SoundHound AI (NASDAQ:SOUN) Shares Down 8.4% - What's Next?

SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report) shares traded down 8.4% during trading on Monday . The stock traded as low as $20.96 and last traded at $21.93. 30,099,261 shares were traded during trading, a decline of 27% from the average session volume of 41,144,730 shares. The stock had previously closed at $23.95.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the company. LADENBURG THALM/SH SH reissued a "neutral" rating and issued a $7.00 price target on shares of SoundHound AI in a research note on Wednesday, November 13th. Barclays reissued a "neutral" rating and set a $7.00 target price on shares of SoundHound AI in a research report on Wednesday, November 13th. HC Wainwright boosted their price target on shares of SoundHound AI from $8.00 to $26.00 and gave the stock a "buy" rating in a research report on Monday, December 23rd. Wedbush lifted their target price on shares of SoundHound AI from $10.00 to $22.00 and gave the stock an "outperform" rating in a research note on Monday, December 16th. Finally, DA Davidson reaffirmed a "buy" rating and set a $9.50 price target on shares of SoundHound AI in a research report on Monday, September 30th. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $12.07.

SoundHound AI Trading Down 5.3 %

The business has a 50 day moving average of $10.66 and a two-hundred day moving average of $6.83. The firm has a market capitalization of $8.39 billion, a price-to-earnings ratio of -63.00 and a beta of 3.03. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.58 and a current ratio of 2.58.

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

Insider Activity at SoundHound AI

In related news, CEO Keyvan Mohajer sold 465,394 shares of the stock in a transaction on Monday, December 9th. The stock was sold at an average price of $15.04, for a total value of $6,999,525.76. Following the completion of the sale, the chief executive officer now directly owns 2,299,148 shares of the company's stock, valued at approximately $34,579,185.92. This represents a 16.83 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Lawrence Marcus sold 30,000 shares of SoundHound AI stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $7.15, for a total transaction of $214,500.00. Following the transaction, the director now directly owns 178,117 shares in the company, valued at $1,273,536.55. This represents a 14.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 2,782,918 shares of company stock valued at $45,391,343. 12.28% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the company. NBC Securities Inc. grew its position in SoundHound AI by 97.8% in the 3rd quarter. NBC Securities Inc. now owns 7,720 shares of the company's stock worth $35,000 after purchasing an additional 3,818 shares in the last quarter. International Assets Investment Management LLC bought a new position in shares of SoundHound AI in the second quarter valued at approximately $31,000. Farther Finance Advisors LLC increased its position in shares of SoundHound AI by 298.5% during the third 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. Amalgamated Bank lifted its holdings in SoundHound AI by 108.0% during the second quarter. Amalgamated Bank now owns 9,819 shares of the company's stock worth $39,000 after acquiring an additional 5,099 shares during the period. Finally, TriaGen Wealth Management LLC bought a new position in SoundHound AI in the 3rd quarter valued at $47,000. 19.28% of the stock is owned by institutional investors.

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.