SoundHound AI (NASDAQ:SOUN) Stock Price Down 2.4%

SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report)'s stock price traded down 2.4% on Friday . The company traded as low as $4.37 and last traded at $4.38. 11,129,886 shares were traded during trading, a decline of 78% from the average session volume of 50,270,699 shares. The stock had previously closed at $4.49.

Wall Street Analyst Weigh In

SOUN has been the topic of several research reports. Wedbush boosted 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 target on SoundHound AI from $5.00 to $7.00 and gave the stock a "buy" rating in a report on Monday, March 4th. Northland Securities reissued a "market perform" rating on shares of SoundHound AI in a report on Wednesday, February 28th. DA Davidson lifted their target price on SoundHound AI from $7.50 to $9.50 and gave the company a "buy" rating in a report on Friday, March 15th. Finally, LADENBURG THALM/SH SH began coverage on shares of SoundHound AI in a report on Tuesday, January 30th. They issued a "buy" rating and a $4.00 price target on the stock. Two research analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $6.88.

SoundHound AI Trading Up 0.2 %

The stock has a 50-day moving average price of $5.53 and a 200-day moving average price of $3.28. The stock has a market cap of $1.39 billion, a P/E ratio of -11.23 and a beta of 2.87. The company has a debt-to-equity ratio of 6.03, a quick ratio of 4.69 and a current ratio of 4.69.

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

Insiders Place Their Bets

In other news, CEO Keyvan Mohajer sold 31,665 shares of the company's stock in a transaction on Friday, March 22nd. The shares were sold at an average price of $6.08, for a total value of $192,523.20. Following the completion of the sale, the chief executive officer now owns 1,137,831 shares of the company's stock, valued at approximately $6,918,012.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other SoundHound AI news, CEO Keyvan Mohajer sold 31,665 shares of the company's stock in a transaction dated Friday, March 22nd. The shares were sold at an average price of $6.08, for a total transaction of $192,523.20. Following the completion of the sale, the chief executive officer now directly owns 1,137,831 shares in the company, valued at $6,918,012.48. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Eric R. Ball sold 50,000 shares of the firm's stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $5.00, for a total value of $250,000.00. Following the transaction, the director now directly owns 530,250 shares in the company, valued at $2,651,250. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 405,057 shares of company stock valued at $2,587,804. 21.30% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in SOUN. Vanguard Group Inc. grew its holdings in SoundHound AI by 18.6% in the 3rd quarter. Vanguard Group Inc. now owns 13,166,989 shares of the company's stock worth $26,466,000 after acquiring an additional 2,064,340 shares during the last quarter. Intrinsic Edge Capital Management LLC lifted its holdings in SoundHound AI by 47.7% in the 4th quarter. Intrinsic Edge Capital Management LLC now owns 4,848,211 shares of the company's stock worth $10,278,000 after buying an additional 1,566,238 shares during the period. Raymond James & Associates grew its position in shares of SoundHound AI by 221.1% in the 3rd quarter. Raymond James & Associates now owns 982,948 shares of the company's stock worth $1,976,000 after buying an additional 676,799 shares during the last quarter. Quadrature Capital Ltd purchased a new position in shares of SoundHound AI during the third quarter valued at approximately $457,000. Finally, PFG Investments LLC bought a new position in shares of SoundHound AI during the first quarter valued at approximately $1,335,000. 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.

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