SoundHound AI (NASDAQ:SOUN) Stock Price Down 2.3%

SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report)'s share price traded down 2.3% on Monday . The company traded as low as $4.72 and last traded at $4.74. 2,894,058 shares were traded during trading, a decline of 92% from the average session volume of 36,767,289 shares. The stock had previously closed at $4.85.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the stock. HC Wainwright reissued a "buy" rating and issued a $7.00 price objective on shares of SoundHound AI in a research note on Monday, August 12th. Cantor Fitzgerald upgraded SoundHound AI from a "neutral" rating to an "overweight" rating and lifted their target price for the company from $5.00 to $7.00 in a research report on Friday, August 9th. Wedbush reissued an "outperform" rating and issued a $9.00 target price on shares of SoundHound AI in a report on Friday, August 9th. Finally, Northland Securities raised their price target on shares of SoundHound AI from $5.50 to $6.00 and gave the company a "market perform" rating in a research note on Friday, August 9th. One analyst has rated the stock with a hold rating and five have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $7.08.

SoundHound AI Trading Down 1.9 %

The business has a 50-day moving average of $4.91 and a two-hundred day moving average of $5.00. The firm has a market cap of $1.57 billion, a P/E ratio of -12.53 and a beta of 2.74.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last released its quarterly earnings results on Thursday, August 8th. The company reported ($0.11) earnings per share for the quarter, missing the consensus estimate of ($0.09) by ($0.02). SoundHound AI had a negative return on equity of 93.28% and a negative net margin of 195.65%. The firm had revenue of $13.46 million for the quarter, compared to the consensus estimate of $13.09 million. During the same quarter last year, the firm posted ($0.10) earnings per share. The business's revenue for the quarter was up 53.8% on a year-over-year basis. As a group, equities analysts expect that SoundHound AI, Inc. will post -0.36 EPS for the current year.

Insider Buying and Selling at SoundHound AI

In other news, CEO Keyvan Mohajer sold 67,994 shares of SoundHound AI stock in a transaction on Thursday, June 20th. The shares were sold at an average price of $4.04, for a total transaction of $274,695.76. Following the transaction, the chief executive officer now owns 1,069,837 shares in the company, valued at $4,322,141.48. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, CEO Keyvan Mohajer sold 67,994 shares of the firm's stock in a transaction dated Thursday, June 20th. The stock was sold at an average price of $4.04, for a total transaction of $274,695.76. Following the completion of the transaction, the chief executive officer now directly owns 1,069,837 shares in the company, valued at $4,322,141.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Michael Zagorsek sold 24,091 shares of SoundHound AI stock in a transaction that occurred on Thursday, June 20th. The stock was sold at an average price of $4.04, for a total value of $97,327.64. Following the completion of the transaction, the chief operating officer now directly owns 765,323 shares in the company, valued at $3,091,904.92. The disclosure for this sale can be found here. In the last ninety days, insiders sold 521,728 shares of company stock worth $2,501,976. 21.30% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On SoundHound AI

Hedge funds have recently bought and sold shares of the company. Ameritas Investment Partners Inc. grew its holdings in SoundHound AI by 17.3% during the 1st quarter. Ameritas Investment Partners Inc. now owns 13,561 shares of the company's stock worth $80,000 after acquiring an additional 2,000 shares during the period. Genesee Capital Advisors LLC grew its stake in SoundHound AI by 11.4% during the second quarter. Genesee Capital Advisors LLC now owns 19,468 shares of the company's stock worth $77,000 after purchasing an additional 2,000 shares during the period. Signaturefd LLC increased its holdings in SoundHound AI by 27.3% in the second quarter. Signaturefd LLC now owns 10,255 shares of the company's stock worth $41,000 after purchasing an additional 2,200 shares in the last quarter. Newbridge Financial Services Group Inc. increased its holdings in SoundHound AI by 24.7% in the second quarter. Newbridge Financial Services Group Inc. now owns 11,720 shares of the company's stock worth $46,000 after purchasing an additional 2,320 shares in the last quarter. Finally, Sequoia Financial Advisors LLC lifted its stake in SoundHound AI by 13.7% in the second quarter. Sequoia Financial Advisors LLC now owns 20,683 shares of the company's stock valued at $82,000 after buying an additional 2,500 shares during the period. 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.