SoundHound AI (NASDAQ:SOUN) Shares Down 6.1% – Here’s What Happened

Shares of SoundHound AI, Inc. (NASDAQ:SOUN) were down 6.1% on Monday . The stock traded as low as $12.70 and last traded at $13.23. Approximately 22,504,969 shares were traded during trading, a decline of 66% from the average daily volume of 65,407,559 shares. The stock had previously closed at $14.09.

Wall Street Analysts Forecast Growth

SOUN has been the topic of a number of research reports. Wedbush boosted their price objective 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 reissued a “buy” rating and issued a $26.00 price target on shares of SoundHound AI in a research report on Monday. LADENBURG THALM/SH SH reiterated a “neutral” rating and issued a $7.00 price objective on shares of SoundHound AI in a research note on Wednesday, November 13th. Barclays reissued a “neutral” rating and set a $7.00 target price on shares of SoundHound AI in a report on Wednesday, November 13th. Finally, DA Davidson reaffirmed a “buy” rating and issued a $9.50 price target on shares of SoundHound AI in a report on Monday, September 30th. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, SoundHound AI presently has an average rating of “Moderate Buy” and a consensus price target of $12.36.

SoundHound AI Trading Down 0.2 %

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 stock has a market cap of $4.73 billion, a P/E ratio of -35.53 and a beta of 2.63. The firm’s fifty day moving average price is $13.59 and its two-hundred day moving average price is $7.97.

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

Insider Buying and Selling at SoundHound AI

In other SoundHound AI news, Director Lawrence Marcus sold 30,000 shares of SoundHound AI stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $7.15, for a total transaction of $214,500.00. Following the completion of the sale, the director now owns 178,117 shares of the company’s stock, valued at $1,273,536.55. The trade was a 14.41 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, VP Majid Emami sold 94,067 shares of the company’s stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $9.05, for a total value of $851,306.35. Following the completion of the transaction, the vice president now owns 735,685 shares of the company’s stock, valued at $6,657,949.25. The trade was a 11.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 2,782,918 shares of company stock worth $45,391,343 over the last three months. 12.28% of the stock is owned by insiders.

Institutional Investors Weigh In On SoundHound AI

A number of hedge funds have recently made changes to their positions in the business. Future Financial Wealth Managment LLC purchased a new position in shares of SoundHound AI in the fourth quarter valued at about $40,000. ST Germain D J Co. Inc. lifted its stake in SoundHound AI by 33.2% in the fourth quarter. ST Germain D J Co. Inc. now owns 3,008 shares of the company’s stock worth $60,000 after acquiring an additional 750 shares during the period. NBC Securities Inc. boosted its holdings in SoundHound AI by 97.8% in the third quarter. NBC Securities Inc. now owns 7,720 shares of the company’s stock valued at $35,000 after acquiring an additional 3,818 shares in the last quarter. Farther Finance Advisors LLC increased its position in SoundHound AI by 298.5% during the 3rd quarter. Farther Finance Advisors LLC now owns 8,966 shares of the company’s stock valued at $42,000 after purchasing an additional 6,716 shares during the period. Finally, Amalgamated Bank raised its position in shares of SoundHound AI by 108.0% in the 2nd quarter. Amalgamated Bank now owns 9,819 shares of the company’s stock worth $39,000 after acquiring an additional 5,099 shares in the last quarter. 19.28% of the stock is currently 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.