SoundHound AI (NASDAQ:SOUN) Shares Down 1.3% - Here's What Happened

Shares of SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report) fell 1.3% during trading on Thursday . The stock traded as low as $13.84 and last traded at $13.81. 11,974,969 shares changed hands during trading, a decline of 81% from the average session volume of 61,566,496 shares. The stock had previously closed at $13.99.

Wall Street Analyst Weigh In

SOUN has been the topic of a number of recent research reports. Northland Securities raised their price target on shares of SoundHound AI from $6.00 to $8.00 and gave the stock a "market perform" rating in a research report on Tuesday, January 14th. Barclays restated a "neutral" rating and issued a $7.00 target price on shares of SoundHound AI in a research report on Wednesday, November 13th. Wedbush raised their target price on SoundHound AI from $10.00 to $22.00 and gave the company an "outperform" rating in a research report on Monday, December 16th. LADENBURG THALM/SH SH reissued a "neutral" rating and set a $7.00 price target on shares of SoundHound AI in a report on Wednesday, November 13th. Finally, HC Wainwright reissued a "buy" rating and set a $26.00 target price on shares of SoundHound AI in a research note on Monday, January 13th. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $12.36.

SoundHound AI Stock Up 0.1 %

The business's 50 day simple moving average is $15.37 and its 200 day simple moving average is $8.73. The company has a market capitalization of $5.18 billion, a PE ratio of -38.86 and a beta of 2.63. The company has a quick ratio of 2.58, a current ratio of 2.58 and a debt-to-equity ratio of 0.13.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last issued its quarterly earnings results on Tuesday, November 12th. The company reported ($0.06) earnings per share for the quarter, beating analysts' consensus estimates of ($0.07) by $0.01. The business had revenue of $25.10 million for the quarter, compared to the consensus estimate of $23.02 million. SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. SoundHound AI's revenue for the quarter was up 88.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.09) earnings per share. As a group, analysts forecast that SoundHound AI, Inc. will post -0.38 EPS for the current year.

Insider Transactions at SoundHound AI

In other SoundHound AI news, CFO Nitesh Sharan sold 57,761 shares of SoundHound AI stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $20.30, for a total value of $1,172,548.30. Following the completion of the sale, the chief financial officer now directly owns 1,502,650 shares in the company, valued at $30,503,795. The trade was a 3.70 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CTO Timothy Stonehocker sold 34,407 shares of SoundHound AI stock in a transaction on Friday, December 20th. The shares were sold at an average price of $20.30, for a total transaction of $698,462.10. Following the completion of the sale, the chief technology officer now directly owns 796,581 shares of the company's stock, valued at approximately $16,170,594.30. The trade was a 4.14 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 2,782,918 shares of company stock valued at $45,391,343 over the last three months. 12.28% of the stock is owned by corporate insiders.

Institutional Trading of SoundHound AI

Several large investors have recently made changes to their positions in the stock. State Street Corp raised its position in shares of SoundHound AI by 0.6% in the third quarter. State Street Corp now owns 7,197,414 shares of the company's stock valued at $33,540,000 after purchasing an additional 42,869 shares during the period. Geode Capital Management LLC boosted its holdings 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 valued at $33,529,000 after acquiring an additional 602,311 shares during the period. Charles Schwab Investment Management Inc. lifted its position in shares of SoundHound AI by 7.9% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,582,206 shares of the company's stock worth $12,033,000 after purchasing an additional 189,109 shares during the last quarter. Carnegie Investment Counsel grew its stake in shares of SoundHound AI by 9.1% in the fourth quarter. Carnegie Investment Counsel now owns 982,050 shares of the company's stock worth $19,484,000 after acquiring an additional 82,300 shares during the last quarter. Finally, Oriental Harbor Investment Fund bought a new position in SoundHound AI during the fourth quarter worth $8,964,000. Institutional investors own 19.28% of the company's stock.

About SoundHound AI

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.

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