SoundHound AI (NASDAQ:SOUN) Stock Price Down 1.7% – Here’s What Happened

SoundHound AI, Inc. (NASDAQ:SOUN)’s share price traded down 1.7% during trading on Friday . The company traded as low as $9.12 and last traded at $9.39. 11,211,946 shares were traded during mid-day trading, a decline of 74% from the average session volume of 42,382,463 shares. The stock had previously closed at $9.55.

Analysts Set New Price Targets

Several analysts recently weighed in on the company. LADENBURG THALM/SH SH restated a “neutral” rating and set a $7.00 price target on shares of SoundHound AI in a report on Wednesday, November 13th. DA Davidson raised their price target on SoundHound AI from $9.50 to $13.00 and gave the stock a “buy” rating in a research note on Friday, February 28th. 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. Cantor Fitzgerald upgraded shares of SoundHound AI to a “hold” rating in a report on Monday, February 24th. Finally, Wedbush lifted their price objective on shares of SoundHound AI from $10.00 to $22.00 and gave the company an “outperform” rating in a report on Monday, December 16th. Four investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average target price of $12.86.

SoundHound AI Trading Up 2.0 %

The stock’s 50 day moving average price is $14.00 and its 200-day moving average price is $10.08. The stock has a market capitalization of $3.83 billion, a P/E ratio of -27.06 and a beta of 2.62. The company has a quick ratio of 2.58, a current ratio of 2.58 and a debt-to-equity ratio of 0.13.

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 net margin of 163.58% and a negative return on equity of 55.58%. The company had revenue of $34.54 million for the quarter, compared to the consensus estimate of $33.70 million. As a group, equities research analysts expect that SoundHound AI, Inc. will post -0.38 earnings per share for the current year.

Insider Buying and Selling

In related news, CEO Keyvan Mohajer sold 465,394 shares of the company’s stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $15.04, for a total value of $6,999,525.76. Following the sale, the chief executive officer now owns 2,299,148 shares in the company, valued at $34,579,185.92. This represents a 16.83 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Majid Emami sold 298,086 shares of the stock in a transaction on Monday, December 9th. The stock was sold at an average price of $15.04, for a total transaction of $4,483,213.44. Following the completion of the sale, the vice president now owns 735,685 shares in the company, valued at $11,064,702.40. The trade was a 28.83 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,788,257 shares of company stock worth $31,895,182 in the last 90 days. 12.28% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Creative Planning purchased a new stake in shares of SoundHound AI in the third quarter worth about $91,000. Farther Finance Advisors LLC grew its position in shares of 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 acquiring an additional 6,716 shares during the period. Concurrent Investment Advisors LLC grew its position in shares of SoundHound AI by 16.8% during the 3rd quarter. Concurrent Investment Advisors LLC now owns 49,518 shares of the company’s stock valued at $231,000 after acquiring an additional 7,124 shares during the period. Objective Capital Management LLC purchased a new position in shares of SoundHound AI in the 3rd quarter valued at about $93,000. Finally, Sigma Planning Corp raised its holdings in SoundHound AI by 79.7% in the 3rd quarter. Sigma Planning Corp now owns 21,640 shares of the company’s stock worth $101,000 after purchasing an additional 9,600 shares during the period. 19.28% of the stock is currently owned by institutional investors and hedge funds.

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.