SoundHound AI (NASDAQ:SOUN) Stock Price Down 4.6%

Shares of SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report) fell 4.6% during mid-day trading on Monday . The company traded as low as $4.17 and last traded at $4.18. 9,470,367 shares traded hands during mid-day trading, a decline of 83% from the average session volume of 55,307,055 shares. The stock had previously closed at $4.38.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on SOUN. LADENBURG THALM/SH SH began coverage on SoundHound AI in a research note on Tuesday, January 30th. They issued a "buy" rating and a $4.00 target price for the company. HC Wainwright raised their price objective on SoundHound AI from $5.00 to $7.00 and gave the company a "buy" rating in a research note on Monday, March 4th. Wedbush raised their price objective on SoundHound AI from $5.00 to $9.00 and gave the company an "outperform" rating in a research note on Friday, March 1st. Northland Securities restated a "market perform" rating on shares of SoundHound AI in a research note on Wednesday, February 28th. Finally, DA Davidson lifted their target price on SoundHound AI from $7.50 to $9.50 and gave the stock a "buy" rating in a research report on Friday, March 15th. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $6.88.

SoundHound AI Stock Down 9.4 %

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 50 day moving average price of $5.16 and a 200 day moving average price of $3.09. The company has a market cap of $1.23 billion, a P/E ratio of -10.59 and a beta of 2.75.

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

Insider Buying and Selling

In related news, CEO Keyvan Mohajer sold 107,927 shares of SoundHound AI stock in a transaction 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 in the company, valued at approximately $4,509,234.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CEO Keyvan Mohajer sold 107,927 shares of SoundHound AI stock in a transaction 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 in the company, valued at approximately $4,509,234.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CTO Timothy Stonehocker sold 5,276 shares of SoundHound AI 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 completion of the transaction, the chief technology officer now owns 982,584 shares in the company, valued at $7,565,896.80. The disclosure for this sale can be found here. Insiders have sold 410,714 shares of company stock worth $2,598,723 in the last three months. 21.30% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of SOUN. Bank of America Corp DE grew its holdings in shares of SoundHound AI by 1,238.7% during the fourth quarter. Bank of America Corp DE now owns 14,726 shares of the company's stock valued at $26,000 after buying an additional 13,626 shares in the last quarter. Two Sigma Securities LLC acquired a new stake in SoundHound AI during the first quarter valued at $28,000. Independent Advisor Alliance acquired a new stake in SoundHound AI during the fourth quarter valued at $28,000. IAM Advisory LLC acquired a new stake in SoundHound AI during the fourth quarter valued at $29,000. Finally, HighTower Advisors LLC acquired a new stake in SoundHound AI during the third quarter valued at $32,000. Hedge funds and other 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.