SoundHound AI (NASDAQ:SOUN) Trading Down 0.4% - What's Next?

SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report) was down 0.4% on Friday . The stock traded as low as $4.79 and last traded at $4.82. Approximately 3,136,914 shares were traded during mid-day trading, a decline of 91% from the average daily volume of 34,456,297 shares. The stock had previously closed at $4.84.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on SOUN shares. DA Davidson reaffirmed a "buy" rating and issued a $9.50 target price on shares of SoundHound AI in a research report on Monday, September 30th. Wedbush reaffirmed an "outperform" rating and issued a $9.00 target price on shares of SoundHound AI in a research report on Thursday, September 26th. Cantor Fitzgerald raised SoundHound AI from a "neutral" rating to an "overweight" rating and increased their price target for the company from $5.00 to $7.00 in a report on Friday, August 9th. Northland Securities raised their price objective on SoundHound AI from $5.50 to $6.00 and gave the company a "market perform" rating in a research note on Friday, August 9th. Finally, HC Wainwright reissued a "buy" rating and issued a $7.00 target price on shares of SoundHound AI in a research report on Wednesday, September 18th. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $7.08.

SoundHound AI Stock Up 1.4 %

The firm's 50 day moving average is $4.80 and its two-hundred day moving average is $4.77. The stock has a market cap of $1.62 billion, a price-to-earnings ratio of -12.92 and a beta of 2.73.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last announced its quarterly earnings results on Thursday, August 8th. The company reported ($0.11) earnings per share (EPS) 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 company had revenue of $13.46 million during the quarter, compared to the consensus estimate of $13.09 million. During the same period last year, the business posted ($0.10) EPS. The company's revenue for the quarter was up 53.8% on a year-over-year basis. On average, analysts anticipate that SoundHound AI, Inc. will post -0.36 EPS for the current fiscal year.

Insider Transactions at SoundHound AI

In other news, CEO Keyvan Mohajer sold 63,544 shares of SoundHound AI stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $4.92, for a total transaction of $312,636.48. Following the sale, the chief executive officer now owns 2,299,148 shares of the company's stock, valued at approximately $11,311,808.16. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, Director Lawrence Marcus sold 50,000 shares of the stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $5.02, for a total value of $251,000.00. Following the completion of the transaction, the director now owns 74,038 shares in the company, valued at $371,670.76. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Keyvan Mohajer sold 63,544 shares of the business's stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $4.92, for a total transaction of $312,636.48. Following the sale, the chief executive officer now owns 2,299,148 shares in the company, valued at $11,311,808.16. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 327,275 shares of company stock worth $1,606,644. Insiders own 21.30% of the company's stock.

Hedge Funds Weigh In On SoundHound AI

Several hedge funds have recently modified their holdings of the company. Vanguard Group Inc. grew its holdings in SoundHound AI by 16.1% during the first quarter. Vanguard Group Inc. now owns 16,070,453 shares of the company's stock worth $94,655,000 after acquiring an additional 2,226,471 shares during the period. Baupost Group LLC MA bought a new stake in shares of SoundHound AI in the 1st quarter worth approximately $6,659,000. Bank of New York Mellon Corp raised its holdings in shares of SoundHound AI by 92.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 997,543 shares of the company's stock worth $3,940,000 after purchasing an additional 479,912 shares in the last quarter. Carnegie Investment Counsel acquired a new stake in SoundHound AI during the third quarter valued at approximately $4,193,000. Finally, Janus Henderson Group PLC boosted its holdings in SoundHound AI by 563.0% during the first quarter. Janus Henderson Group PLC now owns 482,731 shares of the company's stock worth $2,843,000 after buying an additional 409,917 shares in the last quarter. 19.28% of the stock is currently owned by institutional investors and hedge funds.

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.