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

SoundHound AI, Inc. (NASDAQ:SOUN) shares dropped 3.2% during trading on Tuesday . The company traded as low as $7.43 and last traded at $7.52. Approximately 16,630,906 shares changed hands during mid-day trading, a decline of 51% from the average daily volume of 34,011,348 shares. The stock had previously closed at $7.77.

Analysts Set New Price Targets

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

SoundHound AI Trading Down 2.7 %

The firm’s 50-day moving average price is $5.12 and its 200 day moving average price is $4.89. The company has a market capitalization of $2.71 billion, a price-to-earnings ratio of -18.82 and a beta of 2.71.

Insider Activity

In related news, CFO Nitesh Sharan sold 39,728 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 transaction of $193,872.64. Following the completion of the transaction, the chief financial officer now directly owns 1,560,411 shares in the company, valued at $7,614,805.68. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, Director Lawrence Marcus sold 50,000 shares of the stock in a transaction on Tuesday, August 20th. The shares were sold at an average price of $5.02, for a total transaction of $251,000.00. Following the transaction, the director now directly owns 74,038 shares of the company’s stock, valued at $371,670.76. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Nitesh Sharan sold 39,728 shares of the stock in a transaction on Friday, September 20th. The stock was sold at an average price of $4.88, for a total transaction of $193,872.64. Following the transaction, the chief financial officer now directly owns 1,560,411 shares in the company, valued at approximately $7,614,805.68. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 327,275 shares of company stock worth $1,606,644. 12.28% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Carnegie Investment Counsel bought a new position in SoundHound AI during the third quarter worth $4,193,000. Vanguard Group Inc. lifted its stake in shares of SoundHound AI by 16.1% in the first quarter. Vanguard Group Inc. now owns 16,070,453 shares of the company’s stock valued at $94,655,000 after buying an additional 2,226,471 shares in the last quarter. International Assets Investment Management LLC lifted its stake in shares of SoundHound AI by 914.6% in the third quarter. International Assets Investment Management LLC now owns 80,152 shares of the company’s stock valued at $374,000 after buying an additional 72,252 shares in the last quarter. Bank of New York Mellon Corp lifted its stake in shares of SoundHound AI by 92.7% in the second quarter. Bank of New York Mellon Corp now owns 997,543 shares of the company’s stock valued at $3,940,000 after buying an additional 479,912 shares in the last quarter. Finally, SG Americas Securities LLC lifted its stake in shares of SoundHound AI by 1,039.3% in the second quarter. SG Americas Securities LLC now owns 213,775 shares of the company’s stock valued at $844,000 after buying an additional 195,011 shares in the last quarter. 19.28% of the stock is 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.