SoundHound AI (NASDAQ:SOUN) Shares Down 0.5% – Here’s What Happened

SoundHound AI, Inc. (NASDAQ:SOUN) shares traded down 0.5% during mid-day trading on Tuesday . The company traded as low as $7.80 and last traded at $8.08. 5,916,344 shares changed hands during mid-day trading, a decline of 87% from the average session volume of 46,193,543 shares. The stock had previously closed at $8.12.

Wall Street Analysts Forecast Growth

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

SoundHound AI Stock Down 0.3 %

The stock has a market capitalization of $3.23 billion, a price-to-earnings ratio of -22.45 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. The firm has a 50-day moving average of $11.68 and a 200 day moving average of $10.64.

SoundHound AI (NASDAQ:SOUN) last released its quarterly earnings data on Thursday, February 27th. The company reported ($0.69) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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, sell-side analysts forecast that SoundHound AI, Inc. will post -0.38 earnings per share for the current fiscal year.

Insider Buying and Selling

In other SoundHound AI news, insider James Ming Hom sold 51,196 shares of the stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $10.25, for a total transaction of $524,759.00. Following the completion of the sale, the insider now owns 638,456 shares of the company’s stock, valued at approximately $6,544,174. This represents a 7.42 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Diana Sroka sold 3,402 shares of the stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $10.08, for a total value of $34,292.16. Following the transaction, the director now owns 138,850 shares in the company, valued at $1,399,608. The trade was a 2.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 500,565 shares of company stock valued at $4,999,726 over the last 90 days. 12.28% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the stock. Wellington Management Group LLP bought a new stake in SoundHound AI in the 4th quarter valued at about $7,789,000. California State Teachers Retirement System increased its holdings in shares of SoundHound AI by 13.6% in the fourth quarter. California State Teachers Retirement System now owns 303,598 shares of the company’s stock worth $6,023,000 after buying an additional 36,422 shares during the period. Objective Capital Management LLC boosted its stake in shares of SoundHound AI by 25.0% during the fourth quarter. Objective Capital Management LLC now owns 25,000 shares of the company’s stock valued at $496,000 after purchasing an additional 5,000 shares during the period. Wealth Enhancement Advisory Services LLC grew its holdings in SoundHound AI by 171.0% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 69,831 shares of the company’s stock worth $1,385,000 after acquiring an additional 44,059 shares during the last quarter. Finally, B. Riley Wealth Advisors Inc. purchased a new position in SoundHound AI during the 4th quarter valued at about $544,000. 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.