SoundHound AI (NASDAQ:SOUN) Trading Down 2.4% - Here's Why

SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report)'s stock price traded down 2.4% during mid-day trading on Monday . The stock traded as low as $13.61 and last traded at $13.64. 64,572,802 shares traded hands during mid-day trading, a decline of 24% from the average session volume of 84,963,280 shares. The stock had previously closed at $13.97.

Analyst Ratings Changes

A number of brokerages have recently commented on SOUN. Northland Securities boosted their target price on SoundHound AI from $6.00 to $8.00 and gave the company a "market perform" rating in a research report on Tuesday, January 14th. Barclays reiterated a "neutral" rating and set a $7.00 price objective on shares of SoundHound AI in a research report on Wednesday, November 13th. 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 report on Monday, December 16th. HC Wainwright reaffirmed a "buy" rating and set a $26.00 price target on shares of SoundHound AI in a research note on Monday, January 13th. Finally, LADENBURG THALM/SH SH reissued a "neutral" rating and issued a $7.00 price objective on shares of SoundHound AI in a research report on Wednesday, November 13th. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $12.36.

SoundHound AI Stock Down 2.4 %

The company has a market cap of $5.04 billion, a P/E ratio of -37.89 and a beta of 2.63. 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 business's fifty day moving average is $14.03 and its two-hundred day moving average is $8.18.

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

Insider Activity

In other news, VP Majid Emami sold 94,067 shares of SoundHound AI stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $9.05, for a total value of $851,306.35. Following the transaction, the vice president now directly owns 735,685 shares in the company, valued at approximately $6,657,949.25. This trade represents a 11.34 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Lawrence Marcus sold 30,000 shares of the business's stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $7.15, for a total value of $214,500.00. Following the completion of the transaction, the director now directly owns 178,117 shares of the company's stock, valued at approximately $1,273,536.55. The trade was a 14.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over 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.

Hedge Funds Weigh In On SoundHound AI

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. NBC Securities Inc. boosted its holdings in shares of SoundHound AI by 97.8% in the 3rd quarter. NBC Securities Inc. now owns 7,720 shares of the company's stock valued at $35,000 after buying an additional 3,818 shares in the last quarter. Amalgamated Bank boosted its stake in SoundHound AI by 108.0% in the second quarter. Amalgamated Bank now owns 9,819 shares of the company's stock valued at $39,000 after acquiring an additional 5,099 shares in the last quarter. Future Financial Wealth Managment LLC purchased a new position in SoundHound AI in the fourth quarter worth $40,000. 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 worth $42,000 after purchasing an additional 6,716 shares in the last quarter. Finally, Sei Investments Co. purchased a new stake in shares of SoundHound AI during the 2nd quarter valued at $43,000. Hedge funds and other 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.