SoundHound AI (NASDAQ:SOUN) Shares Down 5.8%

SoundHound AI, Inc. (NASDAQ:SOUN) fell 5.8% on Monday . The stock traded as low as $3.94 and last traded at $4.35. 10,945,371 shares changed hands during mid-day trading, a decline of 73% from the average session volume of 40,095,582 shares. The stock had previously closed at $4.62.

Analyst Ratings Changes

A number of analysts have commented on SOUN shares. Wedbush reaffirmed an “outperform” rating and set a $9.00 target price on shares of SoundHound AI in a report on Friday, May 10th. HC Wainwright reaffirmed a “buy” rating and set a $7.00 price objective on shares of SoundHound AI in a research note on Monday, July 29th. Finally, Cantor Fitzgerald upgraded shares of SoundHound AI from an “underweight” rating to a “neutral” rating and set a $4.90 price target for the company in a report on Thursday, April 11th. Two investment 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 an average rating of “Moderate Buy” and an average target price of $6.88.

SoundHound AI Trading Down 9.5 %

The company has a market cap of $1.38 billion, a P/E ratio of -11.45 and a beta of 2.77. The business has a 50 day moving average price of $4.65 and a 200-day moving average price of $4.59. The company has a current ratio of 8.84, a quick ratio of 8.84 and a debt-to-equity ratio of 0.56.

SoundHound AI (NASDAQ:SOUN) last announced its quarterly earnings results on Thursday, May 9th. The company reported ($0.07) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.09) by $0.02. SoundHound AI had a negative net margin of 183.49% and a negative return on equity of 163.00%. The company had revenue of $11.59 million during the quarter, compared to the consensus estimate of $10.10 million. During the same period in the prior year, the business earned ($0.12) earnings per share. The company’s revenue for the quarter was up 72.9% compared to the same quarter last year. Analysts forecast that SoundHound AI, Inc. will post -0.3 earnings per share for the current fiscal year.

Insider Buying and Selling at SoundHound AI

In other news, CTO Timothy Stonehocker sold 208,000 shares of the company’s stock in a transaction dated Thursday, July 11th. The stock was sold at an average price of $5.75, for a total value of $1,196,000.00. Following the completion of the transaction, the chief technology officer now directly owns 659,531 shares in the company, valued at approximately $3,792,303.25. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other SoundHound AI news, insider James Ming Hom sold 16,716 shares of SoundHound AI stock in a transaction on Thursday, June 20th. The stock was sold at an average price of $4.04, for a total value of $67,532.64. Following the completion of the sale, the insider now owns 486,989 shares of the company’s stock, valued at approximately $1,967,435.56. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CTO Timothy Stonehocker sold 208,000 shares of the stock in a transaction that occurred on Thursday, July 11th. The shares were sold at an average price of $5.75, for a total transaction of $1,196,000.00. Following the transaction, the chief technology officer now owns 659,531 shares in the company, valued at approximately $3,792,303.25. The disclosure for this sale can be found here. Insiders sold 625,728 shares of company stock valued at $3,011,476 in the last quarter. 21.30% of the stock is currently owned by corporate insiders.

Institutional Trading of SoundHound AI

A number of hedge funds and other institutional investors have recently bought and sold shares of SOUN. Principal Financial Group Inc. lifted its holdings in shares of SoundHound AI by 16.5% in the 1st quarter. Principal Financial Group Inc. now owns 18,560 shares of the company’s stock valued at $109,000 after acquiring an additional 2,629 shares during the last quarter. PFG Investments LLC acquired a new stake in shares of SoundHound AI during the first quarter worth $1,335,000. Vanguard Group Inc. increased its holdings in SoundHound AI by 16.1% in the 1st quarter. Vanguard Group Inc. now owns 16,070,453 shares of the company’s stock worth $94,655,000 after buying an additional 2,226,471 shares during the period. Commonwealth Equity Services LLC raised its stake in shares of SoundHound AI by 239.7% during the 1st quarter. Commonwealth Equity Services LLC now owns 296,428 shares of the company’s stock valued at $1,746,000 after buying an additional 209,154 shares during the last quarter. Finally, Concurrent Investment Advisors LLC acquired a new position in shares of SoundHound AI in the first quarter worth about $199,000. 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.