SoundHound AI (NASDAQ:SOUN) Stock Price Down 3.3% Following Analyst Downgrade

SoundHound AI, Inc. (NASDAQ:SOUN) shares dropped 3.3% during mid-day trading on Friday after Wedbush lowered their price target on the stock from $22.00 to $15.00. Wedbush currently has an outperform rating on the stock. SoundHound AI traded as low as $9.25 and last traded at $9.42. Approximately 21,642,130 shares were traded during mid-day trading, a decline of 42% from the average daily volume of 37,636,033 shares. The stock had previously closed at $9.74.

Several other equities research analysts also recently commented on SOUN. Cantor Fitzgerald raised shares of SoundHound AI to a “hold” rating in a report on Monday, February 24th. HC Wainwright reiterated a “buy” rating and issued a $26.00 price objective on shares of SoundHound AI in a research note on Monday, March 3rd. DA Davidson dropped their target price on SoundHound AI from $13.00 to $10.00 and set a “buy” rating on the stock in a research report on Monday, April 14th. Finally, Northland Securities increased their price target on shares of SoundHound AI from $6.00 to $8.00 and gave the company a “market perform” rating in a research report on Tuesday, January 14th. Four equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, SoundHound AI presently has an average rating of “Hold” and an average price target of $11.43.

Insider Transactions at SoundHound AI

In related news, insider James Ming Hom sold 51,196 shares of the stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $10.25, for a total value of $524,759.00. Following the completion of the sale, the insider now directly owns 638,456 shares of the company’s stock, valued at approximately $6,544,174. This represents a 7.42 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CTO Timothy Stonehocker sold 27,714 shares of the company’s stock in a transaction on Thursday, March 20th. The stock was sold at an average price of $9.90, for a total transaction of $274,368.60. Following the completion of the transaction, the chief technology officer now directly owns 768,867 shares of the company’s stock, valued at $7,611,783.30. This represents a 3.48 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 500,565 shares of company stock worth $4,999,726 in the last ninety days. Insiders own 12.28% of the company’s stock.

Hedge Funds Weigh In On SoundHound AI

Several institutional investors have recently bought and sold shares of SOUN. Blue Trust Inc. increased its position in SoundHound AI by 197.6% in the fourth quarter. Blue Trust Inc. now owns 1,250 shares of the company’s stock worth $25,000 after purchasing an additional 830 shares during the last quarter. Sound Income Strategies LLC boosted its holdings in shares of SoundHound AI by 2,542.0% in the 4th quarter. Sound Income Strategies LLC now owns 1,321 shares of the company’s stock worth $26,000 after purchasing an additional 1,271 shares during the period. Orion Capital Management LLC bought a new position in shares of SoundHound AI during the 4th quarter valued at approximately $30,000. Future Financial Wealth Managment LLC purchased a new stake in SoundHound AI during the 4th quarter valued at $40,000. Finally, Compagnie Lombard Odier SCmA bought a new stake in SoundHound AI in the fourth quarter worth $40,000. 19.28% of the stock is owned by hedge funds and other institutional investors.

SoundHound AI Trading Down 7.8 %

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 firm has a market cap of $3.58 billion, a P/E ratio of -24.94 and a beta of 2.71. The company’s 50 day simple moving average is $8.88 and its 200-day simple moving average is $11.29.

SoundHound AI (NASDAQ:SOUN) last announced its quarterly earnings data 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 for the quarter, compared to the consensus estimate of $33.70 million. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. As a group, research analysts predict that SoundHound AI, Inc. will post -0.38 earnings per share for the current fiscal year.

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.