trading of SoundHound AI

Large investors have recently added to or reduced their stakes in the company. Zurcher Kantonalbank Zurich Cantonalbank grew its position in SoundHound AI by 102.1% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 45,840 shares of the company’s stock worth $97,000 after acquiring an additional 23,163 shares during the last quarter. Swiss National Bank increased its stake in shares of SoundHound AI by 13.9% in the fourth quarter. Swiss National Bank now owns 400,500 shares of the company’s stock valued at $849,000 after buying an additional 49,000 shares in the last quarter. Versor Investments LP bought a new position in shares of SoundHound AI in the fourth quarter valued at about $128,000. Independent Advisor Alliance acquired a new position in SoundHound AI during the 4th quarter worth about $28,000. Finally, Soviero Asset Management LP bought a new stake in SoundHound AI during the 4th quarter worth about $106,000. 19.28% of the stock is owned by 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.