SoundHound AI (NASDAQ:SOUN) Stock Price Down 1.3%

SoundHound AI, Inc. (NASDAQ:SOUN) fell 1.3% during mid-day trading on Tuesday . The stock traded as low as $4.50 and last traded at $4.56. 8,190,423 shares changed hands during trading, a decline of 84% from the average session volume of 51,378,512 shares. The stock had previously closed at $4.62.

Wall Street Analyst Weigh In

A number of analysts have commented on SOUN shares. Cantor Fitzgerald upgraded shares of SoundHound AI from an “underweight” rating to a “neutral” rating and set a $4.90 price target for the company in a research note on Thursday, April 11th. LADENBURG THALM/SH SH started coverage on SoundHound AI in a research report on Tuesday, January 30th. They set a “buy” rating and a $4.00 price target on the stock. Northland Securities reaffirmed a “market perform” rating on shares of SoundHound AI in a research report on Wednesday, February 28th. DA Davidson boosted their target price on SoundHound AI from $7.50 to $9.50 and gave the stock a “buy” rating in a report on Friday, March 15th. Finally, HC Wainwright increased their price target on 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 given a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $6.88.

SoundHound AI Price Performance

The firm has a market cap of $1.32 billion, a price-to-earnings ratio of -11.69 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 company’s 50-day moving average is $5.50 and its 200-day moving average is $3.25.

SoundHound AI (NASDAQ:SOUN) last posted its quarterly earnings results on Thursday, February 29th. The company reported ($0.06) EPS for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.01). The business had revenue of $17.10 million for the quarter, compared to analyst estimates 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 quarterly revenue was up 80.0% on a year-over-year basis. During the same period last year, the firm posted ($0.15) EPS. Equities research analysts predict that SoundHound AI, Inc. will post -0.3 earnings per share for the current year.

Insider Activity at SoundHound AI

In other news, 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 sale, the director now directly owns 530,250 shares in the company, valued at $2,651,250. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, Director Eric R. Ball sold 40,000 shares of the firm’s stock in a transaction that occurred on Thursday, March 14th. The shares were sold at an average price of $9.55, for a total value of $382,000.00. Following the completion of the transaction, the director now directly owns 450,250 shares of the company’s stock, valued at approximately $4,299,887.50. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Eric R. Ball sold 50,000 shares of SoundHound AI 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 completion of the transaction, the director now owns 530,250 shares of the company’s stock, valued at $2,651,250. The disclosure for this sale can be found here. In the last three months, insiders have sold 405,057 shares of company stock valued at $2,587,804. 21.30% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Independent Advisor Alliance bought a new position in SoundHound AI in the fourth quarter valued at $28,000. IAM Advisory LLC purchased a new position in shares of SoundHound AI during the 4th quarter valued at about $29,000. Hexagon Capital Partners LLC bought a new stake in SoundHound AI in the 1st quarter worth approximately $29,000. HighPoint Advisor Group LLC purchased a new stake in SoundHound AI in the fourth quarter worth approximately $37,000. Finally, Great Valley Advisor Group Inc. bought a new position in SoundHound AI during the fourth quarter valued at approximately $42,000. Hedge funds and other 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.