SoundHound AI (NASDAQ:SOUN) Shares Down 6.7%

SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report)'s stock price dropped 6.7% on Friday . The company traded as low as $4.41 and last traded at $4.45. Approximately 7,970,542 shares were traded during trading, a decline of 86% from the average daily volume of 55,821,930 shares. The stock had previously closed at $4.77.

Wall Street Analyst Weigh In

SOUN has been the subject of a number of recent research reports. LADENBURG THALM/SH SH initiated coverage on SoundHound AI in a research report on Tuesday, January 30th. They set a "buy" rating and a $4.00 price target for the company. DA Davidson upped their price target on SoundHound AI from $7.50 to $9.50 and gave the stock a "buy" rating in a research report on Friday, March 15th. Cantor Fitzgerald raised SoundHound AI from an "underweight" rating to a "neutral" rating and set a $4.90 price target for the company in a research report on Thursday. Northland Securities reaffirmed a "market perform" rating on shares of SoundHound AI in a research report on Wednesday, February 28th. Finally, Wedbush upped 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. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, SoundHound AI has a consensus rating of "Moderate Buy" and a consensus price target of $6.88.

SoundHound AI Trading Down 8.2 %

The company has a market cap of $1.35 billion, a price-to-earnings ratio of -11.23 and a beta of 2.75. 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 firm has a fifty day moving average price of $5.16 and a 200 day moving average price of $3.07.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last released its quarterly earnings data 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 analyst estimates of $17.75 million. During the same period in the previous year, the company posted ($0.15) EPS. The company's quarterly revenue was up 80.0% compared to the same quarter last year. As a group, equities analysts predict that SoundHound AI, Inc. will post -0.3 EPS for the current fiscal year.

Insider Activity at SoundHound AI

In related news, CTO Timothy Stonehocker sold 5,276 shares of the stock in a transaction on Thursday, March 21st. The stock was sold at an average price of $7.70, for a total value of $40,625.20. Following the sale, the chief technology officer now owns 982,584 shares in the company, valued at approximately $7,565,896.80. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other SoundHound AI news, VP Majid Emami sold 17,041 shares of the stock in a transaction on Tuesday, March 19th. The stock was sold at an average price of $8.37, for a total transaction of $142,633.17. Following the transaction, the vice president now owns 467,492 shares in the company, valued at approximately $3,912,908.04. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CTO Timothy Stonehocker sold 5,276 shares of the stock in a transaction on Thursday, March 21st. The stock was sold at an average price of $7.70, for a total value of $40,625.20. Following the transaction, the chief technology officer now owns 982,584 shares in the company, valued at approximately $7,565,896.80. The disclosure for this sale can be found here. In the last quarter, insiders have sold 410,714 shares of company stock worth $2,598,723. Company insiders own 21.30% of the company's stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in SOUN. BlackRock Inc. increased its position in SoundHound AI by 415.4% during the 2nd quarter. BlackRock Inc. now owns 9,515,845 shares of the company's stock worth $43,297,000 after buying an additional 7,669,606 shares during the period. State Street Corp increased its position in SoundHound AI by 517.0% during the 2nd 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 during the period. Vanguard Group Inc. increased its position in shares of SoundHound AI by 18.6% in 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 bought a new position in shares of SoundHound AI in the fourth quarter worth $3,669,000. Finally, Geode Capital Management LLC increased its position in shares of SoundHound AI by 145.7% in 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. Institutional investors 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.