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

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

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on SOUN shares. LADENBURG THALM/SH SH reaffirmed a “neutral” rating and issued a $7.00 price objective on shares of SoundHound AI in a research note on Wednesday, November 13th. DA Davidson boosted their price target on SoundHound AI from $9.50 to $13.00 and gave the stock a “buy” rating in a research report on Friday, February 28th. Barclays restated a “neutral” rating and set a $7.00 price objective on shares of SoundHound AI in a report on Wednesday, November 13th. HC Wainwright reaffirmed a “buy” rating and set a $26.00 target price on shares of SoundHound AI in a report on Monday. Finally, Northland Securities increased their target price on shares of SoundHound AI from $6.00 to $8.00 and gave the company a “market perform” rating in a research report on Tuesday, January 14th. Four equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $12.86.

SoundHound AI Trading Up 1.3 %

The stock has a market cap of $3.81 billion, a price-to-earnings ratio of -26.73 and a beta of 2.62. The business’s 50 day moving average is $14.29 and its 200 day moving average is $10.02. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.58 and a quick ratio of 2.58.

SoundHound AI (NASDAQ:SOUN) last released its quarterly earnings data on Thursday, February 27th. The company reported ($0.69) EPS 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 business had revenue of $34.54 million during the quarter, compared to analysts’ expectations of $33.70 million. As a group, equities analysts expect that SoundHound AI, Inc. will post -0.38 earnings per share for the current fiscal year.

Insider Transactions at SoundHound AI

In related news, CTO Timothy Stonehocker sold 34,407 shares of the firm’s stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $20.30, for a total value of $698,462.10. Following the completion of the sale, the chief technology officer now owns 796,581 shares in the company, valued at $16,170,594.30. This trade represents a 4.14 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Lawrence Marcus sold 25,000 shares of the business’s stock in a transaction that occurred on Thursday, December 12th. The stock was sold at an average price of $14.00, for a total value of $350,000.00. Following the transaction, the director now owns 128,117 shares in the company, valued at $1,793,638. The trade was a 16.33 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 1,788,257 shares of company stock worth $31,895,182. Insiders own 12.28% of the company’s stock.

Hedge Funds Weigh In On SoundHound AI

A number of institutional investors and hedge funds have recently made changes to their positions in SOUN. Blue Trust Inc. raised its holdings in SoundHound AI by 197.6% during the fourth 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 lifted 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 valued at $26,000 after acquiring an additional 1,271 shares in the last quarter. Orion Capital Management LLC acquired a new stake in shares of SoundHound AI during the fourth quarter valued at $30,000. Future Financial Wealth Managment LLC purchased a new stake in SoundHound AI during the 4th quarter worth about $40,000. Finally, Compagnie Lombard Odier SCmA purchased a new position in SoundHound AI in the 4th quarter valued at about $40,000. 19.28% of the stock is 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.