SoundHound AI (NASDAQ:SOUN) Cut to Strong Sell at Wall Street Zen

Wall Street Zen lowered shares of SoundHound AI (NASDAQ:SOUN) from a sell rating to a strong sell rating in a research report sent to investors on Saturday,Wall Street Zen reports.

SOUN has been the subject of a number of other reports. Piper Sandler lowered their target price on shares of SoundHound AI from $7.00 to $6.00 and set a “neutral” rating for the company in a research note on Tuesday, September 22nd. DA Davidson dropped their target price on shares of SoundHound AI from $12.00 to $10.00 and set a “buy” rating on the stock in a research report on Thursday, August 6th. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of SoundHound AI in a research note on Friday, September 11th. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $12.75.

SoundHound AI Price Performance

Shares of NASDAQ:SOUN opened at $5.83 on Friday. The business’s 50-day moving average is $6.63 and its 200 day moving average is $7.11. SoundHound AI has a 1 year low of $5.65 and a 1 year high of $22.17. The firm has a market capitalization of $2.59 billion, a P/E ratio of -15.34 and a beta of 2.66.

SoundHound AI (NASDAQ:SOUN) last issued its quarterly earnings results on Wednesday, August 5th. The company reported ($0.02) earnings per share for the quarter, topping the consensus estimate of ($0.13) by $0.11. SoundHound AI had a negative return on equity of 30.22% and a negative net margin of 67.45%.The business had revenue of $61.90 million during the quarter, compared to the consensus estimate of $52.38 million. During the same quarter last year, the company earned ($0.19) earnings per share. The company’s quarterly revenue was up 45.0% on a year-over-year basis. On average, analysts expect that SoundHound AI will post -0.32 EPS for the current year.

Insider Transactions at SoundHound AI

In other news, CEO Keyvan Mohajer sold 137,290 shares of the firm’s stock in a transaction dated Tuesday, September 15th. The stock was sold at an average price of $6.33, for a total value of $869,045.70. Following the completion of the transaction, the chief executive officer directly owned 3,684,947 shares in the company, valued at $23,325,714.51. This trade represents a 3.59% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO Michael Zagorsek sold 71,113 shares of SoundHound AI stock in a transaction dated Tuesday, September 15th. The stock was sold at an average price of $6.33, for a total value of $450,145.29. Following the sale, the chief operating officer directly owned 2,600,231 shares of the company’s stock, valued at $16,459,462.23. This trade represents a 2.66% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last ninety days, insiders have sold 288,758 shares of company stock valued at $1,828,598. 8.84% of the stock is owned by company insiders.

Institutional Trading of SoundHound AI

Several large investors have recently made changes to their positions in the business. Geode Capital Management LLC raised its holdings in shares of SoundHound AI by 3.1% during the fourth quarter. Geode Capital Management LLC now owns 9,180,321 shares of the company’s stock worth $91,543,000 after purchasing an additional 273,097 shares during the last quarter. Swiss National Bank lifted its position in SoundHound AI by 3.7% during the first quarter. Swiss National Bank now owns 767,100 shares of the company’s stock valued at $5,270,000 after purchasing an additional 27,300 shares during the period. California State Teachers Retirement System boosted its holdings in SoundHound AI by 25.0% in the first quarter. California State Teachers Retirement System now owns 440,023 shares of the company’s stock valued at $3,023,000 after purchasing an additional 87,998 shares during the last quarter. Virtu Financial LLC boosted its holdings in SoundHound AI by 43.9% in the fourth quarter. Virtu Financial LLC now owns 219,773 shares of the company’s stock valued at $2,191,000 after purchasing an additional 67,088 shares during the last quarter. Finally, Rockefeller Capital Management L.P. boosted its holdings in SoundHound AI by 3.5% in the fourth quarter. Rockefeller Capital Management L.P. now owns 179,327 shares of the company’s stock valued at $1,788,000 after purchasing an additional 6,096 shares during the last quarter. 19.28% of the stock is owned by hedge funds and other institutional investors.

About SoundHound AI

SoundHound AI, Inc develops conversational artificial intelligence and voice-enabled technologies. Its platform is designed to let users interact with devices, applications and services through natural-language speech, supporting functions such as information retrieval, question answering and task completion.

The company’s offerings include the Houndify conversational AI platform, which businesses can use to build branded voice assistants, as well as SoundHound Chat AI, an in-car and consumer-oriented voice assistant that combines conversational capabilities with access to information and services.