SoundHound AI (NASDAQ:SOUN) Trading Down 3.7% - Here's What Happened

SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report)'s share price traded down 3.7% during mid-day trading on Friday . The company traded as low as $8.45 and last traded at $8.56. 5,548,298 shares traded hands during trading, a decline of 85% from the average session volume of 38,062,605 shares. The stock had previously closed at $8.88.

Analyst Ratings Changes

Several equities analysts have recently weighed in on SOUN shares. Wedbush increased their price objective 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. Cantor Fitzgerald raised shares of SoundHound AI to a "hold" rating in a research report on Monday, February 24th. HC Wainwright reaffirmed a "buy" rating and issued a $26.00 target price on shares of SoundHound AI in a report on Monday, March 3rd. Northland Securities boosted their price target on SoundHound AI from $6.00 to $8.00 and gave the company a "market perform" rating in a report on Tuesday, January 14th. Finally, DA Davidson upped their price target on SoundHound AI from $9.50 to $13.00 and gave the stock a "buy" rating in a research report on Friday, February 28th. Four investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, SoundHound AI has a consensus rating of "Hold" and a consensus price target of $12.86.

SoundHound AI Price Performance

The firm has a 50 day moving average of $11.51 and a 200-day moving average of $10.66. The company has a current ratio of 2.58, a quick ratio of 2.58 and a debt-to-equity ratio of 0.13. The company has a market cap of $3.50 billion, a P/E ratio of -24.29 and a beta of 2.62.

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SoundHound AI (NASDAQ:SOUN - Get Free Report) last released its earnings results on Thursday, February 27th. The company reported ($0.69) EPS 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 analysts' expectations of $33.70 million. SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. On average, equities research analysts predict that SoundHound AI, Inc. will post -0.38 EPS for the current year.

Insider Transactions at SoundHound AI

In other SoundHound AI news, insider James Ming Hom sold 28,388 shares of SoundHound AI stock in a transaction that occurred on Thursday, March 20th. The stock was sold at an average price of $9.90, for a total value of $281,041.20. Following the sale, the insider now owns 689,652 shares of the company's stock, valued at $6,827,554.80. The trade was a 3.95 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Diana Sroka sold 3,402 shares of the stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $10.08, for a total value of $34,292.16. Following the transaction, the director now owns 138,850 shares of the company's stock, valued at $1,399,608. This represents a 2.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 500,565 shares of company stock valued at $4,999,726. 12.28% of the stock is currently owned by insiders.

Institutional Trading of SoundHound AI

Large investors have recently made changes to their positions in the business. 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 boosted its holdings in shares of SoundHound AI by 2,542.0% in 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 during the period. Orion Capital Management LLC bought a new position in shares of SoundHound AI during the 4th quarter valued at approximately $30,000. Future Financial Wealth Managment LLC purchased a new stake in SoundHound AI during the 4th quarter valued at $40,000. Finally, Compagnie Lombard Odier SCmA bought a new stake in SoundHound AI in the fourth quarter worth $40,000. 19.28% of the stock is currently owned by 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.