SoundHound AI (NASDAQ:SOUN) Trading Down 1.5%

SoundHound AI, Inc. (NASDAQ:SOUN) shares dropped 1.5% during mid-day trading on Monday . The stock traded as low as $3.82 and last traded at $3.89. Approximately 3,726,767 shares traded hands during trading, a decline of 91% from the average daily volume of 41,815,938 shares. The stock had previously closed at $3.95.

Analyst Ratings Changes

SOUN has been the subject of a number of research reports. Wedbush reissued an “outperform” rating and set a $9.00 target price on shares of SoundHound AI in a research note on Friday, May 10th. HC Wainwright reiterated a “buy” rating and set a $7.00 price objective on shares of SoundHound AI in a research note on Monday, May 13th. Cantor Fitzgerald upgraded SoundHound AI from an “underweight” rating to a “neutral” rating and set a $4.90 target price on the stock in a research report on Thursday, April 11th. Finally, DA Davidson lifted their price target on SoundHound AI from $7.50 to $9.50 and gave the stock a “buy” rating in a research note on Friday, March 15th. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, SoundHound AI has a consensus rating of “Moderate Buy” and a consensus price target of $6.88.

SoundHound AI Price Performance

The firm has a market capitalization of $1.28 billion, a PE ratio of -10.24 and a beta of 2.77. The stock’s 50 day simple moving average is $4.64 and its two-hundred day simple moving average is $4.10. The company has a debt-to-equity ratio of 0.56, a quick ratio of 8.84 and a current ratio of 8.84.

SoundHound AI (NASDAQ:SOUN) last announced its quarterly earnings data on Thursday, May 9th. The company reported ($0.07) EPS for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.02. The firm had revenue of $11.59 million for the quarter, compared to the consensus estimate of $10.10 million. SoundHound AI had a negative return on equity of 163.00% and a negative net margin of 183.49%. The firm’s revenue was up 72.9% compared to the same quarter last year. During the same quarter last year, the business posted ($0.12) earnings per share. On average, sell-side analysts forecast that SoundHound AI, Inc. will post -0.33 EPS for the current year.

Insider Activity

In other news, CTO Timothy Stonehocker sold 104,000 shares of the stock in a transaction that occurred on Wednesday, June 5th. The shares were sold at an average price of $5.00, for a total value of $520,000.00. Following the completion of the sale, the chief technology officer now owns 883,570 shares of the company’s stock, valued at approximately $4,417,850. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other SoundHound AI news, insider James Ming Hom sold 16,716 shares of the stock in a transaction dated Thursday, June 20th. The shares were sold at an average price of $4.04, for a total transaction of $67,532.64. Following the completion of the transaction, the insider now owns 486,989 shares of the company’s stock, valued at $1,967,435.56. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CTO Timothy Stonehocker sold 104,000 shares of SoundHound AI stock in a transaction dated Wednesday, June 5th. The shares were sold at an average price of $5.00, for a total transaction of $520,000.00. Following the sale, the chief technology officer now owns 883,570 shares of the company’s stock, valued at $4,417,850. The disclosure for this sale can be found here. In the last quarter, insiders have sold 417,728 shares of company stock valued at $1,815,476. 21.30% of the stock is currently owned by insiders.

Hedge Funds Weigh In On SoundHound AI

Hedge funds have recently made changes to their positions in the stock. Independent Advisor Alliance acquired a new position in SoundHound AI in the 4th quarter valued at about $28,000. IAM Advisory LLC acquired a new position in shares of SoundHound AI in the fourth quarter valued at approximately $29,000. Hexagon Capital Partners LLC purchased a new stake in SoundHound AI during the 1st quarter worth approximately $29,000. HighPoint Advisor Group LLC acquired a new stake in SoundHound AI during the 4th quarter worth approximately $37,000. Finally, DecisionPoint Financial LLC purchased a new position in SoundHound AI in the 1st quarter valued at approximately $40,000. Hedge funds and other institutional investors own 19.28% of the company’s stock.

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.