SoundHound AI (NASDAQ:SOUN) Stock Price Down 0.7% - Here's What Happened

SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report) dropped 0.7% during mid-day trading on Wednesday . The company traded as low as $7.05 and last traded at $7.13. Approximately 6,369,548 shares changed hands during trading, a decline of 83% from the average daily volume of 37,868,196 shares. The stock had previously closed at $7.18.

Analyst Ratings Changes

A number of equities analysts recently commented on the stock. Cantor Fitzgerald raised shares of SoundHound AI to a "hold" rating in a research note on Monday, February 24th. Wedbush boosted 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. DA Davidson decreased their price objective on SoundHound AI from $13.00 to $10.00 and set a "buy" rating for the company in a research note on Monday. HC Wainwright reiterated a "buy" rating and issued a $26.00 target price on shares of SoundHound AI in a research note on Monday, March 3rd. Finally, Northland Securities increased their price target on shares of SoundHound AI from $6.00 to $8.00 and gave the company a "market perform" rating in a research report on Tuesday, January 14th. Four equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $12.43.

SoundHound AI Trading Up 1.0 %

The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.58 and a current ratio of 2.58. The stock has a market capitalization of $3.28 billion, a PE ratio of -22.86 and a beta of 2.73. The company has a 50 day moving average of $9.84 and a two-hundred day moving average of $10.84.

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SoundHound AI (NASDAQ:SOUN - Get Free Report) last released its earnings results 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). The firm had revenue of $34.54 million during the quarter, compared to analyst estimates of $33.70 million. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. Sell-side analysts predict that SoundHound AI, Inc. will post -0.38 EPS for the current year.

Insiders Place Their Bets

In other news, CEO Keyvan Mohajer sold 118,605 shares of SoundHound AI stock in a transaction dated Thursday, March 20th. The shares were sold at an average price of $9.90, for a total value of $1,174,189.50. Following the sale, the chief executive officer now owns 1,903,061 shares in the company, valued at $18,840,303.90. This trade represents a 5.87 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Diana Sroka sold 3,402 shares of the company's stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $10.08, for a total transaction of $34,292.16. Following the transaction, the director now owns 138,850 shares of the company's stock, valued at approximately $1,399,608. This trade represents a 2.39 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 500,565 shares of company stock valued at $4,999,726. Company insiders own 12.28% of the company's stock.

Hedge Funds Weigh In On SoundHound AI

A number of hedge funds have recently made changes to their positions in the company. FMR LLC boosted its position in 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 last quarter. Stifel Financial Corp boosted its holdings in shares of SoundHound AI by 122.4% during the 3rd 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 boosted its holdings in shares of SoundHound AI by 0.6% during the 3rd 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 acquired a new stake in shares of SoundHound AI in the third quarter valued at approximately $86,000. Finally, Geode Capital Management LLC lifted its position in SoundHound AI by 9.1% during the third quarter. Geode Capital Management LLC now owns 7,193,599 shares of the company's stock worth $33,529,000 after buying an additional 602,311 shares in the last quarter. 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.