SoundHound AI (NASDAQ:SOUN) Shares Down 3.8%

SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report)'s stock price was down 3.8% on Tuesday . The company traded as low as $4.81 and last traded at $4.81. Approximately 11,112,867 shares changed hands during mid-day trading, a decline of 81% from the average daily volume of 57,079,797 shares. The stock had previously closed at $5.00.

Wall Street Analyst Weigh In

A number of analysts have weighed in on SOUN shares. DA Davidson upped their price target on SoundHound AI from $7.50 to $9.50 and gave the company a "buy" rating in a research report on Friday, March 15th. Cantor Fitzgerald reiterated an "underweight" rating and issued a $4.90 price target (down from $5.80) on shares of SoundHound AI in a research report on Wednesday, March 20th. Wedbush upped their price target on SoundHound AI from $5.00 to $9.00 and gave the company an "outperform" rating in a research report on Friday, March 1st. LADENBURG THALM/SH SH started coverage on SoundHound AI in a research report on Tuesday, January 30th. They issued a "buy" rating and a $4.00 price target on the stock. Finally, HC Wainwright upped their price target on SoundHound AI from $5.00 to $7.00 and gave the company a "buy" rating in a research report on Monday, March 4th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $6.88.

SoundHound AI Stock Down 3.0 %

The firm has a fifty day moving average price of $4.99 and a 200 day moving average price of $3.03. 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 company 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 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). The business had revenue of $17.10 million for the quarter, compared to the consensus estimate 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 revenue for the quarter was up 80.0% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.15) EPS. Equities research analysts forecast that SoundHound AI, Inc. will post -0.3 earnings per share for the current year.

Insider Activity

In other news, CEO Keyvan Mohajer sold 107,927 shares of the company's stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $3.70, for a total transaction of $399,329.90. Following the transaction, the chief executive officer now 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 Securities & Exchange Commission, which is available at this hyperlink. In other news, CEO Keyvan Mohajer sold 107,927 shares of the company's stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $3.70, for a total transaction of $399,329.90. Following the transaction, the chief executive officer now 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 Securities & Exchange Commission, which is available at this hyperlink. Also, Director Eric R. Ball sold 50,000 shares of the company's 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 transaction, the director now directly owns 530,250 shares in the company, valued at approximately $2,651,250. The disclosure for this sale can be found here. Insiders have sold 410,714 shares of company stock valued at $2,598,723 over the last 90 days. 21.30% of the stock is owned by company insiders.

Hedge Funds Weigh In On SoundHound AI

Several hedge funds have recently added to or reduced their stakes in SOUN. BlackRock Inc. lifted its stake in SoundHound AI by 415.4% in the second quarter. BlackRock Inc. now owns 9,515,845 shares of the company's stock valued at $43,297,000 after buying an additional 7,669,606 shares during the period. State Street Corp grew its holdings 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 buying an additional 2,276,465 shares in the last quarter. Vanguard Group Inc. grew its holdings 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 buying an additional 2,064,340 shares in the last quarter. Nvidia Corp bought a new position in shares of SoundHound AI during the fourth quarter worth about $3,669,000. Finally, Geode Capital Management LLC grew its holdings 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 buying an additional 1,613,110 shares in 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.