SoundHound AI (NASDAQ:SOUN) Trading Down 2.3%

SoundHound AI, Inc. (NASDAQ:SOUN)’s share price dropped 2.3% during mid-day trading on Monday . The company traded as low as $4.72 and last traded at $4.74. Approximately 2,894,058 shares changed hands during trading, a decline of 92% from the average daily volume of 36,767,289 shares. The stock had previously closed at $4.85.

Wall Street Analysts Forecast Growth

SOUN has been the topic of a number of analyst reports. Cantor Fitzgerald upgraded SoundHound AI from a “neutral” rating to an “overweight” rating and lifted their price objective for the stock from $5.00 to $7.00 in a research report on Friday, August 9th. Wedbush reissued an “outperform” rating and issued a $9.00 target price on shares of SoundHound AI in a research report on Friday, August 9th. Northland Securities lifted their price objective on shares of SoundHound AI from $5.50 to $6.00 and gave the company a “market perform” rating in a report on Friday, August 9th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $7.00 target price on shares of SoundHound AI in a report on Monday, August 12th. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, SoundHound AI currently has a consensus rating of “Moderate Buy” and an average target price of $7.08.

SoundHound AI Stock Down 1.4 %

The business’s fifty day moving average price is $4.90 and its 200 day moving average price is $5.01. The firm has a market capitalization of $1.57 billion, a PE ratio of -12.47 and a beta of 2.74.

SoundHound AI (NASDAQ:SOUN) last announced its quarterly earnings results on Thursday, August 8th. The company reported ($0.11) EPS for the quarter, missing the consensus estimate of ($0.09) by ($0.02). SoundHound AI had a negative return on equity of 93.28% and a negative net margin of 195.65%. The firm had revenue of $13.46 million for the quarter, compared to analyst estimates of $13.09 million. During the same quarter in the prior year, the company earned ($0.10) earnings per share. The business’s revenue was up 53.8% compared to the same quarter last year. As a group, sell-side analysts forecast that SoundHound AI, Inc. will post -0.36 earnings per share for the current fiscal year.

Insider Activity

In other news, CTO Timothy Stonehocker sold 208,000 shares of SoundHound AI stock in a transaction dated Thursday, July 11th. The shares were sold at an average price of $5.75, for a total value of $1,196,000.00. Following the completion of the transaction, the chief technology officer now directly owns 659,531 shares of the company’s stock, valued at approximately $3,792,303.25. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, CFO Nitesh Sharan sold 22,384 shares of SoundHound AI stock in a transaction on Thursday, June 20th. The stock was sold at an average price of $4.04, for a total value of $90,431.36. Following the transaction, the chief financial officer now directly owns 728,633 shares in the company, valued at approximately $2,943,677.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CTO Timothy Stonehocker sold 208,000 shares of the stock in a transaction dated Thursday, July 11th. The stock was sold at an average price of $5.75, for a total value of $1,196,000.00. Following the completion of the sale, the chief technology officer now directly owns 659,531 shares of the company’s stock, valued at $3,792,303.25. The disclosure for this sale can be found here. In the last three months, insiders sold 521,728 shares of company stock worth $2,501,976. 21.30% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Hexagon Capital Partners LLC bought a new stake in shares of SoundHound AI during the 1st quarter worth $29,000. DecisionPoint Financial LLC acquired a new stake in shares of SoundHound AI during the 1st quarter worth about $40,000. Kings Path Partners LLC bought a new position in SoundHound AI in the 2nd quarter valued at $28,000. International Assets Investment Management LLC bought a new position in shares of SoundHound AI in the second quarter worth about $31,000. Finally, Newbridge Financial Services Group Inc. acquired a new position in SoundHound AI during the 1st quarter worth $55,000. Institutional investors and hedge funds 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.