SoundHound AI (NASDAQ:SOUN) Shares Down 9.9% – Here’s What Happened

SoundHound AI, Inc. (NASDAQ:SOUN) fell 9.9% during trading on Monday . The company traded as low as $9.08 and last traded at $9.29. 23,625,596 shares were traded during trading, a decline of 58% from the average session volume of 56,112,227 shares. The stock had previously closed at $10.31.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on SOUN shares. Barclays reaffirmed a “neutral” rating and issued a $7.00 price target on shares of SoundHound AI in a research report on Wednesday, November 13th. Northland Securities increased their target price on 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 boosted their price target on SoundHound AI from $10.00 to $22.00 and gave the stock an “outperform” rating in a research report on Monday, December 16th. 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. Finally, HC Wainwright restated a “buy” rating and issued a $26.00 target price on shares of SoundHound AI in a research note on Monday, January 13th. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $12.36.

SoundHound AI Trading Down 8.5 %

The stock has a 50-day moving average of $16.24 and a 200 day moving average of $9.79. The company has a quick ratio of 2.58, a current ratio of 2.58 and a debt-to-equity ratio of 0.13. The stock has a market cap of $3.71 billion, a PE ratio of -26.08 and a beta of 2.56.

Insider Buying and Selling at SoundHound AI

In related news, VP Majid Emami sold 94,067 shares of the company’s stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $9.05, for a total value of $851,306.35. Following the completion of the transaction, the vice president now owns 735,685 shares of the company’s stock, valued at approximately $6,657,949.25. This represents a 11.34 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Lawrence Marcus sold 20,000 shares of the company’s stock in a transaction that occurred on Monday, December 23rd. The stock was sold at an average price of $20.47, for a total value of $409,400.00. Following the transaction, the director now directly owns 108,117 shares of the company’s stock, valued at approximately $2,213,154.99. The trade was a 15.61 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 2,722,918 shares of company stock worth $44,935,943. Company insiders own 12.28% of the company’s stock.

Institutional Investors Weigh In On SoundHound AI

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Kieckhefer Group LLC acquired a new stake in shares of SoundHound AI in the fourth quarter valued at about $3,432,000. Charles Schwab Investment Management Inc. boosted its holdings in SoundHound AI by 7.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,582,206 shares of the company’s stock worth $12,033,000 after buying an additional 189,109 shares during the last quarter. Oriental Harbor Investment Fund purchased a new stake in SoundHound AI during the 4th quarter worth approximately $8,964,000. Geode Capital Management LLC lifted its position in shares of SoundHound AI by 9.1% in the third quarter. Geode Capital Management LLC now owns 7,193,599 shares of the company’s stock valued at $33,529,000 after acquiring an additional 602,311 shares in the last quarter. Finally, Wealth Effects LLC purchased a new position in shares of SoundHound AI in the fourth quarter valued at approximately $357,000. 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.