SoundHound AI (NASDAQ:SOUN) Stock Price Down 5.5% – Here’s What Happened

SoundHound AI, Inc. (NASDAQ:SOUN) traded down 5.5% on Thursday . The company traded as low as $7.96 and last traded at $8.35. 8,758,339 shares traded hands during mid-day trading, a decline of 77% from the average session volume of 37,969,294 shares. The stock had previously closed at $8.83.

Wall Street Analyst Weigh In

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

SoundHound AI Trading Up 1.0 %

The stock has a market capitalization of $3.30 billion, a price-to-earnings ratio of -23.00 and a beta of 2.73. The company has a current ratio of 2.58, a quick ratio of 2.58 and a debt-to-equity ratio of 0.13. The company has a fifty day moving average of $10.14 and a two-hundred day moving average of $10.80.

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

Insider Buying and Selling at SoundHound AI

In related news, insider James Ming Hom sold 51,196 shares of the business’s stock in a transaction 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 transaction, the insider now owns 638,456 shares of the company’s stock, valued at approximately $6,544,174. The trade was a 7.42 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CTO Timothy Stonehocker sold 27,714 shares of the stock in a transaction on Thursday, March 20th. The shares were sold at an average price of $9.90, for a total transaction of $274,368.60. Following the completion of the sale, the chief technology officer now directly owns 768,867 shares of the company’s stock, valued at approximately $7,611,783.30. This trade represents a 3.48 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 500,565 shares of company stock worth $4,999,726 over the last ninety days. Company insiders own 12.28% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Blue Trust Inc. grew its position in SoundHound AI by 197.6% during the fourth quarter. Blue Trust Inc. now owns 1,250 shares of the company’s stock worth $25,000 after buying an additional 830 shares in the last quarter. Sound Income Strategies LLC raised its holdings in SoundHound AI by 2,542.0% in the 4th quarter. Sound Income Strategies LLC now owns 1,321 shares of the company’s stock valued at $26,000 after acquiring an additional 1,271 shares in the last quarter. Orion Capital Management LLC bought a new stake in shares of SoundHound AI in the 4th quarter worth approximately $30,000. Future Financial Wealth Managment LLC acquired a new stake in shares of SoundHound AI during the 4th quarter worth approximately $40,000. Finally, Compagnie Lombard Odier SCmA bought a new stake in shares of SoundHound AI during the fourth quarter valued at approximately $40,000. 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.