SoundHound AI (NASDAQ:SOUN) Stock Price Down 6.1% - Here's Why

SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report)'s stock price was down 6.1% on Monday . The company traded as low as $12.70 and last traded at $13.23. Approximately 22,504,969 shares changed hands during mid-day trading, a decline of 66% from the average daily volume of 65,407,559 shares. The stock had previously closed at $14.09.

Wall Street Analysts Forecast Growth

SOUN has been the topic of a number of recent analyst reports. Northland Securities raised their price target on shares of SoundHound AI from $6.00 to $8.00 and gave the company a "market perform" rating in a report on Tuesday. Barclays restated a "neutral" rating and issued a $7.00 target price on shares of SoundHound AI in a report on Wednesday, November 13th. LADENBURG THALM/SH SH reiterated a "neutral" rating and set a $7.00 target price on shares of SoundHound AI in a research note on Wednesday, November 13th. HC Wainwright restated a "buy" rating and issued a $26.00 price target on shares of SoundHound AI in a research note on Monday. Finally, DA Davidson reaffirmed a "buy" rating and issued a $9.50 price objective on shares of SoundHound AI in a report on Monday, September 30th. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $12.36.

SoundHound AI Trading Up 8.6 %

The stock has a fifty day moving average of $13.59 and a 200 day moving average of $7.97. 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 company has a market capitalization of $5.14 billion, a P/E ratio of -38.58 and a beta of 2.63.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last posted its quarterly earnings data 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 revenue for the quarter was up 88.7% compared to the same quarter last year. During the same quarter last year, the company earned ($0.09) earnings per share. As a group, equities research analysts anticipate that SoundHound AI, Inc. will post -0.38 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Keyvan Mohajer sold 156,288 shares of SoundHound AI stock in a transaction on Tuesday, December 24th. The shares were sold at an average price of $20.20, for a total transaction of $3,157,017.60. Following the transaction, the chief executive officer now owns 2,021,666 shares in the company, valued at approximately $40,837,653.20. The trade was a 7.18 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, VP Majid Emami sold 368,662 shares of the company's stock in a transaction on Friday, December 6th. The stock was sold at an average price of $15.00, for a total transaction of $5,529,930.00. Following the completion of the transaction, the vice president now directly owns 735,685 shares of the company's stock, valued at $11,035,275. This represents a 33.38 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 2,782,918 shares of company stock worth $45,391,343 over the last three months. 12.28% of the stock is currently owned by company insiders.

Institutional Trading of SoundHound AI

Several institutional investors and hedge funds have recently added to or reduced their stakes in SOUN. Future Financial Wealth Managment LLC purchased a new stake in SoundHound AI during the 4th quarter valued at approximately $40,000. ST Germain D J Co. Inc. boosted its position in shares of SoundHound AI by 33.2% during the fourth quarter. ST Germain D J Co. Inc. now owns 3,008 shares of the company's stock worth $60,000 after acquiring an additional 750 shares during the last quarter. NBC Securities Inc. grew its stake in SoundHound AI by 97.8% during the third quarter. NBC Securities Inc. now owns 7,720 shares of the company's stock valued at $35,000 after acquiring an additional 3,818 shares in the last quarter. Farther Finance Advisors LLC increased its holdings in SoundHound AI by 298.5% in the 3rd quarter. Farther Finance Advisors LLC now owns 8,966 shares of the company's stock valued at $42,000 after acquiring an additional 6,716 shares during the last quarter. Finally, Amalgamated Bank increased its holdings in SoundHound AI by 108.0% in the 2nd quarter. Amalgamated Bank now owns 9,819 shares of the company's stock valued at $39,000 after acquiring an additional 5,099 shares during the last quarter. 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.