SoundHound AI (NASDAQ:SOUN) Trading Down 0.6%

SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report) dropped 0.6% on Wednesday . The company traded as low as $5.06 and last traded at $5.09. Approximately 6,564,585 shares changed hands during mid-day trading, a decline of 86% from the average daily volume of 48,522,602 shares. The stock had previously closed at $5.12.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on SOUN shares. LADENBURG THALM/SH SH started coverage on shares of SoundHound AI in a research note on Tuesday, January 30th. They set a "buy" rating and a $4.00 price objective on the stock. Cantor Fitzgerald raised shares of SoundHound AI from an "underweight" rating to a "neutral" rating and set a $4.90 price target on the stock in a research note on Thursday, April 11th. Northland Securities reissued a "market perform" rating on shares of SoundHound AI in a research report on Wednesday, February 28th. Wedbush reaffirmed an "outperform" rating and set a $9.00 target price on shares of SoundHound AI in a research report on Friday, May 10th. Finally, HC Wainwright reissued a "buy" rating and issued a $7.00 price target on shares of SoundHound AI in a report on Monday, May 13th. Two research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, SoundHound AI currently has an average rating of "Moderate Buy" and an average target price of $6.88.

SoundHound AI Price Performance

The company has a market cap of $1.67 billion, a P/E ratio of -13.39 and a beta of 2.87. The company's 50-day moving average price is $5.33 and its two-hundred day moving average price is $3.62. The company has a current ratio of 8.84, a quick ratio of 8.84 and a debt-to-equity ratio of 0.56.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last announced its quarterly earnings data on Thursday, May 9th. The company reported ($0.07) earnings per share for the quarter, beating the consensus estimate of ($0.09) by $0.02. SoundHound AI had a negative return on equity of 163.00% and a negative net margin of 183.49%. The firm had revenue of $11.59 million during the quarter, compared to analyst estimates of $10.10 million. During the same period in the previous year, the company earned ($0.12) earnings per share. SoundHound AI's quarterly revenue was up 72.9% on a year-over-year basis. As a group, sell-side analysts expect that SoundHound AI, Inc. will post -0.32 earnings per share for the current year.

Insider Buying and Selling

In other news, CEO Keyvan Mohajer sold 48,837 shares of SoundHound AI stock in a transaction dated Tuesday, March 19th. The shares were sold at an average price of $8.37, for a total value of $408,765.69. Following the completion of the transaction, the chief executive officer now directly owns 1,169,496 shares of the company's stock, valued at approximately $9,788,681.52. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, Director Eric R. Ball sold 50,000 shares of the company's stock in a transaction on Monday, February 26th. The stock was sold at an average price of $5.00, for a total transaction of $250,000.00. Following the completion of the transaction, the director now directly owns 530,250 shares in the company, valued at approximately $2,651,250. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Keyvan Mohajer sold 48,837 shares of the firm'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 $408,765.69. Following the completion of the sale, the chief executive officer now owns 1,169,496 shares in the company, valued at $9,788,681.52. The disclosure for this sale can be found here. Insiders have sold 290,515 shares of company stock worth $2,164,925 over the last ninety days. 21.30% of the stock is owned by insiders.

Institutional Trading of SoundHound AI

A number of large investors have recently modified their holdings of SOUN. Hexagon Capital Partners LLC bought a new position in SoundHound AI in the 1st quarter worth about $29,000. DecisionPoint Financial LLC bought a new position in SoundHound AI in the 1st quarter worth approximately $40,000. Newbridge Financial Services Group Inc. acquired a new stake in SoundHound AI in the 1st quarter valued at approximately $55,000. Wesbanco Bank Inc. bought a new stake in SoundHound AI during the 1st quarter valued at $59,000. Finally, Emerald Advisors LLC acquired a new position in SoundHound AI during the 1st quarter worth $59,000. Institutional investors and hedge funds 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.