SoundHound AI (NASDAQ:SOUN) Stock Price Down 1.4%

Shares of SoundHound AI, Inc. (NASDAQ:SOUN) dropped 1.4% on Friday . The company traded as low as $4.78 and last traded at $4.84. Approximately 5,679,464 shares were traded during trading, a decline of 84% from the average daily volume of 35,660,719 shares. The stock had previously closed at $4.91.

Analyst Ratings Changes

Several research analysts have issued reports on SOUN shares. HC Wainwright reiterated a “buy” rating and issued a $7.00 price target on shares of SoundHound AI in a report on Wednesday, September 18th. Cantor Fitzgerald upgraded SoundHound AI from a “neutral” rating to an “overweight” rating and increased their target price for the stock from $5.00 to $7.00 in a report on Friday, August 9th. Wedbush restated an “outperform” rating and set a $9.00 price target on shares of SoundHound AI in a research note on Thursday. Finally, Northland Securities upped their price objective on shares of SoundHound AI from $5.50 to $6.00 and gave the stock a “market perform” rating in a report on Friday, August 9th. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $7.08.

SoundHound AI Stock Performance

The firm has a market capitalization of $1.57 billion, a P/E ratio of -12.58 and a beta of 2.74. The firm has a 50 day simple moving average of $4.84 and a two-hundred day simple moving average of $4.95.

SoundHound AI (NASDAQ:SOUN) last released its quarterly earnings results on Thursday, August 8th. The company reported ($0.11) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.02). SoundHound AI had a negative net margin of 195.65% and a negative return on equity of 93.28%. The firm had revenue of $13.46 million for the quarter, compared to the consensus estimate of $13.09 million. During the same period in the previous year, the business earned ($0.10) earnings per share. The firm’s revenue for the quarter was up 53.8% on a year-over-year basis. Sell-side analysts anticipate that SoundHound AI, Inc. will post -0.36 earnings per share for the current year.

Insider Activity at SoundHound AI

In other SoundHound AI news, insider James Ming Hom sold 21,024 shares of the business’s stock in a transaction on Friday, September 20th. The stock was sold at an average price of $4.88, for a total value of $102,597.12. Following the transaction, the insider now owns 865,965 shares of the company’s stock, valued at $4,225,909.20. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, insider James Ming Hom sold 21,024 shares of the firm’s stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $4.88, for a total transaction of $102,597.12. Following the completion of the sale, the insider now owns 865,965 shares in the company, valued at $4,225,909.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Keyvan Mohajer sold 63,544 shares of the business’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $4.92, for a total transaction of $312,636.48. Following the completion of the transaction, the chief executive officer now owns 2,299,148 shares in the company, valued at $11,311,808.16. The disclosure for this sale can be found here. Over the last three months, insiders sold 535,275 shares of company stock valued at $2,802,644. 21.30% of the stock is owned by insiders.

Institutional Trading of SoundHound AI

Large investors have recently bought and sold shares of the company. Principal Financial Group Inc. grew its stake in shares of SoundHound AI by 16.5% during the 1st quarter. Principal Financial Group Inc. now owns 18,560 shares of the company’s stock worth $109,000 after acquiring an additional 2,629 shares during the period. Vanguard Group Inc. increased its stake in shares of SoundHound AI by 16.1% in the first quarter. Vanguard Group Inc. now owns 16,070,453 shares of the company’s stock worth $94,655,000 after purchasing an additional 2,226,471 shares in the last quarter. Commonwealth Equity Services LLC raised its position in shares of SoundHound AI by 239.7% in the first quarter. Commonwealth Equity Services LLC now owns 296,428 shares of the company’s stock valued at $1,746,000 after purchasing an additional 209,154 shares during the period. Bank of New York Mellon Corp lifted its stake in shares of SoundHound AI by 92.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 997,543 shares of the company’s stock valued at $3,940,000 after buying an additional 479,912 shares in the last quarter. Finally, SG Americas Securities LLC boosted its holdings in SoundHound AI by 1,039.3% in the 2nd quarter. SG Americas Securities LLC now owns 213,775 shares of the company’s stock worth $844,000 after buying an additional 195,011 shares during the period. 19.28% of the stock is 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.