SoundHound AI (NASDAQ:SOUN) Stock Price Down 3.9% - What's Next?

SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report)'s stock price was down 3.9% during trading on Wednesday . The company traded as low as $9.65 and last traded at $9.80. Approximately 6,843,322 shares traded hands during mid-day trading, a decline of 82% from the average daily volume of 38,332,225 shares. The stock had previously closed at $10.20.

Analysts Set New Price Targets

Several brokerages have issued reports on SOUN. HC Wainwright reiterated a "buy" rating and issued a $26.00 price target on shares of SoundHound AI in a report on Monday, March 3rd. Cantor Fitzgerald raised shares of SoundHound AI to a "hold" rating in a research report on Monday, February 24th. DA Davidson upped their price objective on shares of SoundHound AI from $9.50 to $13.00 and gave the stock a "buy" rating in a report on Friday, February 28th. Northland Securities raised their price target on shares of SoundHound AI from $6.00 to $8.00 and gave the company a "market perform" rating in a research report on Tuesday, January 14th. Finally, Wedbush upped their price target on SoundHound AI from $10.00 to $22.00 and gave the stock an "outperform" rating in a report on Monday, December 16th. Four analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $12.86.

SoundHound AI Stock Down 4.3 %

The stock has a 50-day moving average of $11.79 and a 200 day moving average of $10.57. The company has a market capitalization of $3.39 billion, a PE ratio of -23.61 and a beta of 2.62. 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 quarterly 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). SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. The firm had revenue of $34.54 million for the quarter, compared to the consensus estimate of $33.70 million. Sell-side analysts anticipate that SoundHound AI, Inc. will post -0.38 EPS for the current year.

Insider Activity

In related news, Director Diana Sroka sold 3,402 shares of the business's stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $10.08, for a total transaction of $34,292.16. Following the completion of the transaction, the director now owns 138,850 shares of the company's stock, valued at approximately $1,399,608. The trade was a 2.39 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CTO Timothy Stonehocker sold 27,714 shares of the firm's stock in a transaction on Thursday, March 20th. The shares were sold at an average price of $9.90, for a total transaction of $274,368.60. Following the completion of the transaction, the chief technology officer now directly owns 768,867 shares of the company's stock, valued at approximately $7,611,783.30. The trade was a 3.48 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 500,565 shares of company stock valued at $4,999,726 over the last quarter. Company insiders own 12.28% of the company's stock.

Hedge Funds Weigh In On SoundHound AI

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SOUN. Vanguard Group Inc. increased its position in shares of SoundHound AI by 35.6% in the fourth quarter. Vanguard Group Inc. now owns 32,031,662 shares of the company's stock worth $635,508,000 after purchasing an additional 8,402,881 shares during the last quarter. Rockefeller Capital Management L.P. bought a new stake in shares of SoundHound AI during the 4th quarter worth $41,595,000. Invesco Ltd. grew its position in SoundHound AI by 1,386.2% in the fourth quarter. Invesco Ltd. now owns 1,382,371 shares of the company's stock worth $27,426,000 after acquiring an additional 1,289,360 shares in the last quarter. Driehaus Capital Management LLC bought a new position in SoundHound AI in the fourth quarter valued at $16,421,000. Finally, Capital Fund Management S.A. purchased a new stake in SoundHound AI during the fourth quarter valued at about $16,092,000. 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.