SoundHound AI (NASDAQ:SOUN) Shares Down 6% - What's Next?

SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report) shares dropped 6% during mid-day trading on Thursday . The stock traded as low as $7.86 and last traded at $8.14. Approximately 7,619,615 shares were traded during trading, a decline of 80% from the average daily volume of 37,973,272 shares. The stock had previously closed at $8.66.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the stock. Cantor Fitzgerald upgraded shares of SoundHound AI to a "hold" rating in a research note on Monday, February 24th. Northland Securities increased their price objective on SoundHound AI from $6.00 to $8.00 and gave the company a "market perform" rating in a report on Tuesday, January 14th. 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. Wedbush upped their target price on SoundHound AI from $10.00 to $22.00 and gave the company an "outperform" rating in a research report on Monday, December 16th. Finally, 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. Four investment analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Hold" and an average target price of $12.86.

SoundHound AI Stock Down 11.8 %

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 business has a fifty day moving average of $11.03 and a two-hundred day moving average of $10.65. The company has a market cap of $2.92 billion, a price-to-earnings ratio of -20.33 and a beta of 2.62.

Remove Ads

SoundHound AI (NASDAQ:SOUN - Get Free Report) last announced 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). 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%. As a group, equities analysts anticipate that SoundHound AI, Inc. will post -0.38 EPS for the current fiscal year.

Insider Activity at SoundHound AI

In other news, insider James Ming Hom sold 28,388 shares of the firm's stock in a transaction that occurred on Thursday, March 20th. The shares were sold at an average price of $9.90, for a total transaction of $281,041.20. Following the transaction, the insider now directly owns 689,652 shares in the company, valued at approximately $6,827,554.80. This trade represents a 3.95 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Majid Emami sold 28,392 shares of the stock in a transaction dated Thursday, March 20th. The stock was sold at an average price of $9.90, for a total transaction of $281,080.80. Following the sale, the vice president now owns 669,834 shares of the company's stock, valued at $6,631,356.60. This trade represents a 4.07 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 500,565 shares of company stock valued at $4,999,726. 12.28% of the stock is owned by insiders.

Hedge Funds Weigh In On SoundHound AI

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

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.