SoundHound AI (NASDAQ:SOUN) Shares Down 6.8%

SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report) shares were down 6.8% during mid-day trading on Wednesday . The company traded as low as $4.19 and last traded at $4.52. Approximately 17,775,795 shares changed hands during trading, a decline of 69% from the average daily volume of 56,719,816 shares. The stock had previously closed at $4.85.

Analyst Ratings Changes

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

SoundHound AI Stock Performance

The business has a 50 day simple moving average of $5.05 and a 200 day simple moving average of $3.04. 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 capitalization of $1.39 billion, a PE ratio of -11.56 and a beta of 2.75.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last released its quarterly earnings results on Thursday, February 29th. The company reported ($0.06) EPS for the quarter, missing analysts' consensus estimates 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 during the quarter, compared to analysts' expectations of $17.75 million. During the same quarter last year, the business posted ($0.15) earnings per share. The company's quarterly revenue was up 80.0% compared to the same quarter last year. Equities research analysts predict that SoundHound AI, Inc. will post -0.3 EPS for the current fiscal year.

Insider Buying and Selling at SoundHound AI

In other SoundHound AI news, CTO Timothy Stonehocker sold 5,276 shares of the stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of $7.70, for a total value of $40,625.20. Following the completion of the sale, the chief technology officer now directly owns 982,584 shares in the company, valued at $7,565,896.80. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other news, Director Eric R. Ball sold 40,000 shares of the firm's stock in a transaction dated Thursday, March 14th. The stock was sold at an average price of $9.55, for a total value of $382,000.00. Following the completion of the transaction, the director now directly owns 450,250 shares in the company, valued at $4,299,887.50. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CTO Timothy Stonehocker sold 5,276 shares of the firm's stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of $7.70, for a total value of $40,625.20. Following the completion of the transaction, the chief technology officer now owns 982,584 shares of the company's stock, valued at $7,565,896.80. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 410,714 shares of company stock worth $2,598,723. 21.30% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. Royal Bank of Canada grew its holdings in SoundHound AI by 520.7% during the second quarter. Royal Bank of Canada now owns 8,690 shares of the company's stock worth $40,000 after acquiring an additional 7,290 shares during the period. Two Sigma Securities LLC acquired a new stake in SoundHound AI during the first quarter worth about $28,000. State of Wisconsin Investment Board acquired a new stake in SoundHound AI during the second quarter worth about $52,000. Ameritas Investment Partners Inc. acquired a new stake in SoundHound AI during the second quarter worth about $53,000. Finally, Stephens Inc. AR acquired a new stake in SoundHound AI in the second quarter valued at approximately $55,000. 19.28% of the stock is currently owned by hedge funds and other 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.