SoundHound AI (NASDAQ:SOUN) Trading Down 0.1% After Analyst Downgrade

SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report)'s share price dropped 0.1% on Tuesday after DA Davidson lowered their price target on the stock from $13.00 to $10.00. DA Davidson currently has a buy rating on the stock. SoundHound AI traded as low as $8.09 and last traded at $8.14. Approximately 3,471,735 shares changed hands during mid-day trading, a decline of 91% from the average daily volume of 37,859,434 shares. The stock had previously closed at $8.15.

Other equities research analysts have also issued research reports about the company. Northland Securities boosted their price target on SoundHound AI from $6.00 to $8.00 and gave the stock a "market perform" rating in a research note on Tuesday, January 14th. HC Wainwright reissued a "buy" rating and set a $26.00 price objective on shares of SoundHound AI in a report on Monday, March 3rd. Wedbush lifted their price target on SoundHound AI from $10.00 to $22.00 and gave the stock an "outperform" rating in a research report on Monday, December 16th. Finally, Cantor Fitzgerald raised SoundHound AI to a "hold" rating in a report on Monday, February 24th. Four research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $12.43.

Insider Activity

In other SoundHound AI news, insider James Ming Hom sold 51,196 shares of the firm's stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $10.25, for a total value of $524,759.00. Following the transaction, the insider now directly owns 638,456 shares of the company's stock, valued at $6,544,174. This trade represents a 7.42 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CTO Timothy Stonehocker sold 3,333 shares of SoundHound AI stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $10.08, for a total transaction of $33,596.64. Following the sale, the chief technology officer now directly owns 765,534 shares in the company, valued at approximately $7,716,582.72. The trade was a 0.43 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 500,565 shares of company stock worth $4,999,726 over the last quarter. 12.28% of the stock is currently owned by corporate insiders.

Institutional Trading of SoundHound AI

Institutional investors have recently modified their holdings of the stock. FMR LLC increased its stake in shares of SoundHound AI by 112.8% during the third quarter. FMR LLC now owns 49,038 shares of the company's stock worth $229,000 after acquiring an additional 25,989 shares during the period. Stifel Financial Corp boosted its holdings in shares of SoundHound AI by 122.4% during the third quarter. Stifel Financial Corp now owns 148,970 shares of the company's stock worth $694,000 after purchasing an additional 81,990 shares during the last quarter. State Street Corp increased its position in SoundHound AI by 0.6% during the third quarter. State Street Corp now owns 7,197,414 shares of the company's stock worth $33,540,000 after purchasing an additional 42,869 shares during the last quarter. MML Investors Services LLC purchased a new stake in shares of SoundHound AI during the 3rd quarter worth about $86,000. Finally, Geode Capital Management LLC increased its holdings in SoundHound AI by 9.1% in the 3rd quarter. Geode Capital Management LLC now owns 7,193,599 shares of the company's stock valued at $33,529,000 after purchasing an additional 602,311 shares in the last quarter. Hedge funds and other institutional investors own 19.28% of the company's stock.

SoundHound AI Trading Up 1.0 %

The company has a debt-to-equity ratio of 0.13, a current ratio of 2.58 and a quick ratio of 2.58. The business's 50-day moving average price is $9.41 and its 200 day moving average price is $10.87. The firm has a market capitalization of $3.13 billion, a price-to-earnings ratio of -21.76 and a beta of 2.73.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last announced its quarterly earnings data on Thursday, February 27th. The company reported ($0.69) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.11) by ($0.58). SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. The business had revenue of $34.54 million during the quarter, compared to analyst estimates of $33.70 million. On average, equities analysts forecast that SoundHound AI, Inc. will post -0.38 earnings per share for the current fiscal year.

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.