SoundHound AI (NASDAQ:SOUN) Stock Price Down 1.5% - Here's Why

SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report) was down 1.5% during mid-day trading on Wednesday . The stock traded as low as $12.43 and last traded at $12.51. Approximately 34,436,540 shares traded hands during mid-day trading, a decline of 15% from the average daily volume of 40,540,959 shares. The stock had previously closed at $12.71.

Analyst Ratings Changes

Several analysts recently issued reports on SOUN shares. HC Wainwright cut their target price on SoundHound AI from $26.00 to $18.00 and set a "buy" rating on the stock in a research note on Monday, May 12th. Piper Sandler started coverage on SoundHound AI in a research note on Tuesday, May 27th. They issued an "overweight" rating and a $12.00 target price on the stock. DA Davidson cut their target price on SoundHound AI from $13.00 to $10.00 and set a "buy" rating on the stock in a research note on Monday, April 14th. Finally, Wedbush lowered their price objective on shares of SoundHound AI from $22.00 to $15.00 and set an "outperform" rating for the company in a report on Friday, May 9th. Four equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $10.50.

SoundHound AI Trading Down 5.6%

The firm has a market cap of $4.89 billion, a PE ratio of -22.16 and a beta of 2.59. The firm's 50 day simple moving average is $10.15 and its 200 day simple moving average is $11.49.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last posted its earnings results on Thursday, May 8th. The company reported ($0.06) earnings per share for the quarter, topping analysts' consensus estimates of ($0.09) by $0.03. The firm had revenue of $29.13 million for the quarter, compared to the consensus estimate of $30.38 million. SoundHound AI had a negative net margin of 184.34% and a negative return on equity of 68.55%. The business's quarterly revenue was up 151.2% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.07) EPS. As a group, equities research analysts predict that SoundHound AI, Inc. will post -0.38 earnings per share for the current fiscal year.

Insider Transactions at SoundHound AI

In other SoundHound AI news, CTO Timothy Stonehocker sold 2,981 shares of the firm's stock in a transaction that occurred on Tuesday, June 24th. The shares were sold at an average price of $9.68, for a total value of $28,856.08. Following the completion of the sale, the chief technology officer directly owned 716,866 shares in the company, valued at $6,939,262.88. This trade represents a 0.41% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider James Ming Hom sold 79,530 shares of the firm's stock in a transaction that occurred on Friday, June 20th. The shares were sold at an average price of $9.36, for a total transaction of $744,400.80. Following the completion of the sale, the insider owned 637,560 shares of the company's stock, valued at approximately $5,967,561.60. This trade represents a 11.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 961,289 shares of company stock worth $9,247,847. Insiders own 9.17% of the company's stock.

Institutional Trading of SoundHound AI

Several institutional investors have recently modified their holdings of SOUN. Vanguard Group Inc. boosted its position in SoundHound AI by 9.5% during the first quarter. Vanguard Group Inc. now owns 35,059,943 shares of the company's stock worth $284,687,000 after acquiring an additional 3,028,281 shares during the last quarter. Geode Capital Management LLC boosted its position in SoundHound AI by 4.4% during the fourth quarter. Geode Capital Management LLC now owns 7,509,496 shares of the company's stock worth $149,024,000 after acquiring an additional 315,897 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in SoundHound AI by 84.2% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 4,973,728 shares of the company's stock worth $40,390,000 after acquiring an additional 2,274,105 shares during the last quarter. Northern Trust Corp boosted its position in SoundHound AI by 2.5% during the first quarter. Northern Trust Corp now owns 2,979,011 shares of the company's stock worth $24,190,000 after acquiring an additional 72,766 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its position in SoundHound AI by 4.5% during the first quarter. Charles Schwab Investment Management Inc. now owns 2,847,261 shares of the company's stock worth $23,120,000 after acquiring an additional 121,568 shares during the last quarter. Institutional investors and hedge funds 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.