SoundHound AI (NASDAQ:SOUN) Shares Down 2.7% - What's Next?

SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report) was down 2.7% during trading on Monday . The company traded as low as $10.07 and last traded at $10.06. Approximately 10,183,469 shares traded hands during mid-day trading, a decline of 75% from the average daily volume of 40,032,597 shares. The stock had previously closed at $10.34.

Analysts Set New Price Targets

A number of analysts recently commented on SOUN shares. Cantor Fitzgerald upgraded shares of SoundHound AI to a "hold" rating in a report on Monday, February 24th. Northland Securities boosted their target price on shares of SoundHound AI from $6.00 to $8.00 and gave the stock a "market perform" rating in a report on Tuesday, January 14th. HC Wainwright reiterated a "buy" rating and issued a $26.00 target price on shares of SoundHound AI in a report on Monday, March 3rd. DA Davidson boosted 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 boosted their price target on shares of SoundHound AI from $10.00 to $22.00 and gave the company an "outperform" rating in a report on Monday, December 16th. Four equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, SoundHound AI currently has a consensus rating of "Hold" and an average target price of $12.86.

SoundHound AI Price Performance

The stock's fifty day moving average price is $12.19 and its 200-day moving average price is $10.36. 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 firm has a market cap of $3.88 billion, a price-to-earnings ratio of -27.39 and a beta of 2.62.

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SoundHound AI (NASDAQ:SOUN - Get Free Report) last announced its quarterly earnings data on Thursday, February 27th. The company reported ($0.69) EPS for the quarter, missing analysts' consensus estimates 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 analysts' expectations of $33.70 million. Equities research analysts predict that SoundHound AI, Inc. will post -0.38 EPS for the current fiscal year.

Insider Activity at SoundHound AI

In related news, Director Lawrence Marcus sold 20,000 shares of the business's stock in a transaction that occurred on Monday, December 23rd. The shares were sold at an average price of $20.47, for a total transaction of $409,400.00. Following the transaction, the director now directly owns 108,117 shares of the company's stock, valued at approximately $2,213,154.99. The trade was a 15.61 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Keyvan Mohajer sold 156,288 shares of the business's stock in a transaction that occurred on Tuesday, December 24th. The shares were sold at an average price of $20.20, for a total transaction of $3,157,017.60. Following the transaction, the chief executive officer now directly owns 2,021,666 shares in the company, valued at $40,837,653.20. The trade was a 7.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 12.28% of the stock is currently owned by insiders.

Institutional Trading of SoundHound AI

Large investors have recently added to or reduced their stakes in the business. Blue Trust Inc. grew its position in SoundHound AI by 197.6% in the fourth quarter. Blue Trust Inc. now owns 1,250 shares of the company's stock worth $25,000 after acquiring an additional 830 shares in the last quarter. Sound Income Strategies LLC grew its position in SoundHound AI by 2,542.0% in the fourth quarter. Sound Income Strategies LLC now owns 1,321 shares of the company's stock worth $26,000 after acquiring an additional 1,271 shares in the last quarter. Orion Capital Management LLC bought a new stake in SoundHound AI in the fourth quarter worth approximately $30,000. Future Financial Wealth Managment LLC bought a new stake in SoundHound AI in the fourth quarter worth approximately $40,000. Finally, Compagnie Lombard Odier SCmA bought a new stake in SoundHound AI in the fourth quarter worth approximately $40,000. 19.28% of the stock is owned by institutional investors.

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.