SoundHound AI (NASDAQ:SOUN) Stock Price Down 2.7% - Here's What Happened

SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report)'s share price traded down 2.7% during trading on Friday . The company traded as low as $6.35 and last traded at $6.45. 13,127,267 shares traded hands during mid-day trading, a decline of 62% from the average session volume of 34,486,320 shares. The stock had previously closed at $6.63.

Analyst Ratings Changes

Several brokerages have commented on SOUN. Barclays restated a "neutral" rating and set a $7.00 target price on shares of SoundHound AI in a research report on Wednesday. Cantor Fitzgerald raised shares of SoundHound AI from a "neutral" rating to an "overweight" rating and increased their target price for the company from $5.00 to $7.00 in a report on Friday, August 9th. Northland Securities boosted their price target on SoundHound AI from $5.50 to $6.00 and gave the stock a "market perform" rating in a research note on Friday, August 9th. DA Davidson reaffirmed a "buy" rating and issued a $9.50 price objective on shares of SoundHound AI in a research note on Monday, September 30th. Finally, LADENBURG THALM/SH SH reaffirmed a "neutral" rating and set a $7.00 price objective on shares of SoundHound AI in a report on Wednesday. Three equities research 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.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $7.64.

SoundHound AI Stock Down 4.4 %

The company has a market cap of $2.27 billion, a PE ratio of -17.92 and a beta of 2.71. The firm has a 50-day simple moving average of $5.26 and a two-hundred day simple moving average of $4.94. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.58 and a quick ratio of 8.77.

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 analysts' consensus estimates of ($0.07) by $0.01. The firm had revenue of $25.10 million during the quarter, compared to analysts' expectations of $23.02 million. SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. The firm's quarterly revenue was up 88.7% compared to the same quarter last year. During the same quarter last year, the business posted ($0.09) EPS. Research analysts anticipate that SoundHound AI, Inc. will post -0.36 earnings per share for the current fiscal year.

Insider Activity at SoundHound AI

In related news, CEO Keyvan Mohajer sold 90,641 shares of the company's stock in a transaction on Friday, September 20th. The stock was sold at an average price of $4.88, for a total value of $442,328.08. Following the completion of the transaction, the chief executive officer now directly owns 2,362,692 shares in the company, valued at approximately $11,529,936.96. This represents a 3.69 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider James Ming Hom sold 21,024 shares of the firm's stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $4.88, for a total value of $102,597.12. Following the completion of the sale, the insider now directly owns 865,965 shares in the company, valued at approximately $4,225,909.20. The trade was a 2.37 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 327,275 shares of company stock valued at $1,606,644. Company insiders own 12.28% of the company's stock.

Institutional Investors Weigh In On SoundHound AI

A number of institutional investors have recently bought and sold shares of the stock. IHT Wealth Management LLC boosted its holdings in shares of SoundHound AI by 67.6% in the 3rd quarter. IHT Wealth Management LLC now owns 39,023 shares of the company's stock valued at $182,000 after purchasing an additional 15,738 shares during the last quarter. Integrated Wealth Concepts LLC boosted 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 valued at $80,000 after acquiring an additional 1,975 shares during the last quarter. Captrust Financial Advisors increased its stake in SoundHound AI by 73.4% during the third quarter. Captrust Financial Advisors now owns 69,887 shares of the company's stock worth $326,000 after acquiring an additional 29,578 shares during the last quarter. FMR LLC raised its holdings in shares of SoundHound AI by 112.8% in the 3rd quarter. FMR LLC now owns 49,038 shares of the company's stock worth $229,000 after purchasing an additional 25,989 shares during the period. Finally, Quantbot Technologies LP acquired a new position in shares of SoundHound AI in the 3rd quarter valued at about $57,000. 19.28% of the stock is currently owned by hedge funds and other institutional investors.

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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