SoundHound AI (NASDAQ:SOUN) Shares Down 2.1% – What’s Next?

SoundHound AI, Inc. (NASDAQ:SOUN) shares fell 2.1% during mid-day trading on Monday . The company traded as low as $20.04 and last traded at $20.19. 42,269,539 shares changed hands during trading, a decline of 26% from the average session volume of 57,485,031 shares. The stock had previously closed at $20.62.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on SOUN shares. DA Davidson reiterated a “buy” rating and issued a $9.50 target price on shares of SoundHound AI in a research note on Monday, September 30th. HC Wainwright lifted their target price on SoundHound AI from $8.00 to $26.00 and gave the company a “buy” rating in a research report on Monday, December 23rd. LADENBURG THALM/SH SH reissued a “neutral” rating and set a $7.00 price target on shares of SoundHound AI in a research report on Wednesday, November 13th. Wedbush increased their target price on shares of SoundHound AI from $10.00 to $22.00 and gave the stock an “outperform” rating in a report on Monday, December 16th. Finally, Barclays reaffirmed a “neutral” rating and issued a $7.00 price target on shares of SoundHound AI in a research report on Wednesday, November 13th. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, SoundHound AI presently has an average rating of “Moderate Buy” and an average target price of $12.07.

SoundHound AI Trading Down 3.3 %

The stock has a market cap of $7.37 billion, a price-to-earnings ratio of -55.36 and a beta of 3.03. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.58 and a quick ratio of 2.58. The company’s fifty day moving average price is $12.20 and its 200-day moving average price is $7.40.

SoundHound AI (NASDAQ:SOUN) last posted its quarterly earnings results on Tuesday, November 12th. The company reported ($0.06) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.01. The business had revenue of $25.10 million during the quarter, compared to analysts’ expectations of $23.02 million. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. The business’s quarterly revenue was up 88.7% on a year-over-year basis. During the same quarter last year, the company posted ($0.09) earnings per share. On average, research analysts expect that SoundHound AI, Inc. will post -0.38 EPS for the current fiscal year.

Insider Activity

In related news, VP Majid Emami sold 368,662 shares of the business’s stock in a transaction that occurred on Friday, December 6th. The stock was sold at an average price of $15.00, for a total transaction of $5,529,930.00. Following the completion of the sale, the vice president now directly owns 735,685 shares in the company, valued at approximately $11,035,275. The trade was a 33.38 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Keyvan Mohajer sold 465,394 shares of SoundHound AI stock in a transaction on Monday, December 9th. The stock was sold at an average price of $15.04, for a total transaction of $6,999,525.76. Following the sale, the chief executive officer now directly owns 2,299,148 shares in the company, valued at approximately $34,579,185.92. This trade represents a 16.83 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 2,782,918 shares of company stock valued at $45,391,343. Company insiders own 12.28% of the company’s stock.

Institutional Investors Weigh In On SoundHound AI

A number of large investors have recently made changes to their positions in the stock. Silverleafe Capital Partners LLC acquired a new stake in shares of SoundHound AI in the 4th quarter worth $377,000. Franklin Resources Inc. acquired a new stake in SoundHound AI during the third quarter worth $177,000. Sanctuary Advisors LLC increased its position in shares of SoundHound AI by 13.8% during the 3rd quarter. Sanctuary Advisors LLC now owns 29,976 shares of the company’s stock worth $140,000 after purchasing an additional 3,642 shares during the last quarter. Geode Capital Management LLC raised its holdings in SoundHound AI by 9.1% in the 3rd quarter. Geode Capital Management LLC now owns 7,193,599 shares of the company’s stock valued at $33,529,000 after buying an additional 602,311 shares during the period. Finally, MML Investors Services LLC purchased a new stake in SoundHound AI in the 3rd quarter valued at about $86,000. 19.28% of the stock is currently owned by hedge funds and other institutional investors.

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.