SoundHound AI (NASDAQ:SOUN) Trading Down 3.3% - Here's Why

SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report)'s share price was down 3.3% on Thursday . The company traded as low as $10.47 and last traded at $10.71. Approximately 14,736,568 shares traded hands during mid-day trading, a decline of 74% from the average daily volume of 57,118,906 shares. The stock had previously closed at $11.07.

Analysts Set New Price Targets

A number of analysts have recently weighed in on SOUN shares. LADENBURG THALM/SH SH restated a "neutral" rating and issued a $7.00 price objective on shares of SoundHound AI in a research note on Wednesday, November 13th. Barclays restated a "neutral" rating and issued a $7.00 price objective on shares of SoundHound AI in a research note on Wednesday, November 13th. Wedbush boosted their target price 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. 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 research report on Tuesday, January 14th. Finally, HC Wainwright reaffirmed a "buy" rating and set a $26.00 target price on shares of SoundHound AI in a research report on Monday, January 13th. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, SoundHound AI currently has an average rating of "Moderate Buy" and an average price target of $12.36.

SoundHound AI Price Performance

The stock has a market cap of $4.05 billion, a P/E ratio of -28.64 and a beta of 2.56. 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 company's fifty day simple moving average is $16.24 and its 200-day simple moving average is $9.71.

Insider Buying and Selling at SoundHound AI

In other news, Director Eric R. Ball sold 30,000 shares of the business's stock in a transaction that occurred on Monday, November 25th. The stock was sold at an average price of $8.03, for a total value of $240,900.00. Following the transaction, the director now directly owns 110,907 shares of the company's stock, valued at $890,583.21. The trade was a 21.29 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Majid Emami sold 94,067 shares of the business's stock in a transaction that occurred on Monday, December 2nd. The stock was sold at an average price of $9.05, for a total value of $851,306.35. Following the completion of the transaction, the vice president now directly owns 735,685 shares in the company, valued at $6,657,949.25. The trade was a 11.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 2,752,918 shares of company stock valued at $45,176,843 in the last 90 days. 12.28% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. lifted its holdings in SoundHound AI by 35.6% during the 4th quarter. Vanguard Group Inc. now owns 32,031,662 shares of the company's stock worth $635,508,000 after buying an additional 8,402,881 shares in the last quarter. Geode Capital Management LLC lifted its holdings in SoundHound AI by 4.4% during the 4th quarter. Geode Capital Management LLC now owns 7,509,496 shares of the company's stock worth $149,024,000 after buying an additional 315,897 shares in the last quarter. State Street Corp lifted its holdings in SoundHound AI by 0.6% during the 3rd quarter. State Street Corp now owns 7,197,414 shares of the company's stock worth $33,540,000 after buying an additional 42,869 shares in the last quarter. Northern Trust Corp lifted its holdings in SoundHound AI by 10.0% during the 4th quarter. Northern Trust Corp now owns 2,906,245 shares of the company's stock worth $57,660,000 after buying an additional 264,382 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its holdings in SoundHound AI by 5.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,725,693 shares of the company's stock worth $54,078,000 after buying an additional 143,487 shares in the last quarter. 19.28% of the stock is owned by institutional investors and hedge funds.

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.