SoundHound AI (NASDAQ:SOUN) Shares Down 2.6% - Here's What Happened

SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report) traded down 2.6% on Thursday . The company traded as low as $8.95 and last traded at $9.13. 6,043,229 shares were traded during trading, a decline of 84% from the average session volume of 38,168,922 shares. The stock had previously closed at $9.38.

Analyst Ratings Changes

SOUN has been the subject of a number of analyst reports. HC Wainwright reissued a "buy" rating and set a $26.00 price objective on shares of SoundHound AI in a report on Monday, March 3rd. Northland Securities boosted their price objective on shares of 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 upgraded shares of SoundHound AI to a "hold" rating in a research report on Monday, February 24th. DA Davidson lifted their target price 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. Finally, Wedbush increased their price target on SoundHound AI from $10.00 to $22.00 and gave the company an "outperform" rating in a research note on Monday, December 16th. Four research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $12.86.

SoundHound AI Stock Performance

The stock's 50-day moving average is $11.68 and its 200 day moving average is $10.64. The firm has a market cap of $3.23 billion, a P/E ratio of -22.57 and a beta of 2.62. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.58 and a current ratio of 2.58.

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SoundHound AI (NASDAQ:SOUN - Get Free Report) last issued its quarterly earnings data 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 business 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%. On average, research analysts predict that SoundHound AI, Inc. will post -0.38 earnings per share for the current year.

Insider Buying and Selling at SoundHound AI

In related news, CTO Timothy Stonehocker sold 27,714 shares of the 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 $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. This represents a 3.48 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Diana Sroka sold 3,402 shares of the company's stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $10.08, for a total value of $34,292.16. Following the sale, the director now owns 138,850 shares in the company, valued at approximately $1,399,608. This represents a 2.39 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 500,565 shares of company stock valued at $4,999,726 in the last 90 days. 12.28% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

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