SoundHound AI (NASDAQ:SOUN) Shares Down 1.3% – Here’s Why

Shares of SoundHound AI, Inc. (NASDAQ:SOUN) were down 1.3% during trading on Thursday . The company traded as low as $13.84 and last traded at $13.81. Approximately 11,974,969 shares traded hands during mid-day trading, a decline of 81% from the average daily volume of 61,566,496 shares. The stock had previously closed at $13.99.

Analysts Set New Price Targets

A number of research analysts have issued reports on the stock. HC Wainwright reissued a “buy” rating and set a $26.00 price objective on shares of SoundHound AI in a research report on Monday, January 13th. Wedbush upped their target price on SoundHound AI from $10.00 to $22.00 and gave the stock an “outperform” rating in a report on Monday, December 16th. Northland Securities upped their price target on SoundHound AI from $6.00 to $8.00 and gave the stock a “market perform” rating in a research note on Tuesday, January 14th. LADENBURG THALM/SH SH restated a “neutral” rating and set a $7.00 target price on shares of SoundHound AI in a report on Wednesday, November 13th. Finally, Barclays reiterated a “neutral” rating and issued a $7.00 price target on shares of SoundHound AI in a research note on Wednesday, November 13th. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $12.36.

SoundHound AI Stock Up 1.1 %

The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.58 and a current ratio of 2.58. The company has a market capitalization of $5.23 billion, a PE ratio of -39.31 and a beta of 2.63. The company’s 50-day moving average is $15.63 and its 200 day moving average is $8.83.

SoundHound AI (NASDAQ:SOUN) last announced its quarterly earnings data on Tuesday, November 12th. The company reported ($0.06) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.01. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. The company had revenue of $25.10 million during the quarter, compared to analyst estimates of $23.02 million. During the same period in the previous year, the business earned ($0.09) EPS. The firm’s revenue for the quarter was up 88.7% on a year-over-year basis. As a group, analysts anticipate that SoundHound AI, Inc. will post -0.38 EPS for the current year.

Insiders Place Their Bets

In other SoundHound AI news, VP Majid Emami sold 94,067 shares of the company’s stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $9.05, for a total value of $851,306.35. Following the completion of the sale, the vice president now owns 735,685 shares in the company, valued at $6,657,949.25. This represents a 11.34 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Lawrence Marcus sold 30,000 shares of SoundHound AI stock in a transaction dated Thursday, November 21st. The shares were sold at an average price of $7.15, for a total value of $214,500.00. Following the transaction, the director now directly owns 178,117 shares in the company, valued at approximately $1,273,536.55. The trade was a 14.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 2,782,918 shares of company stock valued at $45,391,343. 12.28% of the stock is owned by insiders.

Institutional Trading of SoundHound AI

Institutional investors and hedge funds have recently modified their holdings of the company. Carnegie Investment Counsel purchased a new stake in shares of SoundHound AI during the third quarter worth about $4,193,000. Geode Capital Management LLC lifted its holdings in shares of SoundHound AI by 9.1% in the third quarter. Geode Capital Management LLC now owns 7,193,599 shares of the company’s stock worth $33,529,000 after buying an additional 602,311 shares in the last quarter. Oriental Harbor Investment Fund bought a new position in shares of SoundHound AI during the fourth quarter worth $8,964,000. UNICOM Systems Inc. purchased a new position in SoundHound AI during the fourth quarter valued at $4,662,000. Finally, Squarepoint Ops LLC increased its holdings in SoundHound AI by 818.0% in the 2nd quarter. Squarepoint Ops LLC now owns 231,168 shares of the company’s stock valued at $913,000 after acquiring an additional 205,985 shares during the last quarter. 19.28% of the stock is currently owned by institutional investors.

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.