SoundHound AI (NASDAQ:SOUN) Shares Down 1.3%

SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report)'s stock price was down 1.3% during mid-day trading on Friday . The company traded as low as $3.72 and last traded at $3.78. Approximately 5,302,538 shares were traded during trading, a decline of 90% from the average daily volume of 53,413,871 shares. The stock had previously closed at $3.83.

Wall Street Analyst Weigh In

A number of equities research analysts 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. DA Davidson increased 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. LADENBURG THALM/SH SH began coverage on SoundHound AI in a research report on Tuesday, January 30th. They set a "buy" rating and a $4.00 price target on the stock. Northland Securities restated a "market perform" rating on shares of SoundHound AI in a research note on Wednesday, February 28th. Finally, Wedbush upped their target price on SoundHound AI from $5.00 to $9.00 and gave the stock an "outperform" rating in a research note on Friday, March 1st. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $6.88.

SoundHound AI Stock Down 7.3 %

The firm has a 50 day simple moving average of $5.37 and a two-hundred day simple moving average of $3.14. 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 stock has a market capitalization of $1.10 billion, a P/E ratio of -9.10 and a beta of 2.75.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last announced 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 firm had revenue of $17.10 million during the quarter, compared to the consensus estimate of $17.75 million. During the same quarter in the previous year, the company posted ($0.15) earnings per share. The firm's revenue was up 80.0% on a year-over-year basis. On average, equities research analysts expect that SoundHound AI, Inc. will post -0.3 earnings per share for the current year.

Insider Activity

In other news, CEO Keyvan Mohajer sold 107,927 shares of the 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 completion of 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 filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CEO Keyvan Mohajer sold 107,927 shares of the 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 completion of 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 filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Majid Emami sold 17,041 shares of the firm's stock in a transaction on Tuesday, March 19th. The stock was sold at an average price of $8.37, for a total value of $142,633.17. Following the transaction, the vice president now directly owns 467,492 shares of the company's stock, valued at $3,912,908.04. The disclosure for this sale can be found here. In the last ninety days, insiders sold 410,714 shares of company stock worth $2,598,723. Insiders own 21.30% of the company's stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. Bank of America Corp DE grew its holdings in SoundHound AI by 1,238.7% during the 4th quarter. Bank of America Corp DE now owns 14,726 shares of the company's stock worth $26,000 after acquiring an additional 13,626 shares during the period. Independent Advisor Alliance acquired a new stake in SoundHound AI during the 4th quarter worth about $28,000. Two Sigma Securities LLC acquired a new stake in SoundHound AI during the 1st quarter worth about $28,000. IAM Advisory LLC acquired a new stake in SoundHound AI during the 4th quarter worth about $29,000. Finally, Hexagon Capital Partners LLC acquired a new stake in SoundHound AI during the 1st quarter worth about $29,000. 19.28% of the stock is owned by institutional investors.

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.