SoundHound AI (NASDAQ:SOUN) Trading Down 0.9% – Here’s What Happened

SoundHound AI, Inc. (NASDAQ:SOUN)’s stock price dropped 0.9% on Wednesday . The stock traded as low as $18.85 and last traded at $20.24. Approximately 54,489,000 shares traded hands during mid-day trading, an increase of 34% from the average daily volume of 40,709,250 shares. The stock had previously closed at $20.43.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. LADENBURG THALM/SH SH restated a “neutral” rating and set a $7.00 price objective on shares of SoundHound AI in a research note on Wednesday, November 13th. HC Wainwright boosted their target price on shares of SoundHound AI from $8.00 to $26.00 and gave the company a “buy” rating in a research report on Monday. Barclays reaffirmed a “neutral” rating and set a $7.00 price target on shares of SoundHound AI in a research report on Wednesday, November 13th. Wedbush boosted their price objective on SoundHound AI from $10.00 to $22.00 and gave the company an “outperform” rating in a report on Monday, December 16th. Finally, DA Davidson reaffirmed a “buy” rating and set a $9.50 target price on shares of SoundHound AI in a report on Monday, September 30th. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $12.07.

SoundHound AI Stock Performance

The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.58 and a current ratio of 2.58. The firm has a market capitalization of $8.96 billion, a PE ratio of -67.31 and a beta of 3.03. The firm’s 50 day moving average price is $10.29 and its 200-day moving average price is $6.67.

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

Insiders Place Their Bets

In other SoundHound AI news, insider James Ming Hom sold 53,891 shares of the firm’s stock in a transaction on Wednesday, December 4th. The stock was sold at an average price of $10.00, for a total value of $538,910.00. Following the transaction, the insider now owns 813,193 shares in the company, valued at approximately $8,131,930. This trade represents a 6.22 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Majid Emami sold 94,067 shares of the company’s stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $9.05, for a total transaction of $851,306.35. Following the sale, the vice president now directly owns 735,685 shares of the company’s stock, valued at $6,657,949.25. The trade was a 11.34 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 2,782,918 shares of company stock worth $45,391,343. Company insiders own 12.28% of the company’s stock.

Institutional Trading of SoundHound AI

Several large investors have recently bought and sold shares of SOUN. Kings Path Partners LLC purchased a new position in SoundHound AI in the 2nd quarter worth approximately $28,000. International Assets Investment Management LLC acquired a new stake in shares of SoundHound AI in the second quarter valued at approximately $31,000. NBC Securities Inc. lifted its position in SoundHound AI by 97.8% during the third quarter. NBC Securities Inc. now owns 7,720 shares of the company’s stock worth $35,000 after buying an additional 3,818 shares in the last quarter. Amalgamated Bank boosted its stake in SoundHound AI by 108.0% during the second quarter. Amalgamated Bank now owns 9,819 shares of the company’s stock worth $39,000 after buying an additional 5,099 shares during the last quarter. Finally, Signaturefd LLC grew its holdings in SoundHound AI by 27.3% in the 2nd quarter. Signaturefd LLC now owns 10,255 shares of the company’s stock valued at $41,000 after buying an additional 2,200 shares in the last quarter. Hedge funds and other 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.