SoundHound AI (NASDAQ:SOUN) Stock Price Down 2.7% – What’s Next?

Shares of SoundHound AI, Inc. (NASDAQ:SOUN) were down 2.7% during mid-day trading on Wednesday . The company traded as low as $13.78 and last traded at $13.84. Approximately 11,582,948 shares changed hands during mid-day trading, a decline of 82% from the average daily volume of 63,358,438 shares. The stock had previously closed at $14.23.

Analyst Ratings Changes

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

SoundHound AI Price Performance

The company has a current ratio of 2.58, a quick ratio of 2.58 and a debt-to-equity ratio of 0.13. The stock has a market capitalization of $5.43 billion, a price-to-earnings ratio of -40.89 and a beta of 2.63. The stock has a 50-day moving average price of $15.51 and a 200 day moving average price of $8.77.

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

Insiders Place Their Bets

In other news, VP Majid Emami sold 94,067 shares of SoundHound AI stock in a transaction that occurred on Monday, December 2nd. The shares were sold at an average price of $9.05, for a total transaction of $851,306.35. Following the sale, the vice president now owns 735,685 shares of the company’s stock, valued at approximately $6,657,949.25. The trade was a 11.34 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Michael Zagorsek sold 277,813 shares of SoundHound AI stock in a transaction that occurred on Wednesday, December 18th. The shares were sold at an average price of $21.25, for a total transaction of $5,903,526.25. Following the sale, the chief operating officer now directly owns 1,473,322 shares in the company, valued at approximately $31,308,092.50. The trade was a 15.86 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 2,782,918 shares of company stock valued at $45,391,343 in the last ninety days. 12.28% of the stock is currently owned by corporate insiders.

Institutional Trading of SoundHound AI

A number of institutional investors and hedge funds have recently added to or reduced their stakes in SOUN. Sei Investments Co. purchased a new stake in SoundHound AI in the second quarter valued at approximately $43,000. Xponance Inc. purchased a new stake in SoundHound AI in the second quarter valued at approximately $71,000. Squarepoint Ops LLC raised its position in SoundHound AI by 818.0% in the second quarter. Squarepoint Ops LLC now owns 231,168 shares of the company’s stock valued at $913,000 after purchasing an additional 205,985 shares during the period. AQR Capital Management LLC raised its position in SoundHound AI by 40.2% in the second quarter. AQR Capital Management LLC now owns 29,417 shares of the company’s stock valued at $116,000 after purchasing an additional 8,440 shares during the period. Finally, The Manufacturers Life Insurance Company raised its position in SoundHound AI by 101.7% in the second quarter. The Manufacturers Life Insurance Company now owns 106,076 shares of the company’s stock valued at $419,000 after purchasing an additional 53,490 shares during the period. Hedge funds and other 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.