SoundHound AI (NASDAQ:SOUN) Shares Gap Down to $3.97

SoundHound AI, Inc. (NASDAQ:SOUN)’s stock price gapped down prior to trading on Tuesday . The stock had previously closed at $3.97, but opened at $3.77. SoundHound AI shares last traded at $3.93, with a volume of 6,014,973 shares traded.

Wall Street Analysts Forecast Growth

SOUN has been the topic of several research reports. Wedbush increased their price target on shares of SoundHound AI from $5.00 to $9.00 and gave the stock an “outperform” rating in a report on Friday, March 1st. Cantor Fitzgerald upgraded SoundHound AI from an “underweight” rating to a “neutral” rating and set a $4.90 price objective on the stock in a research report on Thursday, April 11th. HC Wainwright upped their price objective on SoundHound AI from $5.00 to $7.00 and gave the stock a “buy” rating in a research report on Monday, March 4th. LADENBURG THALM/SH SH began coverage on SoundHound AI in a research report on Tuesday, January 30th. They issued a “buy” rating and a $4.00 price objective on the stock. Finally, DA Davidson upped their price objective on SoundHound AI from $7.50 to $9.50 and gave the stock a “buy” rating in a research report on Friday, March 15th. Two equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $6.88.

SoundHound AI Stock Down 2.5 %

The stock has a market cap of $1.22 billion, a PE ratio of -10.15 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 business has a 50-day moving average price of $5.30 and a 200-day moving average price of $3.12.

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

Insider Activity

In other news, CEO Keyvan Mohajer sold 107,927 shares of the stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $3.70, for a total transaction of $399,329.90. Following the transaction, the chief executive officer now owns 1,218,712 shares in the company, valued at approximately $4,509,234.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other SoundHound AI news, CTO Timothy Stonehocker sold 5,276 shares of the firm’s stock in a transaction on Thursday, March 21st. The stock was sold at an average price of $7.70, for a total value of $40,625.20. Following the transaction, the chief technology officer now owns 982,584 shares in the company, valued at approximately $7,565,896.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Keyvan Mohajer sold 107,927 shares of the firm’s stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $3.70, for a total value of $399,329.90. Following the completion of the transaction, the chief executive officer now owns 1,218,712 shares in the company, valued at approximately $4,509,234.40. The disclosure for this sale can be found here. Insiders have sold 410,714 shares of company stock worth $2,598,723 in the last quarter. Corporate insiders own 21.30% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SOUN. BlackRock Inc. lifted its holdings in SoundHound AI by 415.4% in the 2nd quarter. BlackRock Inc. now owns 9,515,845 shares of the company’s stock valued at $43,297,000 after purchasing an additional 7,669,606 shares in the last quarter. State Street Corp lifted its holdings in SoundHound AI by 517.0% in the 2nd quarter. State Street Corp now owns 2,716,747 shares of the company’s stock valued at $12,361,000 after purchasing an additional 2,276,465 shares in the last quarter. Vanguard Group Inc. lifted its holdings in SoundHound AI by 18.6% in the 3rd quarter. Vanguard Group Inc. now owns 13,166,989 shares of the company’s stock valued at $26,466,000 after purchasing an additional 2,064,340 shares in the last quarter. Nvidia Corp purchased a new position in SoundHound AI in the 4th quarter valued at $3,669,000. Finally, Geode Capital Management LLC lifted its holdings in SoundHound AI by 145.7% in the 2nd quarter. Geode Capital Management LLC now owns 2,719,882 shares of the company’s stock valued at $12,375,000 after purchasing an additional 1,613,110 shares in the last quarter. Hedge funds and other institutional investors 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.