Shares of SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report) were down 27.7% on Friday . The stock traded as low as $10.40 and last traded at $11.03. Approximately 97,948,779 shares traded hands during mid-day trading, an increase of 76% from the average daily volume of 55,575,215 shares. The stock had previously closed at $15.25.
Wall Street Analysts Forecast Growth
A number of equities analysts have recently issued reports on SOUN shares. Wedbush raised their target price on shares of SoundHound AI from $10.00 to $22.00 and gave the stock an "outperform" rating in a research report on Monday, December 16th. Northland Securities lifted their price objective on shares of SoundHound AI from $6.00 to $8.00 and gave the company a "market perform" rating in a research note on Tuesday, January 14th. HC Wainwright reaffirmed a "buy" rating and issued a $26.00 target price on shares of SoundHound AI in a report on Monday, January 13th. Barclays reissued a "neutral" rating and set a $7.00 price target on shares of SoundHound AI in a report on Wednesday, November 13th. Finally, LADENBURG THALM/SH SH reaffirmed a "neutral" rating and set a $7.00 price objective on shares of SoundHound AI in a research note on Wednesday, November 13th. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $12.36.
Get Our Latest Report on SOUN
SoundHound AI Stock Down 28.1 %
The company has a quick ratio of 2.58, a current ratio of 2.58 and a debt-to-equity ratio of 0.13. The stock has a market capitalization of $4.31 billion, a PE ratio of -30.47 and a beta of 2.56. The firm's fifty day moving average is $16.62 and its 200-day moving average is $9.56.
Insiders Place Their Bets
In other SoundHound AI news, COO Michael Zagorsek sold 277,813 shares of the business's stock in a transaction on Wednesday, December 18th. The shares were sold at an average price of $21.25, for a total transaction of $5,903,526.25. Following the sale, the chief operating officer now directly owns 1,473,322 shares in the company, valued at approximately $31,308,092.50. The trade was a 15.86 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Lawrence Marcus sold 30,000 shares of the firm's stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $7.15, for a total transaction of $214,500.00. Following the completion of the sale, the director now owns 178,117 shares of the company's stock, valued at $1,273,536.55. This trade represents a 14.41 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 2,782,918 shares of company stock worth $45,391,343. Company insiders own 12.28% of the company's stock.
Institutional Investors Weigh In On SoundHound AI
Institutional investors and hedge funds have recently modified their holdings of the company. Kieckhefer Group LLC purchased a new stake in SoundHound AI during the fourth quarter worth $3,432,000. Charles Schwab Investment Management Inc. boosted its position in shares of SoundHound AI by 7.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,582,206 shares of the company's stock worth $12,033,000 after buying an additional 189,109 shares in the last quarter. Oriental Harbor Investment Fund acquired a new stake in SoundHound AI in the 4th quarter valued at about $8,964,000. Geode Capital Management LLC increased its holdings in SoundHound AI by 9.1% during the 3rd 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 in the last quarter. Finally, Wealth Effects LLC acquired a new position in SoundHound AI during the fourth quarter worth about $357,000. Institutional investors and hedge funds own 19.28% of the company's stock.
About SoundHound AI
(
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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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