SoundHound AI (NASDAQ:SOUN) Shares Down 6.7%

SoundHound AI, Inc. (NASDAQ:SOUN) shares were down 6.7% on Friday . The company traded as low as $4.41 and last traded at $4.45. Approximately 7,970,542 shares changed hands during trading, a decline of 86% from the average daily volume of 55,821,930 shares. The stock had previously closed at $4.77.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on SOUN shares. HC Wainwright lifted their target price on shares of SoundHound AI from $5.00 to $7.00 and gave the company a “buy” rating in a research note on Monday, March 4th. Northland Securities restated a “market perform” rating on shares of SoundHound AI in a research note on Wednesday, February 28th. DA Davidson lifted their target price on shares of SoundHound AI from $7.50 to $9.50 and gave the company a “buy” rating in a research note on Friday, March 15th. Wedbush lifted their target price on shares of SoundHound AI from $5.00 to $9.00 and gave the company an “outperform” rating in a research note on Friday, March 1st. Finally, LADENBURG THALM/SH SH started coverage on shares of SoundHound AI in a research note on Tuesday, January 30th. They set a “buy” rating and a $4.00 target price on the stock. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $6.88.

SoundHound AI Stock Performance

The firm has a market cap of $1.35 billion, a PE ratio of -11.23 and a beta of 2.75. The company has a current ratio of 4.69, a quick ratio of 4.69 and a debt-to-equity ratio of 6.03. The firm’s 50 day simple moving average is $5.16 and its 200 day simple moving average is $3.08.

SoundHound AI (NASDAQ:SOUN) last announced its quarterly earnings results on Thursday, February 29th. The company reported ($0.06) EPS for the quarter, missing the consensus estimate of ($0.05) by ($0.01). The company had revenue of $17.10 million during the quarter, compared to analysts’ expectations of $17.75 million. SoundHound AI had a negative return on equity of 1,955.68% and a negative net margin of 188.57%. The firm’s revenue for the quarter was up 80.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.15) EPS. On average, research analysts forecast that SoundHound AI, Inc. will post -0.3 EPS for the current fiscal year.

Insiders Place Their Bets

In other SoundHound AI news, Director Eric R. Ball sold 50,000 shares of the business’s stock in a transaction on Monday, February 26th. The shares were sold at an average price of $5.00, for a total value of $250,000.00. Following the sale, the director now owns 530,250 shares in the company, valued at approximately $2,651,250. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, CEO Keyvan Mohajer sold 107,927 shares of the business’s stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $3.70, for a total value of $399,329.90. Following the sale, the chief executive officer now directly owns 1,218,712 shares in the company, valued at approximately $4,509,234.40. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Eric R. Ball sold 50,000 shares of the business’s stock in a transaction dated Monday, February 26th. The stock was sold at an average price of $5.00, for a total transaction of $250,000.00. Following the completion of the sale, the director now owns 530,250 shares in the company, valued at $2,651,250. The disclosure for this sale can be found here. Insiders have sold a total of 410,714 shares of company stock worth $2,598,723 in the last 90 days. 21.30% of the stock is currently owned by corporate insiders.

Institutional Trading of SoundHound AI

A number of large investors have recently made changes to their positions in the business. Global Assets Advisory LLC bought a new stake in shares of SoundHound AI in the 1st quarter worth about $819,000. Ballew Advisors Inc bought a new position in SoundHound AI during the 1st quarter valued at about $59,000. HighPoint Advisor Group LLC bought a new position in SoundHound AI during the 4th quarter valued at about $37,000. Quadrature Capital Ltd grew its holdings in SoundHound AI by 67.1% during the 4th quarter. Quadrature Capital Ltd now owns 381,557 shares of the company’s stock valued at $807,000 after purchasing an additional 153,273 shares during the last quarter. Finally, Vanguard Group Inc. grew its holdings in SoundHound AI by 5.1% during the 4th quarter. Vanguard Group Inc. now owns 13,843,982 shares of the company’s stock valued at $29,349,000 after purchasing an additional 676,993 shares during the last quarter. 19.28% of the stock is currently owned by institutional investors.

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.