SoundHound AI (NASDAQ:SOUN) Trading Down 7.3% - Here's What Happened

SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report)'s share price fell 7.3% during trading on Monday . The stock traded as low as $13.81 and last traded at $14.68. 23,264,396 shares were traded during mid-day trading, a decline of 65% from the average session volume of 65,924,211 shares. The stock had previously closed at $15.84.

Wall Street Analyst Weigh In

SOUN has been the subject of several research reports. HC Wainwright reissued a "buy" rating and set a $26.00 price target on shares of SoundHound AI in a report on Monday, January 13th. LADENBURG THALM/SH SH reaffirmed a "neutral" rating and set a $7.00 price target on shares of SoundHound AI in a research report on Wednesday, November 13th. DA Davidson reiterated a "buy" rating and issued a $9.50 price target on shares of SoundHound AI in a research note on Monday, September 30th. Barclays restated a "neutral" rating and set a $7.00 price objective on shares of SoundHound AI in a research report on Wednesday, November 13th. Finally, Wedbush upped their price objective on shares of SoundHound AI from $10.00 to $22.00 and gave the stock an "outperform" rating in a research report on Monday, December 16th. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat, SoundHound AI has an average rating of "Moderate Buy" and an average price target of $12.36.

SoundHound AI Stock Down 11.2 %

The stock has a market cap of $5.20 billion, a price-to-earnings ratio of -39.08 and a beta of 2.63. The stock has a 50 day simple moving average of $15.07 and a 200 day simple moving average of $8.64. The company has a quick ratio of 2.58, a current ratio of 2.58 and a debt-to-equity ratio of 0.13.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last issued its quarterly earnings data on Tuesday, November 12th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.07) by $0.01. The firm had revenue of $25.10 million during the quarter, compared to analysts' expectations of $23.02 million. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. The business's revenue was up 88.7% on a year-over-year basis. During the same period last year, the company earned ($0.09) earnings per share. As a group, analysts expect that SoundHound AI, Inc. will post -0.38 earnings per share for the current fiscal year.

Insider Activity at SoundHound AI

In other SoundHound AI news, Director Eric R. Ball sold 50,000 shares of SoundHound AI stock in a transaction dated Thursday, December 5th. The shares were sold at an average price of $12.00, for a total value of $600,000.00. Following the sale, the director now owns 451,756 shares of the company's stock, valued at approximately $5,421,072. The trade was a 9.97 % 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, Director Lawrence Marcus sold 30,000 shares of SoundHound AI stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $7.15, for a total transaction of $214,500.00. Following the completion of the sale, the director now directly owns 178,117 shares in the company, valued at $1,273,536.55. This trade represents a 14.41 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 2,782,918 shares of company stock valued at $45,391,343 over the last 90 days. Insiders own 12.28% of the company's stock.

Institutional Investors Weigh In On SoundHound AI

Several large investors have recently added to or reduced their stakes in the company. Carnegie Investment Counsel bought a new stake in shares of SoundHound AI during the 3rd quarter valued at about $4,193,000. Geode Capital Management LLC boosted its stake in SoundHound AI by 9.1% in the third quarter. Geode Capital Management LLC now owns 7,193,599 shares of the company's stock worth $33,529,000 after buying an additional 602,311 shares in the last quarter. Oriental Harbor Investment Fund bought a new position in shares of SoundHound AI during the 4th quarter valued at $8,964,000. Squarepoint Ops LLC lifted its position in SoundHound AI by 818.0% in the second quarter. Squarepoint Ops LLC now owns 231,168 shares of the company's stock valued at $913,000 after purchasing an additional 205,985 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its holdings in SoundHound AI by 7.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,582,206 shares of the company's stock worth $12,033,000 after acquiring an additional 189,109 shares during the last quarter. 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.