SoundHound AI (NASDAQ:SOUN) Trading Down 0.7% - Here's What Happened

SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report)'s share price dropped 0.7% during mid-day trading on Thursday . The stock traded as low as $7.55 and last traded at $7.71. Approximately 4,005,011 shares traded hands during mid-day trading, a decline of 89% from the average daily volume of 37,797,812 shares. The stock had previously closed at $7.76.

Wall Street Analyst Weigh In

SOUN has been the subject of a number of recent analyst reports. HC Wainwright reiterated a "buy" rating and set a $26.00 price target on shares of SoundHound AI in a report on Monday, March 3rd. DA Davidson reduced their price target on SoundHound AI from $13.00 to $10.00 and set a "buy" rating on the stock in a report on Monday, April 14th. Northland Securities boosted their target price on SoundHound AI from $6.00 to $8.00 and gave the company a "market perform" rating in a research note on Tuesday, January 14th. Finally, Cantor Fitzgerald raised SoundHound AI to a "hold" rating in a research note on Monday, February 24th. Four equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $12.43.

SoundHound AI Stock Down 4.1 %

The company has a debt-to-equity ratio of 0.13, a current ratio of 2.58 and a quick ratio of 2.58. The stock has a market cap of $2.99 billion, a PE ratio of -20.83 and a beta of 2.73. The company has a 50 day moving average price of $9.41 and a two-hundred day moving average price of $10.95.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last posted 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 net margin of 163.58% and a negative return on equity of 55.58%. The company had revenue of $34.54 million for the quarter, compared to the consensus estimate of $33.70 million. Analysts expect that SoundHound AI, Inc. will post -0.38 EPS for the current year.

Insider Activity at SoundHound AI

In other news, CEO Keyvan Mohajer sold 118,605 shares of the company's stock in a transaction that occurred on Thursday, March 20th. The stock was sold at an average price of $9.90, for a total transaction of $1,174,189.50. Following the sale, the chief executive officer now directly owns 1,903,061 shares of the company's stock, valued at $18,840,303.90. This represents a 5.87 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider James Ming Hom sold 28,388 shares of the company'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 $281,041.20. Following the sale, the insider now directly owns 689,652 shares in the company, valued at approximately $6,827,554.80. The trade was a 3.95 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 500,565 shares of company stock valued at $4,999,726. 12.28% of the stock is owned by company insiders.

Institutional Trading of SoundHound AI

Several hedge funds have recently made changes to their positions in SOUN. Blue Trust Inc. increased its position in SoundHound AI by 197.6% during the fourth quarter. Blue Trust Inc. now owns 1,250 shares of the company's stock valued at $25,000 after acquiring an additional 830 shares during the last quarter. Sound Income Strategies LLC boosted its position in SoundHound AI by 2,542.0% in the 4th quarter. Sound Income Strategies LLC now owns 1,321 shares of the company's stock valued at $26,000 after buying an additional 1,271 shares during the period. Orion Capital Management LLC bought a new stake in shares of SoundHound AI during the fourth quarter valued at approximately $30,000. Future Financial Wealth Managment LLC bought a new stake in SoundHound AI during the 4th quarter valued at $40,000. Finally, Compagnie Lombard Odier SCmA purchased a new position in shares of SoundHound AI during the fourth quarter valued at $40,000. 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.