SoundHound AI (NASDAQ:SOUN) Shares Down 2.7% - Here's What Happened

SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report)'s share price was down 2.7% during mid-day trading on Monday . The stock traded as low as $5.97 and last traded at $6.19. Approximately 11,162,979 shares traded hands during mid-day trading, a decline of 68% from the average daily volume of 34,481,277 shares. The stock had previously closed at $6.36.

Wall Street Analyst Weigh In

Several analysts recently weighed in on the stock. Barclays reiterated a "neutral" rating and issued a $7.00 price target on shares of SoundHound AI in a report on Wednesday, November 13th. Cantor Fitzgerald upgraded SoundHound AI from a "neutral" rating to an "overweight" rating and increased their target price for the company from $5.00 to $7.00 in a research note on Friday, August 9th. Northland Securities raised their price target on SoundHound AI from $5.50 to $6.00 and gave the stock a "market perform" rating in a research note on Friday, August 9th. HC Wainwright raised their target price on shares of SoundHound AI from $7.00 to $8.00 and gave the stock a "buy" rating in a research note on Thursday. Finally, DA Davidson reaffirmed a "buy" rating and set a $9.50 target price on shares of SoundHound AI in a research note on Monday, September 30th. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $7.64.

SoundHound AI Price Performance

The company has a quick ratio of 8.77, a current ratio of 2.58 and a debt-to-equity ratio of 0.13. The stock has a market cap of $2.28 billion, a PE ratio of -17.19 and a beta of 2.71. The firm has a fifty day moving average of $5.30 and a 200 day moving average of $4.96.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last released its quarterly earnings data on Tuesday, November 12th. The company reported ($0.06) earnings per share for the quarter, beating the consensus estimate of ($0.07) by $0.01. SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. The firm had revenue of $25.10 million during the quarter, compared to the consensus estimate of $23.02 million. During the same period last year, the business posted ($0.09) EPS. SoundHound AI's quarterly revenue was up 88.7% on a year-over-year basis. On average, equities research analysts anticipate that SoundHound AI, Inc. will post -0.37 EPS for the current fiscal year.

Insiders Place Their Bets

In other SoundHound AI news, CFO Nitesh Sharan sold 39,728 shares of the business's stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $4.88, for a total value of $193,872.64. Following the transaction, the chief financial officer now owns 1,560,411 shares in the company, valued at $7,614,805.68. The trade was a 2.48 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Keyvan Mohajer sold 90,641 shares of the company's stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $4.88, for a total value of $442,328.08. Following the sale, the chief executive officer now owns 2,362,692 shares of the company's stock, valued at approximately $11,529,936.96. This trade represents a 3.69 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 327,275 shares of company stock valued at $1,606,644 in the last ninety days. Corporate insiders own 12.28% of the company's stock.

Institutional Investors Weigh In On SoundHound AI

Hedge funds have recently made changes to their positions in the company. Janney Montgomery Scott LLC acquired a new position in SoundHound AI in the first quarter valued at about $109,000. Avantax Advisory Services Inc. bought a new stake in SoundHound AI during the 1st quarter worth about $63,000. Vanguard Group Inc. boosted its holdings in shares of SoundHound AI by 16.1% in the 1st quarter. Vanguard Group Inc. now owns 16,070,453 shares of the company's stock valued at $94,655,000 after buying an additional 2,226,471 shares during the last quarter. Ameritas Investment Partners Inc. increased its stake in shares of SoundHound AI by 17.3% during the 1st quarter. Ameritas Investment Partners Inc. now owns 13,561 shares of the company's stock worth $80,000 after purchasing an additional 2,000 shares during the last quarter. Finally, Anson Funds Management LP bought a new stake in SoundHound AI in the first quarter valued at approximately $1,223,000. 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.

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