SoundHound AI (NASDAQ:SOUN) Stock Price Down 3.2% – Here’s What Happened

SoundHound AI, Inc. (NASDAQ:SOUN)’s stock price traded down 3.2% during trading on Wednesday . The company traded as low as $5.01 and last traded at $5.10. 7,280,470 shares changed hands during mid-day trading, a decline of 79% from the average session volume of 34,092,508 shares. The stock had previously closed at $5.27.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on SOUN. Cantor Fitzgerald raised shares of SoundHound AI from a “neutral” rating to an “overweight” rating and lifted their price target for the stock from $5.00 to $7.00 in a research note on Friday, August 9th. Wedbush reaffirmed an “outperform” rating and set a $9.00 price target on shares of SoundHound AI in a research note on Thursday, September 26th. HC Wainwright reaffirmed a “buy” rating and set a $7.00 price target on shares of SoundHound AI in a research note on Wednesday, September 18th. DA Davidson reaffirmed a “buy” rating and set a $9.50 price target on shares of SoundHound AI in a research note on Monday, September 30th. Finally, Northland Securities lifted 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. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $7.08.

SoundHound AI Trading Down 1.9 %

The company has a market capitalization of $1.71 billion, a PE ratio of -13.84 and a beta of 2.73. The firm’s 50-day simple moving average is $4.89 and its 200-day simple moving average is $4.74.

SoundHound AI (NASDAQ:SOUN) last released its quarterly earnings data on Thursday, August 8th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.09) by ($0.02). SoundHound AI had a negative net margin of 195.65% and a negative return on equity of 93.28%. The company had revenue of $13.46 million during the quarter, compared to analysts’ expectations of $13.09 million. During the same period last year, the firm earned ($0.10) earnings per share. SoundHound AI’s quarterly revenue was up 53.8% on a year-over-year basis. As a group, analysts anticipate that SoundHound AI, Inc. will post -0.36 EPS for the current year.

Insider Transactions at SoundHound AI

In other news, insider James Ming Hom sold 21,024 shares of the company’s stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $4.88, for a total value of $102,597.12. Following the completion of the sale, the insider now owns 865,965 shares of the company’s stock, valued at approximately $4,225,909.20. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, CTO Timothy Stonehocker sold 20,337 shares of the stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $4.88, for a total transaction of $99,244.56. Following the completion of the sale, the chief technology officer now owns 1,039,194 shares of the company’s stock, valued at $5,071,266.72. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider James Ming Hom sold 21,024 shares of the stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $4.88, for a total transaction of $102,597.12. Following the sale, the insider now directly owns 865,965 shares of the company’s stock, valued at $4,225,909.20. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 327,275 shares of company stock valued at $1,606,644. Company insiders own 21.30% of the company’s stock.

Institutional Investors Weigh In On SoundHound AI

A number of hedge funds and other institutional investors have recently bought and sold shares of the company. Ameritas Investment Partners Inc. lifted its position in SoundHound AI by 17.3% during the first quarter. Ameritas Investment Partners Inc. now owns 13,561 shares of the company’s stock valued at $80,000 after acquiring an additional 2,000 shares during the last quarter. Genesee Capital Advisors LLC raised its holdings in shares of SoundHound AI by 11.4% in the second quarter. Genesee Capital Advisors LLC now owns 19,468 shares of the company’s stock worth $77,000 after buying an additional 2,000 shares during the last quarter. Signaturefd LLC raised its holdings in shares of SoundHound AI by 19.5% in the third quarter. Signaturefd LLC now owns 12,255 shares of the company’s stock worth $57,000 after buying an additional 2,000 shares during the last quarter. Newbridge Financial Services Group Inc. raised its holdings in shares of SoundHound AI by 24.7% in the second quarter. Newbridge Financial Services Group Inc. now owns 11,720 shares of the company’s stock worth $46,000 after buying an additional 2,320 shares during the last quarter. Finally, Sequoia Financial Advisors LLC raised its holdings in shares of SoundHound AI by 13.7% in the second quarter. Sequoia Financial Advisors LLC now owns 20,683 shares of the company’s stock worth $82,000 after buying an additional 2,500 shares during 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.