SoundHound AI (NASDAQ:SOUN) Shares Down 4.6% – Here’s What Happened

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

Analyst Upgrades and Downgrades

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

SoundHound AI Stock Performance

The stock has a market cap of $3.87 billion, a price-to-earnings ratio of -27.36 and a beta of 2.62. The stock’s 50 day moving average is $12.38 and its two-hundred day moving average is $10.33. The company has a current ratio of 2.58, a quick ratio of 2.58 and a debt-to-equity ratio of 0.13.

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

Insider Transactions at SoundHound AI

In related news, Director Lawrence Marcus sold 20,000 shares of the firm’s stock in a transaction dated Monday, December 23rd. The shares were sold at an average price of $20.47, for a total value of $409,400.00. Following the completion of the sale, the director now owns 108,117 shares in the company, valued at $2,213,154.99. This trade represents a 15.61 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Majid Emami sold 37,459 shares of the firm’s stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $20.30, for a total transaction of $760,417.70. Following the completion of the sale, the vice president now owns 698,226 shares of the company’s stock, valued at $14,173,987.80. This trade represents a 5.09 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 524,676 shares of company stock worth $10,638,694. Company insiders own 12.28% of the company’s stock.

Institutional Trading of SoundHound AI

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Blue Trust Inc. lifted its stake in shares of SoundHound AI by 197.6% in the fourth quarter. Blue Trust Inc. now owns 1,250 shares of the company’s stock valued at $25,000 after purchasing an additional 830 shares during the period. Sound Income Strategies LLC increased its holdings in SoundHound AI by 2,542.0% during the 4th quarter. Sound Income Strategies LLC now owns 1,321 shares of the company’s stock valued at $26,000 after acquiring an additional 1,271 shares in the last quarter. Orion Capital Management LLC purchased a new position in SoundHound AI during the 4th quarter valued at about $30,000. Future Financial Wealth Managment LLC purchased a new position in SoundHound AI during the 4th quarter valued at about $40,000. Finally, Compagnie Lombard Odier SCmA purchased a new position in SoundHound AI during the 4th quarter valued at about $40,000. Institutional investors and hedge funds 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.