SoundHound AI (NASDAQ:SOUN) Trading Down 2.7% – What’s Next?

SoundHound AI, Inc. (NASDAQ:SOUN) shares were down 2.7% during mid-day trading on Monday . The company traded as low as $10.07 and last traded at $10.06. Approximately 10,183,469 shares changed hands during trading, a decline of 75% from the average daily volume of 40,032,597 shares. The stock had previously closed at $10.34.

Wall Street Analysts Forecast Growth

SOUN has been the subject of several research reports. Cantor Fitzgerald upgraded shares of SoundHound AI to a “hold” rating in a research report on Monday, February 24th. HC Wainwright reaffirmed a “buy” rating and issued a $26.00 target price on shares of SoundHound AI in a report on Monday, March 3rd. Northland Securities raised their price target on SoundHound AI from $6.00 to $8.00 and gave the stock a “market perform” rating in a report on Tuesday, January 14th. DA Davidson upped their price objective on SoundHound AI from $9.50 to $13.00 and gave the company a “buy” rating in a research note on Friday, February 28th. Finally, Wedbush increased their price objective on SoundHound AI from $10.00 to $22.00 and gave the stock an “outperform” rating in a research report on Monday, December 16th. Four equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $12.86.

SoundHound AI Stock Performance

The stock’s 50-day moving average is $12.48 and its 200 day moving average is $10.33. The stock has a market cap of $3.76 billion, a price-to-earnings ratio of -26.58 and a beta of 2.62. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.58 and a quick ratio of 2.58.

SoundHound AI (NASDAQ:SOUN) last posted its quarterly earnings results on Thursday, February 27th. The company reported ($0.69) EPS for the quarter, missing the consensus estimate of ($0.11) by ($0.58). SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. The business had revenue of $34.54 million during the quarter, compared to analyst estimates of $33.70 million. As a group, analysts predict that SoundHound AI, Inc. will post -0.38 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other SoundHound AI news, CEO Keyvan Mohajer sold 121,194 shares of the stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $20.30, for a total value of $2,460,238.20. Following the completion of the transaction, the chief executive officer now directly owns 2,177,954 shares of the company’s stock, valued at approximately $44,212,466.20. This trade represents a 5.27 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Lawrence Marcus sold 20,000 shares of the business’s stock in a transaction that occurred on Monday, December 23rd. The stock was sold at an average price of $20.47, for a total value of $409,400.00. Following the sale, the director now directly owns 108,117 shares in the company, valued at $2,213,154.99. This trade represents a 15.61 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 524,676 shares of company stock worth $10,638,694. Corporate insiders own 12.28% of the company’s stock.

Hedge Funds Weigh In On SoundHound AI

Several hedge funds have recently bought and sold shares of the company. Victory Capital Management Inc. grew its holdings in SoundHound AI by 230.9% in the third quarter. Victory Capital Management Inc. now owns 120,812 shares of the company’s stock valued at $563,000 after purchasing an additional 84,301 shares during the last quarter. Oppenheimer & Co. Inc. boosted its position in shares of SoundHound AI by 11.0% in the 3rd quarter. Oppenheimer & Co. Inc. now owns 19,000 shares of the company’s stock worth $89,000 after buying an additional 1,887 shares in the last quarter. Briaud Financial Planning Inc acquired a new stake in SoundHound AI in the 3rd quarter valued at about $92,000. Intech Investment Management LLC purchased a new position in SoundHound AI during the 3rd quarter valued at about $305,000. Finally, Charles Schwab Investment Management Inc. raised its position in SoundHound AI by 7.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,582,206 shares of the company’s stock worth $12,033,000 after acquiring an additional 189,109 shares during the last quarter. 19.28% of the stock is owned by hedge funds and other institutional investors.

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.