SoundHound AI (NASDAQ:SOUN) Trading Down 3.6% – Here’s What Happened

SoundHound AI, Inc. (NASDAQ:SOUN) dropped 3.6% during trading on Tuesday . The company traded as low as $8.60 and last traded at $8.63. Approximately 13,990,417 shares changed hands during trading, a decline of 60% from the average daily volume of 35,332,191 shares. The stock had previously closed at $8.95.

Wall Street Analyst Weigh In

Several research firms recently weighed in on SOUN. Wedbush restated an “outperform” rating and set a $9.00 price target on shares of SoundHound AI in a research report on Thursday, September 26th. Northland Securities raised their price target on shares of SoundHound AI from $5.50 to $6.00 and gave the stock a “market perform” rating in a research note on Friday, August 9th. Barclays reiterated a “neutral” rating and issued a $7.00 price objective on shares of SoundHound AI in a research note on Wednesday, November 13th. HC Wainwright raised their target price on SoundHound AI from $7.00 to $8.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. Finally, Cantor Fitzgerald raised SoundHound AI from a “neutral” rating to an “overweight” rating and upped their price target for the company from $5.00 to $7.00 in a research report on Friday, August 9th. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $7.64.

SoundHound AI Stock Down 3.6 %

The stock has a fifty day simple moving average of $5.84 and a two-hundred day simple moving average of $5.13. The firm has a market cap of $3.19 billion, a PE ratio of -23.97 and a beta of 3.03. The company has a current ratio of 2.58, a quick ratio of 2.58 and a debt-to-equity ratio of 0.13.

SoundHound AI (NASDAQ:SOUN) last announced its quarterly earnings results on Tuesday, November 12th. The company reported ($0.06) EPS for the quarter, beating the consensus estimate of ($0.07) by $0.01. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. The firm had revenue of $25.10 million during the quarter, compared to the consensus estimate of $23.02 million. During the same period last year, the firm earned ($0.09) EPS. The business’s quarterly revenue was up 88.7% compared to the same quarter last year. As a group, sell-side analysts expect that SoundHound AI, Inc. will post -0.38 EPS for the current fiscal year.

Insider Activity

In related news, CEO Keyvan Mohajer sold 90,641 shares of the business’s stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $4.88, for a total value of $442,328.08. Following the completion of the sale, the chief executive officer now owns 2,362,692 shares in the company, valued at $11,529,936.96. The trade was a 3.69 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CTO Timothy Stonehocker sold 20,337 shares of SoundHound AI stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $4.88, for a total transaction of $99,244.56. Following the transaction, the chief technology officer now directly owns 1,039,194 shares in the company, valued at $5,071,266.72. This trade represents a 1.92 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 337,275 shares of company stock worth $1,811,044. 12.28% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of the stock. Oppenheimer & Co. Inc. grew its holdings in 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 acquiring an additional 1,887 shares during the last quarter. Integrated Wealth Concepts LLC lifted its holdings in SoundHound AI by 13.0% in the third quarter. Integrated Wealth Concepts LLC now owns 17,150 shares of the company’s stock worth $80,000 after buying an additional 1,975 shares during the period. Genesee Capital Advisors LLC boosted its position in SoundHound AI by 11.4% during the 2nd quarter. Genesee Capital Advisors LLC now owns 19,468 shares of the company’s stock valued at $77,000 after acquiring an additional 2,000 shares in the last quarter. Signaturefd LLC grew its holdings in shares of SoundHound AI by 19.5% during the 3rd quarter. Signaturefd LLC now owns 12,255 shares of the company’s stock worth $57,000 after acquiring an additional 2,000 shares during the period. Finally, Newbridge Financial Services Group Inc. raised its position in shares of SoundHound AI by 24.7% in the 2nd quarter. Newbridge Financial Services Group Inc. now owns 11,720 shares of the company’s stock worth $46,000 after acquiring an additional 2,320 shares in the last quarter. Hedge funds and other institutional investors own 19.28% of the company’s stock.

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.