SoundHound AI (NASDAQ:SOUN) Shares Down 0.5% – What’s Next?

SoundHound AI, Inc. (NASDAQ:SOUN)’s stock price dropped 0.5% during mid-day trading on Tuesday . The company traded as low as $7.80 and last traded at $8.08. Approximately 5,916,344 shares changed hands during trading, a decline of 87% from the average daily volume of 46,193,543 shares. The stock had previously closed at $8.12.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the company. Cantor Fitzgerald upgraded SoundHound AI to a “hold” rating in a research note on Monday, February 24th. Northland Securities lifted their price objective on SoundHound AI from $6.00 to $8.00 and gave the company a “market perform” rating in a research report on Tuesday, January 14th. DA Davidson raised their price target on SoundHound AI from $9.50 to $13.00 and gave the company a “buy” rating in a report on Friday, February 28th. Wedbush boosted their target price on SoundHound AI from $10.00 to $22.00 and gave the stock an “outperform” rating in a research report on Monday, December 16th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $26.00 price objective on shares of SoundHound AI in a research note on Monday, March 3rd. Four investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $12.86.

SoundHound AI Trading Down 0.3 %

The company has a debt-to-equity ratio of 0.13, a current ratio of 2.58 and a quick ratio of 2.58. The firm has a market capitalization of $3.23 billion, a PE ratio of -22.45 and a beta of 2.62. The company’s fifty day simple moving average is $11.68 and its 200-day simple moving average is $10.64.

SoundHound AI (NASDAQ:SOUN) last issued its earnings results on Thursday, February 27th. The company reported ($0.69) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.11) by ($0.58). SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. The company had revenue of $34.54 million during the quarter, compared to analysts’ expectations of $33.70 million. As a group, sell-side analysts expect that SoundHound AI, Inc. will post -0.38 earnings per share for the current fiscal year.

Insider Transactions at SoundHound AI

In other SoundHound AI news, CEO Keyvan Mohajer sold 118,605 shares of the stock in a transaction that occurred on Thursday, March 20th. The shares were sold at an average price of $9.90, for a total value of $1,174,189.50. Following the transaction, the chief executive officer now directly owns 1,903,061 shares in the company, valued at $18,840,303.90. This represents a 5.87 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider James Ming Hom sold 51,196 shares of the firm’s stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $10.25, for a total value of $524,759.00. Following the transaction, the insider now directly owns 638,456 shares in the company, valued at approximately $6,544,174. The trade was a 7.42 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 500,565 shares of company stock worth $4,999,726 over the last ninety days. Company insiders own 12.28% of the company’s stock.

Institutional Trading of SoundHound AI

Several hedge funds have recently made changes to their positions in SOUN. Vanguard Group Inc. boosted its position in SoundHound AI by 35.6% during the fourth quarter. Vanguard Group Inc. now owns 32,031,662 shares of the company’s stock worth $635,508,000 after purchasing an additional 8,402,881 shares in the last quarter. Geode Capital Management LLC boosted its stake in shares of SoundHound AI by 4.4% during the fourth quarter. Geode Capital Management LLC now owns 7,509,496 shares of the company’s stock valued at $149,024,000 after acquiring an additional 315,897 shares during the last quarter. State Street Corp increased its position in SoundHound AI by 0.6% during the 3rd quarter. State Street Corp now owns 7,197,414 shares of the company’s stock worth $33,540,000 after purchasing an additional 42,869 shares in the last quarter. Northern Trust Corp boosted its stake in shares of SoundHound AI by 10.0% during the 4th quarter. Northern Trust Corp now owns 2,906,245 shares of the company’s stock worth $57,660,000 after purchasing an additional 264,382 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its stake in shares of SoundHound AI by 5.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,725,693 shares of the company’s stock worth $54,078,000 after purchasing an additional 143,487 shares during the last quarter. Institutional investors and hedge funds 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.