SoundHound AI (NASDAQ:SOUN) Shares Down 10% – What’s Next?

SoundHound AI, Inc. (NASDAQ:SOUN)’s stock price traded down 10% during mid-day trading on Tuesday . The stock traded as low as $17.71 and last traded at $17.91. 38,097,168 shares changed hands during mid-day trading, a decline of 39% from the average session volume of 62,788,605 shares. The stock had previously closed at $19.89.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on SOUN shares. LADENBURG THALM/SH SH restated a “neutral” rating and set a $7.00 price target on shares of SoundHound AI in a research report on Wednesday, November 13th. Barclays reaffirmed a “neutral” rating and issued a $7.00 target price on shares of SoundHound AI in a research report on Wednesday, November 13th. Wedbush lifted their price target on shares of SoundHound AI from $10.00 to $22.00 and gave the company an “outperform” rating in a research report on Monday, December 16th. DA Davidson restated a “buy” rating and issued a $9.50 price objective on shares of SoundHound AI in a report on Monday, September 30th. Finally, HC Wainwright lifted their target price on shares of SoundHound AI from $8.00 to $26.00 and gave the company a “buy” rating in a report on Monday, December 23rd. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $12.07.

SoundHound AI Trading Down 16.5 %

The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.58 and a current ratio of 2.58. The firm has a market cap of $5.55 billion, a PE ratio of -41.72 and a beta of 2.63. The stock has a 50-day simple moving average of $12.91 and a two-hundred day simple moving average of $7.67.

SoundHound AI (NASDAQ:SOUN) last released its quarterly earnings data on Tuesday, November 12th. The company reported ($0.06) earnings per share for the quarter, beating the consensus estimate of ($0.07) by $0.01. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. The firm had revenue of $25.10 million during the quarter, compared to analysts’ expectations of $23.02 million. During the same period in the previous year, the company earned ($0.09) earnings per share. The firm’s quarterly revenue was up 88.7% on a year-over-year basis. As a group, sell-side analysts anticipate that SoundHound AI, Inc. will post -0.38 EPS for the current year.

Insider Activity at SoundHound AI

In other news, CEO Keyvan Mohajer sold 465,394 shares of the stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $15.04, for a total value of $6,999,525.76. Following the transaction, the chief executive officer now owns 2,299,148 shares in the company, valued at $34,579,185.92. This represents a 16.83 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, COO Michael Zagorsek sold 277,813 shares of the business’s stock in a transaction that occurred on Wednesday, December 18th. The shares were sold at an average price of $21.25, for a total transaction of $5,903,526.25. Following the sale, the chief operating officer now owns 1,473,322 shares of the company’s stock, valued at $31,308,092.50. This trade represents a 15.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 2,782,918 shares of company stock worth $45,391,343. 12.28% of the stock is owned by insiders.

Institutional Trading of SoundHound AI

Several hedge funds have recently bought and sold shares of SOUN. NBC Securities Inc. lifted its position in shares of SoundHound AI by 97.8% during the 3rd quarter. NBC Securities Inc. now owns 7,720 shares of the company’s stock valued at $35,000 after buying an additional 3,818 shares in the last quarter. Amalgamated Bank lifted its holdings in SoundHound AI by 108.0% during the second quarter. Amalgamated Bank now owns 9,819 shares of the company’s stock valued at $39,000 after purchasing an additional 5,099 shares in the last quarter. Farther Finance Advisors LLC increased its stake in shares of SoundHound AI by 298.5% in the third quarter. Farther Finance Advisors LLC now owns 8,966 shares of the company’s stock worth $42,000 after purchasing an additional 6,716 shares in the last quarter. Sei Investments Co. bought a new stake in shares of SoundHound AI during the 2nd quarter valued at $43,000. Finally, Newbridge Financial Services Group Inc. lifted its stake in shares of SoundHound AI by 24.7% during the 2nd quarter. Newbridge Financial Services Group Inc. now owns 11,720 shares of the company’s stock valued at $46,000 after buying an additional 2,320 shares in the last quarter. 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.