SoundHound AI (NASDAQ:SOUN) Stock Price Down 3.9% – What’s Next?

Shares of SoundHound AI, Inc. (NASDAQ:SOUN) traded down 3.9% on Wednesday . The stock traded as low as $9.65 and last traded at $9.80. 6,843,322 shares were traded during mid-day trading, a decline of 82% from the average session volume of 38,332,225 shares. The stock had previously closed at $10.20.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the stock. Cantor Fitzgerald raised shares of SoundHound AI to a “hold” rating in a research note on Monday, February 24th. Northland Securities raised 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. Wedbush increased their price target on SoundHound AI from $10.00 to $22.00 and gave the stock an “outperform” rating in a research note on Monday, December 16th. HC Wainwright reaffirmed a “buy” rating and issued a $26.00 price objective on shares of SoundHound AI in a research report on Monday, March 3rd. Finally, DA Davidson increased their target price on SoundHound AI from $9.50 to $13.00 and gave the stock a “buy” rating in a research report on Friday, February 28th. Four analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $12.86.

SoundHound AI Stock Performance

The company has a quick ratio of 2.58, a current ratio of 2.58 and a debt-to-equity ratio of 0.13. The company has a market cap of $3.49 billion, a price-to-earnings ratio of -24.34 and a beta of 2.62. The stock has a 50 day simple moving average of $11.89 and a 200 day simple moving average of $10.50.

SoundHound AI (NASDAQ:SOUN) last released its quarterly earnings results on Thursday, February 27th. The company reported ($0.69) earnings per share 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 return on equity of 55.58% and a negative net margin of 163.58%. As a group, analysts predict that SoundHound AI, Inc. will post -0.38 EPS for the current year.

Insider Transactions at SoundHound AI

In other SoundHound AI news, insider James Ming Hom sold 28,388 shares of the firm’s stock in a transaction that occurred on Thursday, March 20th. The stock was sold at an average price of $9.90, for a total transaction of $281,041.20. Following the completion of the sale, the insider now owns 689,652 shares in the company, valued at $6,827,554.80. This trade represents a 3.95 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, 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 transaction, the chief technology officer now owns 768,867 shares of the company’s stock, valued at approximately $7,611,783.30. This trade represents a 3.48 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 500,565 shares of company stock valued at $4,999,726. 12.28% of the stock is currently owned by insiders.

Institutional Investors Weigh In On SoundHound AI

Several hedge funds and other institutional investors have recently modified their holdings of SOUN. Vanguard Group Inc. grew its stake in SoundHound AI by 35.6% in the fourth quarter. Vanguard Group Inc. now owns 32,031,662 shares of the company’s stock worth $635,508,000 after purchasing an additional 8,402,881 shares in the last quarter. Rockefeller Capital Management L.P. bought a new stake in shares of SoundHound AI in the 4th quarter valued at approximately $41,595,000. Invesco Ltd. increased its holdings in shares of SoundHound AI by 1,386.2% in the 4th quarter. Invesco Ltd. now owns 1,382,371 shares of the company’s stock valued at $27,426,000 after acquiring an additional 1,289,360 shares during the last quarter. Driehaus Capital Management LLC acquired a new stake in shares of SoundHound AI during the 4th quarter valued at approximately $16,421,000. Finally, Capital Fund Management S.A. acquired a new position in SoundHound AI in the fourth quarter worth $16,092,000. 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.