SoundHound AI (NASDAQ:SOUN) Trading Down 5.4% - Here's Why

SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report) shares traded down 5.4% during trading on Monday . The company traded as low as $7.33 and last traded at $7.40. 5,369,219 shares traded hands during mid-day trading, a decline of 86% from the average session volume of 37,961,307 shares. The stock had previously closed at $7.82.

Analyst Ratings Changes

SOUN has been the subject of several research analyst reports. Northland Securities increased their target price on SoundHound AI from $6.00 to $8.00 and gave the stock a "market perform" rating in a research report on Tuesday, January 14th. HC Wainwright reaffirmed a "buy" rating and issued a $26.00 price objective on shares of SoundHound AI in a research note on Monday, March 3rd. Cantor Fitzgerald raised SoundHound AI to a "hold" rating in a research note on Monday, February 24th. Finally, DA Davidson dropped their price objective on SoundHound AI from $13.00 to $10.00 and set a "buy" rating for the company in a report on Monday, April 14th. Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, SoundHound AI has a consensus rating of "Hold" and a consensus target price of $12.43.

SoundHound AI Stock Up 8.8 %

The firm has a market cap of $3.53 billion, a price-to-earnings ratio of -24.61 and a beta of 2.73. The business's 50 day moving average price is $9.14 and its 200 day moving average price is $10.95. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.58 and a current ratio of 2.58.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last issued 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). The firm had revenue of $34.54 million for the quarter, compared to analyst estimates of $33.70 million. SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. On average, equities analysts forecast that SoundHound AI, Inc. will post -0.38 EPS for the current year.

Insider Activity

In other SoundHound AI news, CTO Timothy Stonehocker sold 27,714 shares of the stock in a transaction that occurred on Thursday, March 20th. The shares were sold at an average price of $9.90, for a total value of $274,368.60. Following the sale, 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 position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Diana Sroka sold 3,402 shares of the stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $10.08, for a total transaction of $34,292.16. Following the completion of the sale, the director now directly owns 138,850 shares in the company, valued at approximately $1,399,608. This represents a 2.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 500,565 shares of company stock valued at $4,999,726 in the last 90 days. Company insiders own 12.28% of the company's stock.

Hedge Funds Weigh In On SoundHound AI

Institutional investors have recently made changes to their positions in the stock. Blue Trust Inc. increased its stake in SoundHound AI by 197.6% during 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 during 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 valued at $26,000 after acquiring an additional 1,271 shares in the last quarter. Orion Capital Management LLC acquired a new stake in SoundHound AI in the fourth quarter valued at approximately $30,000. Future Financial Wealth Managment LLC acquired a new stake in SoundHound AI in the fourth quarter valued at approximately $40,000. Finally, Compagnie Lombard Odier SCmA acquired a new stake in SoundHound AI in the fourth quarter valued at approximately $40,000. 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.