SoundHound AI (NASDAQ:SOUN) Shares Gap Down – Here’s What Happened

SoundHound AI, Inc. (NASDAQ:SOUN)’s share price gapped down before the market opened on Friday . The stock had previously closed at $15.25, but opened at $11.14. SoundHound AI shares last traded at $11.51, with a volume of 80,125,043 shares.

Analyst Upgrades and Downgrades

SOUN has been the topic of a number of research analyst reports. Northland Securities boosted their target price on SoundHound AI from $6.00 to $8.00 and gave the stock a “market perform” rating in a research note on Tuesday, January 14th. LADENBURG THALM/SH SH restated a “neutral” rating and issued a $7.00 price objective on shares of SoundHound AI in a research note on Wednesday, November 13th. Wedbush lifted their target price on SoundHound AI from $10.00 to $22.00 and gave the stock an “outperform” rating in a research note on Monday, December 16th. Barclays restated a “neutral” rating and set a $7.00 price target on shares of SoundHound AI in a research report on Wednesday, November 13th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $26.00 price objective on shares of SoundHound AI in a research report on Monday, January 13th. 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, the stock has a consensus rating of “Moderate Buy” and an average price target of $12.36.

SoundHound AI Stock Down 28.1 %

The firm has a market capitalization of $4.31 billion, a P/E ratio of -30.47 and a beta of 2.56. 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 stock has a 50 day moving average of $16.62 and a 200-day moving average of $9.53.

Insider Transactions at SoundHound AI

In related news, Director Lawrence Marcus sold 20,000 shares of the business’s stock in a transaction on Monday, December 23rd. The stock was sold at an average price of $20.47, for a total transaction of $409,400.00. Following the sale, the director now directly owns 108,117 shares in the company, valued at approximately $2,213,154.99. The trade was a 15.61 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, COO Michael Zagorsek sold 277,813 shares of SoundHound AI stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of $21.25, for a total value of $5,903,526.25. Following the transaction, the chief operating officer now directly owns 1,473,322 shares of the company’s stock, valued at $31,308,092.50. The trade was a 15.86 % 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 quarter. Corporate insiders own 12.28% of the company’s stock.

Hedge Funds Weigh In On SoundHound AI

Large investors have recently modified their holdings of the company. Blue Trust Inc. lifted its stake in SoundHound AI by 197.6% in 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 in the last quarter. Sound Income Strategies LLC raised its position in shares of SoundHound AI by 2,542.0% in 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 in the last quarter. Future Financial Wealth Managment LLC bought a new stake in SoundHound AI during the fourth quarter valued at $40,000. Compagnie Lombard Odier SCmA purchased a new position in SoundHound AI during the fourth quarter worth about $40,000. Finally, Golden State Wealth Management LLC bought a new position in SoundHound AI in the 4th quarter worth about $42,000. 19.28% of the stock is currently 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.