SoundHound AI (NASDAQ:SOUN) Shares Down 5.4% – Here’s What Happened

SoundHound AI, Inc. (NASDAQ:SOUN)’s stock price dropped 5.4% on Monday . The stock traded as low as $7.76 and last traded at $8.05. Approximately 9,028,974 shares traded hands during mid-day trading, a decline of 76% from the average daily volume of 38,054,833 shares. The stock had previously closed at $8.50.

Analysts Set New Price Targets

SOUN has been the subject of a number of analyst reports. Northland Securities lifted their price objective on shares of SoundHound AI from $6.00 to $8.00 and gave the company a “market perform” rating in a research report on Tuesday, January 14th. Wedbush upped their price objective on SoundHound AI from $10.00 to $22.00 and gave the company an “outperform” rating in a research note on Monday, December 16th. HC Wainwright reissued a “buy” rating and issued a $26.00 price target on shares of SoundHound AI in a report on Monday, March 3rd. DA Davidson lifted their price target on shares of SoundHound AI from $9.50 to $13.00 and gave the company a “buy” rating in a research report on Friday, February 28th. Finally, Cantor Fitzgerald raised SoundHound AI to a “hold” rating in a research report on Monday, February 24th. Four analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, SoundHound AI has an average rating of “Hold” and an average price target of $12.86.

SoundHound AI Trading Down 4.4 %

The company has a current ratio of 2.58, a quick ratio of 2.58 and a debt-to-equity ratio of 0.13. The firm’s 50-day moving average is $11.79 and its 200 day moving average is $10.61. The firm has a market capitalization of $3.24 billion, a price-to-earnings ratio of -22.60 and a beta of 2.62.

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

Insiders Place Their Bets

In related news, insider James Ming Hom sold 51,196 shares of SoundHound AI stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $10.25, for a total value of $524,759.00. Following the completion of the transaction, the insider now directly owns 638,456 shares in the company, valued at approximately $6,544,174. The trade was a 7.42 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CTO Timothy Stonehocker sold 27,714 shares of the company’s stock in a transaction that occurred on Thursday, March 20th. The stock was sold at an average price of $9.90, for a total transaction of $274,368.60. Following the completion of the transaction, the chief technology officer now owns 768,867 shares in the company, valued at approximately $7,611,783.30. This trade represents a 3.48 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 500,565 shares of company stock worth $4,999,726. 12.28% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On SoundHound AI

Institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its stake in SoundHound AI by 35.6% in the 4th quarter. Vanguard Group Inc. now owns 32,031,662 shares of the company’s stock worth $635,508,000 after purchasing an additional 8,402,881 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of SoundHound AI by 4.4% in the fourth quarter. Geode Capital Management LLC now owns 7,509,496 shares of the company’s stock worth $149,024,000 after purchasing an additional 315,897 shares in the last quarter. State Street Corp grew its holdings in shares of SoundHound AI by 0.6% in the third quarter. State Street Corp now owns 7,197,414 shares of the company’s stock valued at $33,540,000 after purchasing an additional 42,869 shares in the last quarter. Northern Trust Corp grew its stake in shares of SoundHound AI by 10.0% in the 4th quarter. Northern Trust Corp now owns 2,906,245 shares of the company’s stock worth $57,660,000 after buying an additional 264,382 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in shares of SoundHound AI by 5.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,725,693 shares of the company’s stock valued at $54,078,000 after purchasing an additional 143,487 shares during the last quarter. Hedge funds and other institutional investors 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.