SoundHound AI (NASDAQ:SOUN) Trading Down 1.3%

Shares of SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report) dropped 1.3% during trading on Tuesday . The stock traded as low as $4.50 and last traded at $4.56. Approximately 8,190,423 shares traded hands during mid-day trading, a decline of 84% from the average daily volume of 51,378,512 shares. The stock had previously closed at $4.62.

Analysts Set New Price Targets

Several research firms recently issued reports on SOUN. LADENBURG THALM/SH SH initiated coverage on shares of 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 raised shares of SoundHound AI from an "underweight" rating to a "neutral" rating and set a $4.90 price objective on the stock in a report on Thursday, April 11th. Wedbush lifted their price target on shares of SoundHound AI from $5.00 to $9.00 and gave the company an "outperform" rating in a research report on Friday, March 1st. 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. Finally, Northland Securities reiterated a "market perform" rating on shares of SoundHound AI in a research report on Wednesday, February 28th. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, SoundHound AI currently 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 debt-to-equity ratio of 6.03, a current ratio of 4.69 and a quick ratio of 4.69. The firm has a market cap of $1.31 billion, a price-to-earnings ratio of -10.87 and a beta of 2.75. The business's 50-day moving average price is $5.51 and its two-hundred day moving average price is $3.27.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last issued its quarterly earnings results on Thursday, February 29th. The company reported ($0.06) earnings per share for the quarter, missing analysts' consensus estimates of ($0.05) by ($0.01). The business had revenue of $17.10 million for the quarter, compared to analysts' expectations 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 company's revenue for the quarter was up 80.0% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.15) EPS. Equities analysts expect that SoundHound AI, Inc. will post -0.3 earnings per share for the current year.

Insider Activity

In related news, VP Majid Emami sold 17,041 shares of the business's stock in a transaction that occurred 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 sale, the vice president now directly owns 467,492 shares in the company, valued at $3,912,908.04. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, VP Majid Emami sold 17,041 shares of the 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 $142,633.17. Following the completion of the sale, the vice president now owns 467,492 shares of the company's stock, valued at approximately $3,912,908.04. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Keyvan Mohajer sold 31,665 shares of SoundHound AI stock in a transaction that occurred on Friday, March 22nd. The shares were sold at an average price of $6.08, for a total transaction of $192,523.20. Following the transaction, the chief executive officer now directly owns 1,137,831 shares in the company, valued at $6,918,012.48. The disclosure for this sale can be found here. Insiders sold a total of 405,057 shares of company stock valued at $2,587,804 in the last 90 days. 21.30% of the stock is currently owned by insiders.

Institutional Trading of SoundHound AI

A number of hedge funds have recently made changes to their positions in the company. Principal Financial Group Inc. boosted its position in SoundHound AI by 16.5% in the 1st quarter. Principal Financial Group Inc. now owns 18,560 shares of the company's stock valued at $109,000 after buying an additional 2,629 shares during the last quarter. Hexagon Capital Partners LLC purchased a new position in SoundHound AI in the first quarter valued at about $29,000. Victory Capital Management Inc. increased its holdings in 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. Prosperity Wealth Management Inc. raised its position in shares of SoundHound AI by 18.5% in the 4th quarter. Prosperity Wealth Management Inc. now owns 50,600 shares of the company's stock valued at $107,000 after purchasing an additional 7,900 shares in the last quarter. Finally, Newbridge Financial Services Group Inc. purchased a new position in shares of SoundHound AI during the 1st quarter valued at approximately $55,000. Hedge funds and other 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.