SoundHound AI (NASDAQ:SOUN) Stock Price Down 4.6% – What’s Next?

SoundHound AI, Inc. (NASDAQ:SOUN) shares were down 4.6% during mid-day trading on Tuesday . The company traded as low as $9.41 and last traded at $9.61. Approximately 6,990,474 shares traded hands during mid-day trading, a decline of 83% from the average daily volume of 39,967,389 shares. The stock had previously closed at $10.08.

Analyst Upgrades and Downgrades

A number of brokerages have commented on SOUN. Cantor Fitzgerald upgraded shares of SoundHound AI to a “hold” rating in a research note on Monday, February 24th. DA Davidson upped their target price on shares of SoundHound AI from $9.50 to $13.00 and gave the stock a “buy” rating in a report on Friday, February 28th. HC Wainwright reiterated a “buy” rating and set a $26.00 price target on shares of SoundHound AI in a research note on Monday, March 3rd. Northland Securities increased their price objective on SoundHound AI from $6.00 to $8.00 and gave the stock a “market perform” rating in a research note on Tuesday, January 14th. Finally, Wedbush lifted their target price on SoundHound AI from $10.00 to $22.00 and gave the company an “outperform” rating in a research report on Monday, December 16th. Four research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $12.86.

SoundHound AI Stock Performance

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 firm has a market capitalization of $3.85 billion, a PE ratio of -27.11 and a beta of 2.62. The company’s fifty day simple moving average is $12.65 and its 200 day simple moving average is $10.30.

SoundHound AI (NASDAQ:SOUN) last released its quarterly earnings data on Thursday, February 27th. The company reported ($0.69) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.58). SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. The company had revenue of $34.54 million for the quarter, compared to the consensus estimate of $33.70 million. As a group, equities research analysts expect that SoundHound AI, Inc. will post -0.38 EPS for the current fiscal year.

Insider Activity at SoundHound AI

In other news, CEO Keyvan Mohajer sold 121,194 shares of SoundHound AI stock in a transaction on Friday, December 20th. The shares were sold at an average price of $20.30, for a total transaction of $2,460,238.20. Following the completion of the sale, the chief executive officer now directly owns 2,177,954 shares of the company’s stock, valued at approximately $44,212,466.20. The trade was a 5.27 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, COO Michael Zagorsek sold 277,813 shares of the firm’s stock in a transaction dated Wednesday, December 18th. The shares were sold at an average price of $21.25, for a total value of $5,903,526.25. Following the transaction, the chief operating officer now directly owns 1,473,322 shares in the company, valued at approximately $31,308,092.50. This represents a 15.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 802,489 shares of company stock valued at $16,542,220. Company insiders own 12.28% of the company’s stock.

Hedge Funds Weigh In On SoundHound AI

Institutional investors and hedge funds have recently made changes to their positions in the business. Commons Capital LLC lifted its holdings in SoundHound AI by 2.7% in the 4th quarter. Commons Capital LLC now owns 27,349 shares of the company’s stock worth $543,000 after buying an additional 723 shares during the period. ST Germain D J Co. Inc. increased its position in SoundHound AI by 33.2% during the 4th quarter. ST Germain D J Co. Inc. now owns 3,008 shares of the company’s stock valued at $60,000 after purchasing an additional 750 shares during the period. Keynote Financial Services LLC raised its holdings in SoundHound AI by 4.7% in the 4th quarter. Keynote Financial Services LLC now owns 16,587 shares of the company’s stock worth $329,000 after purchasing an additional 752 shares in the last quarter. Blue Trust Inc. lifted its holdings in SoundHound AI by 197.6% in the fourth quarter. Blue Trust Inc. now owns 1,250 shares of the company’s stock worth $25,000 after buying an additional 830 shares during the period. Finally, Russell Investments Group Ltd. boosted its position in shares of SoundHound AI by 16.4% during the fourth quarter. Russell Investments Group Ltd. now owns 6,598 shares of the company’s stock valued at $131,000 after purchasing an additional 929 shares in the last quarter. 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.