SoundHound AI (NASDAQ:SOUN) Shares Down 0.7%

Shares of SoundHound AI, Inc. (NASDAQ:SOUN) dropped 0.7% on Wednesday . The company traded as low as $3.98 and last traded at $4.03. Approximately 5,556,891 shares traded hands during mid-day trading, a decline of 90% from the average daily volume of 54,496,023 shares. The stock had previously closed at $4.06.

Wall Street Analysts Forecast Growth

SOUN has been the topic of a number of analyst reports. Cantor Fitzgerald raised shares of SoundHound AI from an “underweight” rating to a “neutral” rating and set a $4.90 price objective on the stock in a report on Thursday, April 11th. DA Davidson increased their price objective on shares of SoundHound AI from $7.50 to $9.50 and gave the stock a “buy” rating in a report on Friday, March 15th. LADENBURG THALM/SH SH began coverage on shares of SoundHound AI in a report on Tuesday, January 30th. They issued a “buy” rating and a $4.00 price objective on the stock. Northland Securities reiterated a “market perform” rating on shares of SoundHound AI in a research report on Wednesday, February 28th. Finally, Wedbush increased their target price on shares of SoundHound AI from $5.00 to $9.00 and gave the company an “outperform” rating in a research report on Friday, March 1st. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $6.88.

SoundHound AI Price Performance

The company’s 50-day moving average price is $5.34 and its two-hundred day moving average price is $3.13. The company has a debt-to-equity ratio of 6.03, a quick ratio of 4.69 and a current ratio of 4.69.

SoundHound AI (NASDAQ:SOUN) last posted its quarterly earnings results on Thursday, February 29th. The company reported ($0.06) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.01). The company had revenue of $17.10 million during the quarter, compared to analysts’ expectations of $17.75 million. SoundHound AI had a negative return on equity of 1,955.68% and a negative net margin of 188.57%. SoundHound AI’s revenue for the quarter was up 80.0% compared to the same quarter last year. During the same period last year, the company earned ($0.15) earnings per share. Equities research analysts expect that SoundHound AI, Inc. will post -0.3 earnings per share for the current year.

Insider Transactions at SoundHound AI

In related news, CTO Timothy Stonehocker sold 5,276 shares of the firm’s stock in a transaction that occurred on Thursday, March 21st. The shares were sold at an average price of $7.70, for a total transaction of $40,625.20. Following the transaction, the chief technology officer now owns 982,584 shares of the company’s stock, valued at $7,565,896.80. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, CFO Nitesh Sharan sold 23,212 shares of the firm’s stock in a transaction that occurred on Tuesday, March 19th. The shares were sold at an average price of $8.37, for a total transaction of $194,284.44. Following the transaction, the chief financial officer now owns 751,017 shares of the company’s stock, valued at $6,286,012.29. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CTO Timothy Stonehocker sold 5,276 shares of the firm’s stock in a transaction that occurred on Thursday, March 21st. The shares were sold at an average price of $7.70, for a total transaction of $40,625.20. Following the transaction, the chief technology officer now directly owns 982,584 shares in the company, valued at approximately $7,565,896.80. The disclosure for this sale can be found here. Insiders sold 410,714 shares of company stock valued at $2,598,723 over the last three months. 21.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On SoundHound AI

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Hexagon Capital Partners LLC acquired a new position in SoundHound AI during the first quarter valued at approximately $29,000. Royal Bank of Canada grew its holdings in SoundHound AI by 520.7% during the second quarter. Royal Bank of Canada now owns 8,690 shares of the company’s stock valued at $40,000 after purchasing an additional 7,290 shares during the last quarter. Ballew Advisors Inc acquired a new position in SoundHound AI during the first quarter valued at approximately $59,000. Two Sigma Securities LLC acquired a new position in SoundHound AI during the first quarter valued at approximately $28,000. Finally, State of Wisconsin Investment Board acquired a new position in SoundHound AI during the second quarter valued at approximately $52,000. Institutional investors and hedge funds 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.