SoundHound AI (NASDAQ:SOUN) Shares Gap Down to $5.00

SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report) shares gapped down before the market opened on Tuesday . The stock had previously closed at $5.00, but opened at $4.84. SoundHound AI shares last traded at $4.91, with a volume of 3,993,269 shares changing hands.

Analyst Ratings Changes

A number of research firms have recently issued reports on SOUN. Northland Securities reiterated a "market perform" rating on shares of SoundHound AI in a research note on Wednesday, February 28th. 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. Cantor Fitzgerald reiterated an "underweight" rating and set a $4.90 price objective (down previously from $5.80) on shares of SoundHound AI in a research note on Wednesday, March 20th. DA Davidson lifted their price target on shares of SoundHound AI from $7.50 to $9.50 and gave the stock a "buy" rating in a research note on Friday, March 15th. Finally, HC Wainwright lifted their price target on shares of SoundHound AI from $5.00 to $7.00 and gave the stock a "buy" rating in a research note on Monday, March 4th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and four have given a buy rating to the 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 Trading Down 3.0 %

The company has a quick ratio of 4.69, a current ratio of 4.69 and a debt-to-equity ratio of 6.03. The business's 50 day moving average is $4.93 and its 200-day moving average is $3.00. The firm has a market cap of $1.50 billion, a P/E ratio of -12.44 and a beta of 2.75.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last released its earnings results on Thursday, February 29th. The company reported ($0.06) earnings per share for the quarter, missing the consensus estimate of ($0.05) by ($0.01). SoundHound AI had a negative net margin of 188.57% and a negative return on equity of 1,955.68%. The business had revenue of $17.10 million for the quarter, compared to the consensus estimate of $17.75 million. During the same quarter in the previous year, the firm earned ($0.15) EPS. The firm's revenue for the quarter was up 80.0% on a year-over-year basis. As a group, analysts forecast that SoundHound AI, Inc. will post -0.3 earnings per share for the current fiscal year.

Insider Buying and Selling at SoundHound AI

In other SoundHound AI news, CEO Keyvan Mohajer sold 31,665 shares of the business's stock in a transaction on Friday, March 22nd. The shares were sold at an average price of $6.08, for a total transaction of $192,523.20. Following the completion of the sale, the chief executive officer now owns 1,137,831 shares in the company, valued at $6,918,012.48. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other SoundHound AI news, CEO Keyvan Mohajer sold 31,665 shares of the business's stock in a transaction on Friday, March 22nd. The shares were sold at an average price of $6.08, for a total transaction of $192,523.20. Following the completion of the sale, the chief executive officer now owns 1,137,831 shares in the company, valued at $6,918,012.48. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO Nitesh Sharan sold 23,212 shares of the business's stock in a transaction on Tuesday, March 19th. The shares were sold at an average price of $8.37, for a total transaction of $194,284.44. Following the sale, the chief financial officer now owns 751,017 shares of the company's stock, valued at approximately $6,286,012.29. The disclosure for this sale can be found here. Insiders sold a total of 410,714 shares of company stock worth $2,598,723 over the last 90 days. Insiders own 21.30% of the company's stock.

Hedge Funds Weigh In On SoundHound AI

Several institutional investors have recently modified their holdings of SOUN. Northern Trust Corp bought a new position in shares of SoundHound AI during the second quarter worth about $512,000. Virtu Financial LLC acquired a new stake in SoundHound AI in the second quarter worth about $44,000. Millennium Management LLC acquired a new stake in SoundHound AI in the second quarter worth about $293,000. State Street Corp acquired a new stake in SoundHound AI in the second quarter worth about $576,000. Finally, Commonwealth Equity Services LLC acquired a new stake in SoundHound AI in the third quarter worth about $143,000. Institutional investors own 19.28% of the company's stock.

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.