SoundHound AI (NASDAQ:SOUN) Stock Price Down 0.3% - Here's What Happened

SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report) shares fell 0.3% on Wednesday . The company traded as low as $6.45 and last traded at $6.49. 9,931,296 shares traded hands during trading, a decline of 71% from the average session volume of 34,498,480 shares. The stock had previously closed at $6.51.

Analyst Ratings Changes

Several analysts recently issued reports on the stock. Northland Securities upped their price target on shares of SoundHound AI from $5.50 to $6.00 and gave the company a "market perform" rating in a report on Friday, August 9th. Cantor Fitzgerald upgraded SoundHound AI from a "neutral" rating to an "overweight" rating and lifted their target price for the company from $5.00 to $7.00 in a research note on Friday, August 9th. LADENBURG THALM/SH SH reaffirmed a "neutral" rating and issued a $7.00 price objective on shares of SoundHound AI in a report on Wednesday, November 13th. HC Wainwright upped their target price on shares of SoundHound AI from $7.00 to $8.00 and gave the stock a "buy" rating in a research report on Thursday, November 14th. Finally, DA Davidson reaffirmed a "buy" rating and set a $9.50 price target on shares of SoundHound AI in a report on Monday, September 30th. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, SoundHound AI currently has a consensus rating of "Moderate Buy" and a consensus price target of $7.64.

SoundHound AI Price Performance

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 $2.31 billion, a PE ratio of -18.03 and a beta of 2.71. The stock's 50-day moving average is $5.37 and its 200 day moving average is $4.98.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last announced its quarterly earnings data on Tuesday, November 12th. The company reported ($0.06) earnings per share (EPS) for the quarter, topping 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 business had revenue of $25.10 million during the quarter, compared to analyst estimates of $23.02 million. During the same period last year, the company earned ($0.09) earnings per share. SoundHound AI's quarterly revenue was up 88.7% compared to the same quarter last year. As a group, equities analysts predict that SoundHound AI, Inc. will post -0.37 earnings per share for the current year.

Insider Buying and Selling

In related news, insider James Ming Hom sold 21,024 shares of the firm's stock in a transaction on Friday, September 20th. The stock was sold at an average price of $4.88, for a total transaction of $102,597.12. Following the completion of the sale, the insider now directly owns 865,965 shares of the company's stock, valued at $4,225,909.20. This trade represents a 2.37 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Keyvan Mohajer sold 90,641 shares of the company's stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $4.88, for a total transaction of $442,328.08. Following the transaction, the chief executive officer now owns 2,362,692 shares in the company, valued at $11,529,936.96. The trade was a 3.69 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 277,275 shares of company stock valued at $1,355,644. Company insiders own 12.28% of the company's stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Kings Path Partners LLC acquired a new stake in shares of SoundHound AI during the second quarter worth about $28,000. International Assets Investment Management LLC acquired a new stake in shares of SoundHound AI in the second quarter valued at approximately $31,000. NBC Securities Inc. lifted its holdings in SoundHound AI by 97.8% during the 3rd quarter. NBC Securities Inc. now owns 7,720 shares of the company's stock valued at $35,000 after purchasing an additional 3,818 shares during the last quarter. Amalgamated Bank boosted its holdings in shares of 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, Signaturefd LLC boosted its position in shares of SoundHound AI by 27.3% in the second quarter. Signaturefd LLC now owns 10,255 shares of the company's stock valued at $41,000 after acquiring an additional 2,200 shares during the period. 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.

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