SoundHound AI (NASDAQ:SOUN) Stock Price Down 5.6%

Shares of SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report) dropped 5.6% during trading on Monday . The stock traded as low as $4.71 and last traded at $4.89. Approximately 20,114,809 shares changed hands during trading, a decline of 65% from the average daily volume of 57,581,297 shares. The stock had previously closed at $5.18.

Wall Street Analysts Forecast Growth

SOUN has been the subject of several research analyst reports. Wedbush lifted their target price on shares of SoundHound AI from $5.00 to $9.00 and gave the stock an "outperform" rating in a report on Friday, March 1st. LADENBURG THALM/SH SH began coverage on shares of SoundHound AI in a research report on Tuesday, January 30th. They issued a "buy" rating and a $4.00 target price for the company. Northland Securities restated a "market perform" rating on shares of SoundHound AI in a research report on Wednesday, February 28th. HC Wainwright increased their price objective on shares of SoundHound AI from $5.00 to $7.00 and gave the company a "buy" rating in a research note on Monday, March 4th. Finally, Cantor Fitzgerald reiterated an "underweight" rating and set a $4.90 price target (down from $5.80) on shares of SoundHound AI in a report on Wednesday, March 20th. One research analyst has rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $6.88.

SoundHound AI Price Performance

The company has a debt-to-equity ratio of 6.03, a quick ratio of 4.69 and a current ratio of 4.69. The stock has a market capitalization of $1.55 billion, a price-to-earnings ratio of -12.79 and a beta of 2.75. The company has a fifty day simple moving average of $4.87 and a 200 day simple moving average of $2.98.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last announced its earnings results on Thursday, February 29th. The company reported ($0.06) EPS 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 company had revenue of $17.10 million during the quarter, compared to the consensus estimate of $17.75 million. During the same quarter in the previous year, the company earned ($0.15) earnings per share. The business's revenue was up 80.0% on a year-over-year basis. Equities research analysts forecast that SoundHound AI, Inc. will post -0.3 EPS for the current fiscal year.

Insider Activity at SoundHound AI

In related news, CEO Keyvan Mohajer sold 107,927 shares of the company's stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $3.70, for a total value of $399,329.90. Following the sale, the chief executive officer now directly owns 1,218,712 shares in the company, valued at $4,509,234.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other SoundHound AI news, CEO Keyvan Mohajer sold 107,927 shares of the business's stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $3.70, for a total value of $399,329.90. Following the transaction, the chief executive officer now directly owns 1,218,712 shares of the company's stock, valued at $4,509,234.40. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Eric R. Ball sold 50,000 shares of the business's stock in a transaction that occurred 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 directly owns 530,250 shares in the company, valued at $2,651,250. The disclosure for this sale can be found here. Insiders have sold 410,714 shares of company stock worth $2,598,723 over the last ninety days. Insiders own 21.30% of the company's stock.

Hedge Funds Weigh In On SoundHound AI

Institutional investors have recently added to or reduced their stakes in the business. BlackRock Inc. raised its position in shares of SoundHound AI by 415.4% during the second quarter. BlackRock Inc. now owns 9,515,845 shares of the company's stock worth $43,297,000 after purchasing an additional 7,669,606 shares during the period. State Street Corp raised its position in shares of SoundHound AI by 517.0% during the second quarter. State Street Corp now owns 2,716,747 shares of the company's stock worth $12,361,000 after purchasing an additional 2,276,465 shares during the period. Vanguard Group Inc. raised its position in shares of SoundHound AI by 18.6% during the third quarter. Vanguard Group Inc. now owns 13,166,989 shares of the company's stock worth $26,466,000 after purchasing an additional 2,064,340 shares during the period. Nvidia Corp acquired a new position in shares of SoundHound AI during the fourth quarter worth approximately $3,669,000. Finally, Geode Capital Management LLC raised its position in shares of SoundHound AI by 145.7% during the second quarter. Geode Capital Management LLC now owns 2,719,882 shares of the company's stock worth $12,375,000 after purchasing an additional 1,613,110 shares during the period. 19.28% of the stock is owned by institutional investors and hedge funds.

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.