SoundHound AI (NASDAQ:SOUN) Stock Price Down 2%

SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report) traded down 2% during mid-day trading on Tuesday . The company traded as low as $3.71 and last traded at $3.89. 9,704,886 shares changed hands during mid-day trading, a decline of 82% from the average session volume of 54,981,418 shares. The stock had previously closed at $3.97.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the company. Wedbush boosted their target price 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 began coverage on SoundHound AI in a research report on Tuesday, January 30th. They issued a "buy" rating and a $4.00 target price on the stock. Northland Securities reaffirmed a "market perform" rating on shares of SoundHound AI in a research report on Wednesday, February 28th. HC Wainwright upped their price objective on SoundHound AI from $5.00 to $7.00 and gave the stock a "buy" rating in a research report on Monday, March 4th. Finally, Cantor Fitzgerald raised SoundHound AI from an "underweight" rating to a "neutral" rating and set a $4.90 price objective on the stock in a research report on Thursday, April 11th. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $6.88.

SoundHound AI Stock Up 2.3 %

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 business has a 50-day moving average price of $5.21 and a two-hundred day moving average price of $3.10. The firm has a market cap of $1.25 billion, a PE ratio of -10.82 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) EPS for the quarter, missing analysts' consensus estimates of ($0.05) by ($0.01). The firm had revenue of $17.10 million for 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 for the quarter was up 80.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.15) EPS. On average, equities research analysts expect that SoundHound AI, Inc. will post -0.3 EPS for the current year.

Insider Buying and Selling

In related news, CEO Keyvan Mohajer sold 107,927 shares of the business's stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $3.70, for a total transaction of $399,329.90. Following the completion of the transaction, the chief executive officer now owns 1,218,712 shares in the company, valued at $4,509,234.40. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other SoundHound AI news, VP Majid Emami sold 17,041 shares of the company's stock in a transaction on Tuesday, March 19th. The shares were sold at an average price of $8.37, for a total value of $142,633.17. Following the completion of the transaction, the vice president now owns 467,492 shares in the company, valued at $3,912,908.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Keyvan Mohajer sold 107,927 shares of the company's stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $3.70, for a total transaction of $399,329.90. Following the completion of the transaction, the chief executive officer now owns 1,218,712 shares of the company's stock, valued at approximately $4,509,234.40. The disclosure for this sale can be found here. Over the last quarter, insiders sold 410,714 shares of company stock worth $2,598,723. Corporate insiders own 21.30% of the company's stock.

Hedge Funds Weigh In On SoundHound AI

Several large investors have recently bought and sold shares of SOUN. Bank of America Corp DE raised its holdings in shares of SoundHound AI by 1,238.7% in 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 during the last quarter. Independent Advisor Alliance purchased a new stake in shares of SoundHound AI in the fourth quarter valued at about $28,000. Two Sigma Securities LLC purchased a new stake in shares of SoundHound AI in the first quarter valued at about $28,000. IAM Advisory LLC purchased a new stake in shares of SoundHound AI in the fourth quarter valued at about $29,000. Finally, Cambridge Investment Research Advisors Inc. purchased a new stake in shares of SoundHound AI in the fourth quarter valued at about $32,000. Institutional investors and hedge funds 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.