SoundHound AI (NASDAQ:SOUN) Stock Price Down 2.9% - What's Next?

SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report)'s stock price was down 2.9% on Thursday . The stock traded as low as $13.37 and last traded at $13.49. Approximately 38,647,635 shares were traded during mid-day trading, a decline of 42% from the average daily volume of 66,238,711 shares. The stock had previously closed at $13.89.

Analyst Ratings Changes

A number of research analysts have recently commented on SOUN shares. Northland Securities increased their target price on shares of SoundHound AI from $6.00 to $8.00 and gave the stock a "market perform" rating in a report on Tuesday. Barclays reissued a "neutral" rating and issued a $7.00 price objective on shares of SoundHound AI in a research note on Wednesday, November 13th. HC Wainwright reaffirmed a "buy" rating and set a $26.00 target price on shares of SoundHound AI in a research note on Monday. DA Davidson reiterated a "buy" rating and issued a $9.50 price target on shares of SoundHound AI in a research note on Monday, September 30th. Finally, Wedbush boosted their price objective on SoundHound AI from $10.00 to $22.00 and gave the stock an "outperform" rating in a research report on Monday, December 16th. 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 company has a consensus rating of "Moderate Buy" and a consensus target price of $12.36.

SoundHound AI Trading Up 0.6 %

The company has a market cap of $5.17 billion, a price-to-earnings ratio of -38.81 and a beta of 2.63. The business's fifty day moving average price is $13.76 and its 200 day moving average price is $8.01. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.58 and a quick ratio of 2.58.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last announced its earnings results on Tuesday, November 12th. The company reported ($0.06) EPS for the quarter, topping the consensus estimate of ($0.07) by $0.01. The firm 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%. The business's quarterly revenue was up 88.7% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.09) EPS. Research analysts anticipate that SoundHound AI, Inc. will post -0.38 earnings per share for the current fiscal year.

Insider Buying and Selling at SoundHound AI

In other SoundHound AI news, insider James Ming Hom sold 53,891 shares of the company's stock in a transaction on Wednesday, December 4th. The shares were sold at an average price of $10.00, for a total transaction of $538,910.00. Following the sale, the insider now owns 813,193 shares of the company's stock, valued at approximately $8,131,930. This represents a 6.22 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, VP Majid Emami sold 37,459 shares of SoundHound AI stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $20.30, for a total value of $760,417.70. Following the completion of the transaction, the vice president now directly owns 698,226 shares of the company's stock, valued at approximately $14,173,987.80. This trade represents a 5.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 2,782,918 shares of company stock valued at $45,391,343. 12.28% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On SoundHound AI

Several large investors have recently added to or reduced their stakes in the business. ST Germain D J Co. Inc. boosted its holdings in shares of SoundHound AI by 33.2% during the 4th quarter. ST Germain D J Co. Inc. now owns 3,008 shares of the company's stock worth $60,000 after buying an additional 750 shares in the last quarter. Oppenheimer & Co. Inc. boosted its stake in SoundHound AI by 11.0% during the third quarter. Oppenheimer & Co. Inc. now owns 19,000 shares of the company's stock worth $89,000 after acquiring an additional 1,887 shares in the last quarter. Integrated Wealth Concepts LLC grew its holdings in SoundHound AI by 13.0% in the third quarter. Integrated Wealth Concepts LLC now owns 17,150 shares of the company's stock worth $80,000 after purchasing an additional 1,975 shares during the period. Signaturefd LLC increased its stake in SoundHound AI by 19.5% in the third quarter. Signaturefd LLC now owns 12,255 shares of the company's stock valued at $57,000 after purchasing an additional 2,000 shares in the last quarter. Finally, Future Financial Wealth Managment LLC acquired a new position in shares of SoundHound AI during the fourth quarter valued at about $40,000. Institutional investors and hedge funds 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.