SoundHound AI (NASDAQ:SOUN) Trading Down 6.2% - Here's What Happened

Shares of SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report) traded down 6.2% during trading on Thursday . The company traded as low as $5.06 and last traded at $5.11. 11,381,943 shares traded hands during mid-day trading, a decline of 66% from the average session volume of 33,905,117 shares. The stock had previously closed at $5.45.

Analysts Set New Price Targets

A number of equities analysts have commented on the stock. DA Davidson restated a "buy" rating and issued a $9.50 target price on shares of SoundHound AI in a research note on Monday, September 30th. HC Wainwright restated a "buy" rating and issued a $7.00 target price on shares of SoundHound AI in a research note on Wednesday, September 18th. Wedbush reiterated an "outperform" rating and set a $9.00 price objective on shares of SoundHound AI in a research note on Thursday, September 26th. Northland Securities increased their price objective 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. Finally, Cantor Fitzgerald upgraded shares of SoundHound AI from a "neutral" rating to an "overweight" rating and increased their price objective for the company from $5.00 to $7.00 in a research note on Friday, August 9th. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, SoundHound AI currently has an average rating of "Moderate Buy" and an average target price of $7.08.

SoundHound AI Price Performance

The stock's 50-day moving average is $4.94 and its 200 day moving average is $4.77. The company has a market cap of $1.80 billion, a PE ratio of -12.90 and a beta of 2.73.

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

Insiders Place Their Bets

In other SoundHound AI news, CEO Keyvan Mohajer sold 63,544 shares of the firm'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 completion of the transaction, the chief executive officer now owns 2,299,148 shares of the company's stock, valued at approximately $11,311,808.16. This trade represents 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, CEO Keyvan Mohajer sold 63,544 shares of the firm's stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $4.92, for a total transaction of $312,636.48. Following the completion of the transaction, the chief executive officer now owns 2,299,148 shares of the company's stock, valued at $11,311,808.16. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CTO Timothy Stonehocker sold 20,337 shares of the firm's stock in a transaction on Friday, September 20th. The stock was sold at an average price of $4.88, for a total transaction of $99,244.56. Following the transaction, the chief technology officer now directly owns 1,039,194 shares of the company's stock, valued at approximately $5,071,266.72. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 327,275 shares of company stock valued at $1,606,644. Insiders own 12.28% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in SOUN. Kings Path Partners LLC acquired a new stake in SoundHound AI during the second quarter valued at $28,000. International Assets Investment Management LLC acquired a new stake in shares of SoundHound AI in the second quarter valued at about $31,000. NBC Securities Inc. grew its position in shares of SoundHound AI by 97.8% in the third quarter. NBC Securities Inc. now owns 7,720 shares of the company's stock valued at $35,000 after purchasing an additional 3,818 shares during the period. Amalgamated Bank grew its position in shares of SoundHound AI by 108.0% in the second quarter. Amalgamated Bank now owns 9,819 shares of the company's stock valued at $39,000 after purchasing an additional 5,099 shares during the period. Finally, DecisionPoint Financial LLC acquired a new stake in shares of SoundHound AI in the first quarter valued at about $40,000. Hedge funds and other institutional investors 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.