SoundHound AI (NASDAQ:SOUN) Shares Down 1.3%

SoundHound AI, Inc. (NASDAQ:SOUN)’s stock price was down 1.3% on Wednesday . The company traded as low as $3.88 and last traded at $3.89. Approximately 3,883,630 shares were traded during trading, a decline of 91% from the average daily volume of 41,290,852 shares. The stock had previously closed at $3.94.

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 research note on Thursday, April 11th. Wedbush reaffirmed an “outperform” rating and set a $9.00 price target on shares of SoundHound AI in a research report on Friday, May 10th. DA Davidson lifted their price objective on SoundHound AI from $7.50 to $9.50 and gave the stock a “buy” rating in a research report on Friday, March 15th. Finally, HC Wainwright restated a “buy” rating and set a $7.00 target price on shares of SoundHound AI in a research report on Monday, May 13th. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $6.88.

SoundHound AI Stock Down 1.3 %

The stock has a market cap of $1.28 billion, a price-to-earnings ratio of -10.24 and a beta of 2.77. The firm’s fifty day moving average price is $4.63 and its two-hundred day moving average price is $4.12. The company has a debt-to-equity ratio of 0.56, a current ratio of 8.84 and a quick ratio of 8.84.

SoundHound AI (NASDAQ:SOUN) last posted its quarterly earnings results on Thursday, May 9th. The company reported ($0.07) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.02. SoundHound AI had a negative return on equity of 163.00% and a negative net margin of 183.49%. The business had revenue of $11.59 million for the quarter, compared to the consensus estimate of $10.10 million. During the same period in the prior year, the business earned ($0.12) EPS. The firm’s revenue for the quarter was up 72.9% on a year-over-year basis. Sell-side analysts forecast that SoundHound AI, Inc. will post -0.33 earnings per share for the current fiscal year.

Insider Buying and Selling

In other SoundHound AI news, CEO Keyvan Mohajer sold 116,504 shares of the business’s stock in a transaction on Monday, June 24th. The shares were sold at an average price of $3.95, for a total transaction of $460,190.80. Following the completion of the sale, the chief executive officer now owns 953,333 shares in the company, valued at approximately $3,765,665.35. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CTO Timothy Stonehocker sold 104,000 shares of the firm’s stock in a transaction dated Wednesday, June 5th. The shares were sold at an average price of $5.00, for a total value of $520,000.00. Following the transaction, the chief technology officer now owns 883,570 shares of the company’s stock, valued at approximately $4,417,850. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Keyvan Mohajer sold 116,504 shares of the business’s stock in a transaction that occurred on Monday, June 24th. The stock was sold at an average price of $3.95, for a total value of $460,190.80. Following the sale, the chief executive officer now directly owns 953,333 shares of the company’s stock, valued at $3,765,665.35. The disclosure for this sale can be found here. Insiders have sold a total of 417,728 shares of company stock worth $1,815,476 in the last ninety days. Corporate insiders own 21.30% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Independent Advisor Alliance bought a new stake in shares of SoundHound AI in the 4th quarter worth $28,000. IAM Advisory LLC bought a new stake in SoundHound AI in the 4th quarter worth about $29,000. Hexagon Capital Partners LLC purchased a new stake in SoundHound AI in the 1st quarter valued at about $29,000. HighPoint Advisor Group LLC bought a new position in shares of SoundHound AI during the 4th quarter worth approximately $37,000. Finally, DecisionPoint Financial LLC purchased a new position in shares of SoundHound AI in the 1st quarter worth approximately $40,000. 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.