SoundHound AI (NASDAQ:SOUN) Stock Price Down 2.8% - Here's Why

SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report)'s stock price dropped 2.8% on Thursday . The stock traded as low as $8.73 and last traded at $8.87. Approximately 10,864,003 shares were traded during trading, a decline of 74% from the average daily volume of 41,711,448 shares. The stock had previously closed at $9.13.

Analysts Set New Price Targets

SOUN has been the topic of a number of research analyst reports. LADENBURG THALM/SH SH reissued a "neutral" rating and set a $7.00 price objective on shares of SoundHound AI in a report on Wednesday, November 13th. HC Wainwright restated a "buy" rating and issued a $26.00 price objective on shares of SoundHound AI in a research note on Monday, March 3rd. Barclays reaffirmed a "neutral" rating and set a $7.00 target price on shares of SoundHound AI in a report on Wednesday, November 13th. DA Davidson raised their price target on shares of SoundHound AI from $9.50 to $13.00 and gave the stock a "buy" rating in a research report on Friday, February 28th. Finally, Northland Securities raised their target price on shares of SoundHound AI from $6.00 to $8.00 and gave the stock a "market perform" rating in a research note on Tuesday, January 14th. Four research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, SoundHound AI presently has an average rating of "Hold" and an average price target of $12.86.

SoundHound AI Price Performance

The company has a market cap of $3.45 billion, a price-to-earnings ratio of -24.50 and a beta of 2.62. The stock's 50-day simple moving average is $13.28 and its 200 day simple moving average is $10.16. The company has a quick ratio of 2.58, a current ratio of 2.58 and a debt-to-equity ratio of 0.13.

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SoundHound AI (NASDAQ:SOUN - Get Free Report) last posted its earnings results on Thursday, February 27th. The company reported ($0.69) earnings per share for the quarter, missing the consensus estimate of ($0.11) by ($0.58). The company had revenue of $34.54 million during the quarter, compared to analyst estimates of $33.70 million. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. On average, equities research analysts anticipate that SoundHound AI, Inc. will post -0.38 EPS for the current fiscal year.

Insiders Place Their Bets

In other SoundHound AI news, VP Majid Emami sold 37,459 shares of the business's stock in a transaction on Friday, December 20th. The stock was sold at an average price of $20.30, for a total value of $760,417.70. Following the completion of the transaction, the vice president now directly owns 698,226 shares in the company, valued at approximately $14,173,987.80. The trade was a 5.09 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Keyvan Mohajer sold 156,288 shares of the firm's stock in a transaction dated Tuesday, December 24th. The stock was sold at an average price of $20.20, for a total value of $3,157,017.60. Following the completion of the sale, the chief executive officer now directly owns 2,021,666 shares in the company, valued at approximately $40,837,653.20. The trade was a 7.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 999,777 shares of company stock worth $20,062,443 in the last ninety days. 12.28% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the company. Blue Trust Inc. increased its stake in SoundHound AI by 197.6% during the fourth quarter. Blue Trust Inc. now owns 1,250 shares of the company's stock worth $25,000 after acquiring an additional 830 shares during the last quarter. Sound Income Strategies LLC increased its position in SoundHound AI by 2,542.0% during the 4th quarter. Sound Income Strategies LLC now owns 1,321 shares of the company's stock worth $26,000 after purchasing an additional 1,271 shares in the last quarter. Orion Capital Management LLC purchased a new position in SoundHound AI in the fourth quarter valued at approximately $30,000. Future Financial Wealth Managment LLC acquired a new position in SoundHound AI during the fourth quarter valued at approximately $40,000. Finally, Compagnie Lombard Odier SCmA purchased a new stake in SoundHound AI during the fourth quarter worth approximately $40,000. 19.28% of the stock is owned by hedge funds and other 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.

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