SoundHound AI (NASDAQ:SOUN) Trading Down 3.8% - What's Next?

SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report)'s share price dropped 3.8% during trading on Wednesday . The stock traded as low as $5.58 and last traded at $5.78. Approximately 10,601,017 shares traded hands during mid-day trading, a decline of 69% from the average daily volume of 33,950,473 shares. The stock had previously closed at $6.01.

Analyst Ratings Changes

A number of analysts have recently commented on the company. DA Davidson reiterated a "buy" rating and set a $9.50 target price on shares of SoundHound AI in a research report on Monday, September 30th. Wedbush reiterated an "outperform" rating and set a $9.00 price target 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 raised their price objective for the company from $5.00 to $7.00 in a research report on Friday, August 9th. HC Wainwright restated a "buy" rating and set a $7.00 target price on shares of SoundHound AI in a research report on Wednesday, September 18th. Finally, Northland Securities boosted their price objective on shares of SoundHound AI from $5.50 to $6.00 and gave the stock a "market perform" rating in a research report on Friday, August 9th. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the company's stock. Based on data from MarketBeat, SoundHound AI has an average rating of "Moderate Buy" and a consensus target price of $7.08.

SoundHound AI Stock Performance

The company has a market capitalization of $1.79 billion, a price-to-earnings ratio of -14.34 and a beta of 2.73. The company has a fifty day simple moving average of $4.94 and a two-hundred day simple moving average of $4.77.

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 analysts' consensus estimates of ($0.09) by ($0.02). SoundHound AI had a negative net margin of 195.65% and a negative return on equity of 93.28%. The firm had revenue of $13.46 million for the quarter, compared to analyst estimates of $13.09 million. During the same period in the previous year, the business posted ($0.10) earnings per share. SoundHound AI's revenue for the quarter was up 53.8% on a year-over-year basis. As a group, analysts expect that SoundHound AI, Inc. will post -0.36 EPS for the current year.

Insider Activity at SoundHound AI

In related news, insider James Ming Hom sold 21,024 shares of the stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $4.88, for a total value of $102,597.12. Following the completion of the transaction, the insider now directly owns 865,965 shares of the company's stock, valued at $4,225,909.20. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other SoundHound AI news, CEO Keyvan Mohajer sold 63,544 shares of SoundHound AI stock in a transaction that occurred 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 transaction, the chief executive officer now owns 2,299,148 shares in the company, 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 can be accessed through this hyperlink. Also, insider James Ming Hom sold 21,024 shares of the company's stock in a transaction on Friday, September 20th. The shares were sold at an average price of $4.88, for a total value of $102,597.12. Following the sale, the insider now directly owns 865,965 shares of the company's stock, valued at approximately $4,225,909.20. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 327,275 shares of company stock worth $1,606,644 in the last 90 days. 21.30% of the stock is currently owned by company insiders.

Institutional Trading of SoundHound AI

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Ameritas Investment Partners Inc. lifted its stake in shares of SoundHound AI by 17.3% in the 1st quarter. Ameritas Investment Partners Inc. now owns 13,561 shares of the company's stock valued at $80,000 after purchasing an additional 2,000 shares during the last quarter. Genesee Capital Advisors LLC increased its holdings in SoundHound AI by 11.4% in the 2nd quarter. Genesee Capital Advisors LLC now owns 19,468 shares of the company's stock valued at $77,000 after buying an additional 2,000 shares during the period. Signaturefd LLC raised its stake in shares of SoundHound AI by 19.5% in the 3rd quarter. Signaturefd LLC now owns 12,255 shares of the company's stock valued at $57,000 after buying an additional 2,000 shares in the last quarter. Newbridge Financial Services Group Inc. raised its position 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% during the second quarter. Sequoia Financial Advisors LLC now owns 20,683 shares of the company's stock worth $82,000 after purchasing an additional 2,500 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.