SoundHound AI (NASDAQ:SOUN) Stock Price Down 1.5% – Here’s Why

SoundHound AI, Inc. (NASDAQ:SOUN) was down 1.5% during trading on Tuesday . The stock traded as low as $4.56 and last traded at $4.59. Approximately 3,818,292 shares were traded during trading, a decline of 89% from the average daily volume of 35,411,715 shares. The stock had previously closed at $4.66.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the company. Wedbush restated an “outperform” rating and issued a $9.00 price target on shares of SoundHound AI in a research note on Thursday, September 26th. Northland Securities upped their price objective on shares of SoundHound AI from $5.50 to $6.00 and gave the company a “market perform” rating in a report on Friday, August 9th. HC Wainwright restated a “buy” rating and set a $7.00 target price on shares of SoundHound AI in a research note on Wednesday, September 18th. Cantor Fitzgerald upgraded shares of SoundHound AI from a “neutral” rating to an “overweight” rating and upped their price target for the company from $5.00 to $7.00 in a research note on Friday, August 9th. Finally, DA Davidson restated a “buy” rating and set a $9.50 price objective on shares of SoundHound AI in a research report on Monday. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $7.08.

SoundHound AI Trading Down 0.8 %

The firm has a market cap of $1.54 billion, a price-to-earnings ratio of -12.42 and a beta of 2.74. The firm’s 50 day simple moving average is $4.83 and its two-hundred day simple moving average is $4.86.

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). The business had revenue of $13.46 million during the quarter, compared to analyst estimates of $13.09 million. SoundHound AI had a negative net margin of 195.65% and a negative return on equity of 93.28%. The firm’s quarterly revenue was up 53.8% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.10) earnings per share. As a group, equities research analysts anticipate that SoundHound AI, Inc. will post -0.36 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CTO Timothy Stonehocker sold 208,000 shares of the business’s stock in a transaction that occurred on Thursday, July 11th. The shares were 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, CTO Timothy Stonehocker sold 208,000 shares of SoundHound AI stock in a transaction on 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 transaction, the chief technology officer now owns 659,531 shares in the company, valued at approximately $3,792,303.25. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Keyvan Mohajer sold 63,544 shares of the company’s stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $4.92, for a total value of $312,636.48. Following the sale, the chief executive officer now owns 2,299,148 shares of the company’s stock, valued at $11,311,808.16. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 535,275 shares of company stock worth $2,802,644. Company insiders own 21.30% of the company’s stock.

Institutional Trading of SoundHound AI

Hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its holdings in shares of SoundHound AI by 16.1% during 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 during the last quarter. Intrinsic Edge Capital Management LLC grew its holdings in SoundHound AI by 47.7% during the 4th quarter. Intrinsic Edge Capital Management LLC now owns 4,848,211 shares of the company’s stock worth $10,278,000 after acquiring an additional 1,566,238 shares during the last quarter. Baupost Group LLC MA acquired a new position in SoundHound AI in the 1st quarter valued at approximately $6,659,000. Bank of New York Mellon Corp raised its stake in shares of SoundHound AI by 92.7% during the second quarter. Bank of New York Mellon Corp now owns 997,543 shares of the company’s stock valued at $3,940,000 after acquiring an additional 479,912 shares during the last quarter. Finally, Janus Henderson Group PLC lifted its holdings 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 worth $2,843,000 after purchasing an additional 409,917 shares during the period. Institutional investors and hedge funds own 19.28% of the company’s stock.

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.