SoundHound AI (NASDAQ:SOUN) Shares Down 4.6% – Here’s What Happened

SoundHound AI, Inc. (NASDAQ:SOUN) traded down 4.6% during mid-day trading on Tuesday . The stock traded as low as $9.41 and last traded at $9.61. 6,990,474 shares traded hands during mid-day trading, a decline of 83% from the average session volume of 39,967,389 shares. The stock had previously closed at $10.08.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the stock. Wedbush raised their price target on shares of SoundHound AI from $10.00 to $22.00 and gave the stock an “outperform” rating in a research note on Monday, December 16th. Cantor Fitzgerald raised shares of SoundHound AI to a “hold” rating in a research note on Monday, February 24th. HC Wainwright reissued a “buy” rating and issued a $26.00 price target on shares of SoundHound AI in a research note on Monday, March 3rd. Northland Securities raised their price target on shares of SoundHound AI from $6.00 to $8.00 and gave the stock a “market perform” rating in a research note on Tuesday, January 14th. Finally, DA Davidson raised their price target on shares of SoundHound AI from $9.50 to $13.00 and gave the stock a “buy” rating in a research note on Friday, February 28th. Four research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $12.86.

SoundHound AI Stock Up 2.9 %

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 business’s 50 day simple moving average is $12.38 and its 200 day simple moving average is $10.33. The company has a market capitalization of $3.87 billion, a PE ratio of -27.36 and a beta of 2.62.

SoundHound AI (NASDAQ:SOUN) last released its quarterly earnings results on Thursday, February 27th. The company reported ($0.69) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.58). The company had revenue of $34.54 million during the quarter, compared to analysts’ expectations of $33.70 million. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. As a group, analysts anticipate that SoundHound AI, Inc. will post -0.38 earnings per share for the current fiscal year.

Insider Activity

In other news, CTO Timothy Stonehocker sold 34,407 shares of the business’s stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $20.30, for a total value of $698,462.10. Following the sale, the chief technology officer now directly owns 796,581 shares of the company’s stock, valued at approximately $16,170,594.30. The trade was a 4.14 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Nitesh Sharan sold 57,761 shares of the business’s stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $20.30, for a total transaction of $1,172,548.30. Following the completion of the sale, the chief financial officer now directly owns 1,502,650 shares in the company, valued at $30,503,795. This trade represents a 3.70 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 524,676 shares of company stock valued at $10,638,694. Company insiders own 12.28% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Blue Trust Inc. grew its holdings in shares of SoundHound AI by 197.6% in the fourth quarter. Blue Trust Inc. now owns 1,250 shares of the company’s stock valued at $25,000 after purchasing an additional 830 shares in the last quarter. Sound Income Strategies LLC grew its holdings in shares of 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 purchasing an additional 1,271 shares in the last quarter. Orion Capital Management LLC acquired a new position in SoundHound AI during the 4th quarter worth approximately $30,000. Future Financial Wealth Managment LLC acquired a new position in SoundHound AI during the 4th quarter worth approximately $40,000. Finally, Compagnie Lombard Odier SCmA acquired a new position in SoundHound AI during the 4th quarter worth approximately $40,000. Institutional investors and hedge funds 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.