SoundHound AI (NASDAQ:SOUN) Shares Down 1.5%

SoundHound AI, Inc. (NASDAQ:SOUN) traded down 1.5% during trading on Monday . The stock traded as low as $3.82 and last traded at $3.89. 3,726,767 shares changed hands during trading, a decline of 91% from the average session volume of 41,815,938 shares. The stock had previously closed at $3.95.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the company. HC Wainwright restated a “buy” rating and set a $7.00 price objective on shares of SoundHound AI in a report on Monday, May 13th. Cantor Fitzgerald raised SoundHound AI from an “underweight” rating to a “neutral” rating and set a $4.90 target price on the stock in a research report on Thursday, April 11th. Wedbush reaffirmed an “outperform” rating and set a $9.00 target price on shares of SoundHound AI in a research report on Friday, May 10th. Finally, DA Davidson lifted their target price on SoundHound AI from $7.50 to $9.50 and gave the company a “buy” rating in a research report on Friday, March 15th. Two equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, SoundHound AI presently has an average rating of “Moderate Buy” and an average target price of $6.88.

SoundHound AI Stock Performance

The firm has a fifty day simple moving average of $4.63 and a two-hundred day simple moving average of $4.12. The company has a quick ratio of 8.84, a current ratio of 8.84 and a debt-to-equity ratio of 0.56.

SoundHound AI (NASDAQ:SOUN) last released its quarterly earnings results on Thursday, May 9th. The company reported ($0.07) earnings per share for the quarter, beating the consensus estimate 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 firm had revenue of $11.59 million for the quarter, compared to analysts’ expectations of $10.10 million. The company’s revenue was up 72.9% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.12) EPS. As a group, research analysts expect that SoundHound AI, Inc. will post -0.33 earnings per share for the current fiscal year.

Insider Activity at SoundHound AI

In related news, CEO Keyvan Mohajer sold 67,994 shares of the firm’s stock in a transaction dated Thursday, June 20th. The stock was sold at an average price of $4.04, for a total transaction of $274,695.76. Following the transaction, the chief executive officer now directly owns 1,069,837 shares of the company’s stock, valued at approximately $4,322,141.48. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other SoundHound AI news, CEO Keyvan Mohajer sold 67,994 shares of SoundHound AI stock in a transaction that occurred on Thursday, June 20th. The stock was sold at an average price of $4.04, for a total value of $274,695.76. Following the transaction, the chief executive officer now directly owns 1,069,837 shares of the company’s stock, valued at approximately $4,322,141.48. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CTO Timothy Stonehocker sold 104,000 shares of SoundHound AI stock in a transaction that occurred on Wednesday, June 5th. The stock was sold at an average price of $5.00, for a total value of $520,000.00. Following the completion of the transaction, the chief technology officer now directly owns 883,570 shares in the company, valued at $4,417,850. The disclosure for this sale can be found here. In the last three months, insiders have sold 417,728 shares of company stock valued at $1,815,476. Corporate insiders own 21.30% 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 SOUN. Cetera Advisors LLC bought a new stake in shares of SoundHound AI during the first quarter valued at approximately $327,000. Strategic Wealth Partners Ltd. bought a new stake in shares of SoundHound AI during the first quarter valued at approximately $73,000. Janus Henderson Group PLC boosted its position in shares of SoundHound AI by 563.0% during the first quarter. Janus Henderson Group PLC now owns 482,731 shares of the company’s stock valued at $2,843,000 after purchasing an additional 409,917 shares in the last quarter. Bayesian Capital Management LP bought a new stake in shares of SoundHound AI during the first quarter valued at approximately $162,000. Finally, Gendell Jeffrey L bought a new stake in shares of SoundHound AI during the first quarter valued at approximately $589,000. 19.28% of the stock is currently owned by institutional investors.

SoundHound AI Company Profile

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.