SoundHound AI (NASDAQ:SOUN) Trading Down 1.5% - Here's What Happened

SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report)'s share price traded down 1.5% during trading on Tuesday . The company traded as low as $5.30 and last traded at $5.31. 4,234,233 shares traded hands during trading, a decline of 88% from the average session volume of 34,187,785 shares. The stock had previously closed at $5.39.

Analysts Set New Price Targets

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

SoundHound AI Price Performance

The company's 50-day moving average price is $4.88 and its 200-day moving average price is $4.74. The company has a market cap of $1.73 billion, a P/E ratio of -13.87 and a beta of 2.73.

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 (EPS) for the quarter, missing the consensus estimate of ($0.09) by ($0.02). The firm had revenue of $13.46 million during the quarter, compared to analyst estimates of $13.09 million. SoundHound AI had a negative net margin of 195.65% and a negative return on equity of 93.28%. The business's revenue for the quarter was up 53.8% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.10) EPS. On average, equities research analysts predict that SoundHound AI, Inc. will post -0.36 EPS for the current year.

Insiders Place Their Bets

In other news, CEO Keyvan Mohajer sold 63,544 shares of the business's stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $4.92, for a total value of $312,636.48. Following the sale, the chief executive officer now owns 2,299,148 shares of the company's stock, valued at $11,311,808.16. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, insider James Ming Hom sold 21,024 shares of the business's stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $4.88, for a total transaction of $102,597.12. Following the transaction, the insider now directly owns 865,965 shares in the company, valued at $4,225,909.20. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Keyvan Mohajer sold 63,544 shares of the stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $4.92, for a total value of $312,636.48. Following the completion of the sale, the chief executive officer now owns 2,299,148 shares in the company, valued at approximately $11,311,808.16. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 327,275 shares of company stock valued at $1,606,644 in the last quarter. 21.30% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. boosted its holdings in shares of 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 acquired a new position in SoundHound AI in the 1st quarter valued at $6,659,000. Bank of New York Mellon Corp increased its position in SoundHound AI by 92.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 997,543 shares of the company's stock worth $3,940,000 after buying an additional 479,912 shares during the period. Carnegie Investment Counsel acquired a new stake in shares of SoundHound AI during the third quarter worth $4,193,000. Finally, Janus Henderson Group PLC boosted its position in shares of SoundHound AI by 563.0% in the first quarter. Janus Henderson Group PLC now owns 482,731 shares of the company's stock valued at $2,843,000 after acquiring an additional 409,917 shares during the period. Institutional investors and hedge funds 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.