SoundHound AI (NASDAQ:SOUN) Trading Down 7.1% – What’s Next?

SoundHound AI, Inc. (NASDAQ:SOUN) shares were down 7.1% on Tuesday . The stock traded as low as $12.71 and last traded at $13.07. Approximately 25,338,579 shares changed hands during mid-day trading, a decline of 61% from the average daily volume of 64,823,898 shares. The stock had previously closed at $14.07.

Analyst Ratings Changes

SOUN has been the subject of several research analyst reports. HC Wainwright reaffirmed a “buy” rating and set a $26.00 target price on shares of SoundHound AI in a report on Monday, January 13th. Barclays reaffirmed a “neutral” rating and issued a $7.00 target price on shares of SoundHound AI in a research report on Wednesday, November 13th. Northland Securities lifted their price target on SoundHound AI from $6.00 to $8.00 and gave the stock a “market perform” rating in a report on Tuesday, January 14th. LADENBURG THALM/SH SH restated a “neutral” rating and issued a $7.00 price target on shares of SoundHound AI in a research note on Wednesday, November 13th. Finally, Wedbush increased their price objective on SoundHound AI from $10.00 to $22.00 and gave the stock an “outperform” rating in a research report on Monday, December 16th. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat.com, SoundHound AI currently has a consensus rating of “Moderate Buy” and an average price target of $12.36.

SoundHound AI Trading Up 0.1 %

The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.58 and a current ratio of 2.58. The company has a market capitalization of $5.18 billion, a price-to-earnings ratio of -38.89 and a beta of 2.63. The firm has a fifty day moving average price of $15.37 and a 200-day moving average price of $8.73.

SoundHound AI (NASDAQ:SOUN) last announced its quarterly earnings data on Tuesday, November 12th. The company reported ($0.06) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.01. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. The firm had revenue of $25.10 million for the quarter, compared to the consensus estimate of $23.02 million. During the same period in the prior year, the company posted ($0.09) earnings per share. The business’s revenue for the quarter was up 88.7% on a year-over-year basis. As a group, equities analysts anticipate that SoundHound AI, Inc. will post -0.38 EPS for the current year.

Insiders Place Their Bets

In related news, VP Majid Emami sold 37,459 shares of the company’s stock in a transaction on Friday, December 20th. The stock was sold at an average price of $20.30, for a total transaction of $760,417.70. Following the completion of the sale, the vice president now directly owns 698,226 shares in the company, valued at $14,173,987.80. This represents a 5.09 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Keyvan Mohajer sold 465,394 shares of the business’s stock in a transaction dated 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 transaction, the chief executive officer now directly owns 2,299,148 shares of the company’s stock, valued at approximately $34,579,185.92. The trade was a 16.83 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 2,782,918 shares of company stock worth $45,391,343 over the last three months. Insiders own 12.28% of the company’s stock.

Hedge Funds Weigh In On SoundHound AI

Several large investors have recently modified their holdings of the business. Blue Trust Inc. raised its holdings in SoundHound AI by 197.6% during the 4th quarter. Blue Trust Inc. now owns 1,250 shares of the company’s stock worth $25,000 after purchasing an additional 830 shares during the last quarter. Sound Income Strategies LLC raised its stake in SoundHound AI by 2,542.0% during the fourth quarter. Sound Income Strategies LLC now owns 1,321 shares of the company’s stock worth $26,000 after buying an additional 1,271 shares during the last quarter. NBC Securities Inc. boosted its position in SoundHound AI by 97.8% during the third quarter. NBC Securities Inc. now owns 7,720 shares of the company’s stock valued at $35,000 after acquiring an additional 3,818 shares during the last quarter. Amalgamated Bank grew its holdings in SoundHound AI by 108.0% during the 2nd quarter. Amalgamated Bank now owns 9,819 shares of the company’s stock worth $39,000 after acquiring an additional 5,099 shares during the period. Finally, Future Financial Wealth Managment LLC bought a new position in shares of SoundHound AI in the 4th quarter worth about $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.