SoundHound AI (NASDAQ:SOUN) Trading Down 5.4% - What's Next?

Shares of SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report) were down 5.4% during mid-day trading on Monday . The stock traded as low as $7.76 and last traded at $8.05. Approximately 9,028,974 shares were traded during mid-day trading, a decline of 76% from the average daily volume of 38,054,833 shares. The stock had previously closed at $8.50.

Wall Street Analyst Weigh In

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

SoundHound AI Price Performance

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 company has a market cap of $3.31 billion, a P/E ratio of -23.06 and a beta of 2.62. The firm's fifty day moving average is $11.36 and its two-hundred day moving average is $10.65.

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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) earnings per share (EPS) 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 business had revenue of $34.54 million for the quarter, compared to analysts' expectations of $33.70 million. As a group, analysts anticipate that SoundHound AI, Inc. will post -0.38 earnings per share for the current fiscal year.

Insider Transactions at SoundHound AI

In other SoundHound AI news, insider James Ming Hom sold 51,196 shares of the business's stock in a transaction on Monday, March 24th. The shares were sold at an average price of $10.25, for a total value of $524,759.00. Following the sale, the insider now owns 638,456 shares in the company, valued at $6,544,174. The trade was a 7.42 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Keyvan Mohajer sold 118,605 shares of the stock in a transaction dated Thursday, March 20th. The shares were sold at an average price of $9.90, for a total transaction of $1,174,189.50. Following the transaction, the chief executive officer now directly owns 1,903,061 shares of the company's stock, valued at $18,840,303.90. This trade represents a 5.87 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 500,565 shares of company stock valued at $4,999,726. 12.28% of the stock is currently owned by corporate insiders.

Institutional Trading of SoundHound AI

A number of large investors have recently added to or reduced their stakes in the company. Commons Capital LLC grew its holdings in shares of SoundHound AI by 2.7% in the fourth quarter. Commons Capital LLC now owns 27,349 shares of the company's stock valued at $543,000 after purchasing an additional 723 shares in the last quarter. ST Germain D J Co. Inc. grew its stake in shares of SoundHound AI by 33.2% in the 4th quarter. ST Germain D J Co. Inc. now owns 3,008 shares of the company's stock worth $60,000 after buying an additional 750 shares in the last quarter. Keynote Financial Services LLC increased its holdings in shares of SoundHound AI by 4.7% in the 4th quarter. Keynote Financial Services LLC now owns 16,587 shares of the company's stock worth $329,000 after buying an additional 752 shares during the last quarter. Blue Trust Inc. raised its position in shares of SoundHound AI by 197.6% during the 4th quarter. Blue Trust Inc. now owns 1,250 shares of the company's stock valued at $25,000 after buying an additional 830 shares in the last quarter. Finally, Russell Investments Group Ltd. lifted its holdings in shares of SoundHound AI by 16.4% in the 4th quarter. Russell Investments Group Ltd. now owns 6,598 shares of the company's stock valued at $131,000 after acquiring an additional 929 shares during the last quarter. 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.