SoundHound AI (NASDAQ:SOUN) Shares Down 0.7%

SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report)'s share price fell 0.7% on Wednesday . The company traded as low as $3.98 and last traded at $4.03. 5,556,891 shares traded hands during trading, a decline of 90% from the average session volume of 54,496,023 shares. The stock had previously closed at $4.06.

Analyst Ratings Changes

A number of brokerages have weighed in on SOUN. HC Wainwright increased their price target on SoundHound AI from $5.00 to $7.00 and gave the stock a "buy" rating in a report on Monday, March 4th. DA Davidson increased their price target on SoundHound AI from $7.50 to $9.50 and gave the stock a "buy" rating in a report on Friday, March 15th. LADENBURG THALM/SH SH began coverage on SoundHound AI in a report on Tuesday, January 30th. They set a "buy" rating and a $4.00 price target for the company. Cantor Fitzgerald upgraded SoundHound AI from an "underweight" rating to a "neutral" rating and set a $4.90 price target for the company in a report on Thursday, April 11th. Finally, Wedbush increased their price target on SoundHound AI from $5.00 to $9.00 and gave the stock an "outperform" rating in a report on Friday, March 1st. Two equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $6.88.

SoundHound AI Stock Down 2.5 %

The company has a market cap of $1.22 billion, a P/E ratio of -10.15 and a beta of 2.75. The stock's 50-day moving average price is $5.30 and its 200-day moving average price is $3.12. The company has a current ratio of 4.69, a quick ratio of 4.69 and a debt-to-equity ratio of 6.03.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last released its quarterly earnings data 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 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% compared to the same quarter last year. During the same period last year, the company earned ($0.15) EPS. As a group, research analysts forecast that SoundHound AI, Inc. will post -0.3 EPS for the current year.

Insider Activity at SoundHound AI

In related news, CEO Keyvan Mohajer sold 107,927 shares of the firm's stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $3.70, for a total value of $399,329.90. Following 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 sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other SoundHound AI news, CFO Nitesh Sharan sold 23,212 shares of SoundHound AI stock in a transaction that occurred on Tuesday, March 19th. The shares were sold at an average price of $8.37, for a total transaction of $194,284.44. Following the transaction, the chief financial officer now owns 751,017 shares of the company's stock, valued at approximately $6,286,012.29. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Keyvan Mohajer sold 107,927 shares of SoundHound AI stock in a transaction that occurred 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 directly owns 1,218,712 shares in the company, valued at approximately $4,509,234.40. The disclosure for this sale can be found here. In the last quarter, insiders have sold 410,714 shares of company stock valued at $2,598,723. 21.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On SoundHound AI

Several hedge funds have recently modified their holdings of the company. Good Life Advisors LLC purchased a new stake in shares of SoundHound AI during the 4th quarter worth approximately $174,000. Raymond James & Associates increased its stake in shares of SoundHound AI by 221.1% during the 3rd quarter. Raymond James & Associates now owns 982,948 shares of the company's stock worth $1,976,000 after purchasing an additional 676,799 shares during the last quarter. Quadrature Capital Ltd purchased a new stake in shares of SoundHound AI during the 3rd quarter worth approximately $457,000. Vanguard Group Inc. increased its stake in shares of SoundHound AI by 18.6% during the 3rd 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 last quarter. Finally, Victory Capital Management Inc. increased its stake in shares of SoundHound AI by 45.0% during the 3rd quarter. Victory Capital Management Inc. now owns 21,658 shares of the company's stock worth $44,000 after purchasing an additional 6,717 shares during the last quarter. 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.