SoundHound AI (NASDAQ:SOUN) Trading Down 1.3%

SoundHound AI, Inc. (NASDAQ:SOUN)’s stock price was down 1.3% on Tuesday . The company traded as low as $4.50 and last traded at $4.56. Approximately 8,190,423 shares changed hands during trading, a decline of 84% from the average daily volume of 51,378,512 shares. The stock had previously closed at $4.62.

Analyst Ratings Changes

A number of research analysts have issued reports on SOUN shares. HC Wainwright increased their target price on shares of SoundHound AI from $5.00 to $7.00 and gave the company a “buy” rating in a report on Monday, March 4th. Northland Securities reiterated a “market perform” rating on shares of SoundHound AI in a research report on Wednesday, February 28th. DA Davidson upped their price target on shares of SoundHound AI from $7.50 to $9.50 and gave the company a “buy” rating in a report on Friday, March 15th. Wedbush lifted their price objective on SoundHound AI from $5.00 to $9.00 and gave the stock an “outperform” rating in a research report on Friday, March 1st. Finally, LADENBURG THALM/SH SH assumed coverage on SoundHound AI in a research note on Tuesday, January 30th. They set a “buy” rating and a $4.00 price objective on the stock. Two investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $6.88.

SoundHound AI Stock Performance

The stock has a 50-day moving average price of $5.50 and a 200-day moving average price of $3.25. The company has a debt-to-equity ratio of 6.03, a current ratio of 4.69 and a quick ratio of 4.69. The firm has a market capitalization of $1.32 billion, a PE ratio of -11.69 and a beta of 2.75.

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

Insider Buying and Selling

In other SoundHound AI news, CEO Keyvan Mohajer sold 31,665 shares of SoundHound AI stock in a transaction on Friday, March 22nd. The shares were sold at an average price of $6.08, for a total value of $192,523.20. Following the completion of the transaction, the chief executive officer now owns 1,137,831 shares of the company’s stock, valued at $6,918,012.48. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other SoundHound AI news, CEO Keyvan Mohajer sold 31,665 shares of the business’s stock in a transaction on Friday, March 22nd. The stock was sold at an average price of $6.08, for a total transaction of $192,523.20. Following the completion of the transaction, the chief executive officer now owns 1,137,831 shares in the company, valued at approximately $6,918,012.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Eric R. Ball sold 40,000 shares of SoundHound AI stock in a transaction dated Thursday, March 14th. The shares were sold at an average price of $9.55, for a total transaction of $382,000.00. Following the sale, the director now owns 450,250 shares in the company, valued at $4,299,887.50. The disclosure for this sale can be found here. Over the last three months, insiders sold 405,057 shares of company stock worth $2,587,804. Corporate insiders own 21.30% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Vanguard Group Inc. lifted its holdings in SoundHound AI by 18.6% in the 3rd quarter. Vanguard Group Inc. now owns 13,166,989 shares of the company’s stock valued at $26,466,000 after acquiring an additional 2,064,340 shares during the last quarter. Intrinsic Edge Capital Management LLC lifted its stake in SoundHound AI by 47.7% during the fourth quarter. Intrinsic Edge Capital Management LLC now owns 4,848,211 shares of the company’s stock valued at $10,278,000 after buying an additional 1,566,238 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its position in shares of SoundHound AI by 1.1% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,734,252 shares of the company’s stock worth $3,486,000 after acquiring an additional 18,301 shares in the last quarter. Raymond James & Associates lifted its position in shares of SoundHound AI by 221.1% in the 3rd quarter. Raymond James & Associates now owns 982,948 shares of the company’s stock valued at $1,976,000 after acquiring an additional 676,799 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its stake in SoundHound AI by 9.4% during the 3rd quarter. Bank of New York Mellon Corp now owns 514,311 shares of the company’s stock valued at $1,034,000 after purchasing an additional 44,028 shares during the period. 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.