SoundHound AI (NASDAQ:SOUN) Trading Down 2.4%

SoundHound AI, Inc. (NASDAQ:SOUN)’s share price traded down 2.4% during mid-day trading on Friday . The stock traded as low as $4.37 and last traded at $4.38. 11,129,886 shares changed hands during trading, a decline of 78% from the average session volume of 50,270,699 shares. The stock had previously closed at $4.49.

Analyst Ratings Changes

A number of research firms have commented on SOUN. Wedbush lifted their price objective 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. LADENBURG THALM/SH SH assumed coverage on SoundHound AI in a research report on Tuesday, January 30th. They set a “buy” rating and a $4.00 price objective for the company. DA Davidson boosted their target price on SoundHound AI from $7.50 to $9.50 and gave the company a “buy” rating in a report on Friday, March 15th. Cantor Fitzgerald raised SoundHound AI from an “underweight” rating to a “neutral” rating and set a $4.90 price target for the company in a report on Thursday, April 11th. Finally, HC Wainwright boosted their price objective 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. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $6.88.

SoundHound AI Stock Performance

The stock has a 50 day moving average of $5.54 and a two-hundred day moving average of $3.30. The stock has a market capitalization of $1.39 billion, a PE ratio of -11.54 and a beta of 2.87. The company has a debt-to-equity ratio of 6.03, a current ratio of 4.69 and a quick ratio of 4.69.

SoundHound AI (NASDAQ:SOUN) last issued its 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 for 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%. SoundHound AI’s revenue for the quarter was up 80.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.15) earnings per share. Research analysts expect that SoundHound AI, Inc. will post -0.3 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Keyvan Mohajer sold 107,927 shares of the business’s 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 sale, the chief executive officer now owns 1,218,712 shares of the company’s stock, valued at approximately $4,509,234.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CFO Nitesh Sharan sold 23,212 shares of the firm’s stock in a transaction on Tuesday, March 19th. The stock was sold at an average price of $8.37, for a total value of $194,284.44. Following the completion of the transaction, the chief financial officer now owns 751,017 shares in the company, valued at $6,286,012.29. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Keyvan Mohajer sold 107,927 shares of SoundHound AI stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $3.70, for a total value of $399,329.90. Following the transaction, the chief executive officer now directly owns 1,218,712 shares of the company’s stock, valued at approximately $4,509,234.40. The disclosure for this sale can be found here. Over the last three months, insiders have sold 405,057 shares of company stock worth $2,587,804. 21.30% of the stock is owned by company insiders.

Hedge Funds Weigh In On SoundHound AI

Several hedge funds have recently added to or reduced their stakes in the business. Suncoast Equity Management purchased a new stake in shares of SoundHound AI in the first quarter valued at about $120,000. Janney Montgomery Scott LLC purchased a new stake in SoundHound AI in the 1st quarter valued at approximately $109,000. Sequoia Financial Advisors LLC acquired a new stake in SoundHound AI during the 1st quarter valued at $107,000. DecisionPoint Financial LLC acquired a new stake in SoundHound AI during the 1st quarter valued at $40,000. Finally, Fortis Group Advisors LLC purchased a new position in SoundHound AI during the first quarter worth $115,000. 19.28% of the stock is currently owned by hedge funds and other 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.