SoundHound AI (NASDAQ:SOUN) Shares Down 1.7% - What's Next?

SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report) was down 1.7% on Friday . The stock traded as low as $11.03 and last traded at $11.06. Approximately 24,813,293 shares traded hands during mid-day trading, a decline of 38% from the average daily volume of 40,042,921 shares. The stock had previously closed at $11.25.

Wall Street Analysts Forecast Growth

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

SoundHound AI Price Performance

The business has a fifty day moving average of $9.95 and a 200 day moving average of $11.72. The stock has a market cap of $4.44 billion, a PE ratio of -20.10 and a beta of 2.59.

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

Insider Activity at SoundHound AI

In other news, CEO Keyvan Mohajer sold 254,376 shares of SoundHound AI stock in a transaction dated Friday, June 20th. The shares were sold at an average price of $9.36, for a total value of $2,380,959.36. Following the completion of the transaction, the chief executive officer directly owned 1,749,790 shares of the company's stock, valued at approximately $16,378,034.40. The trade was a 12.69% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, VP Majid Emami sold 132,352 shares of the company's stock in a transaction that occurred on Tuesday, June 10th. The shares were sold at an average price of $10.04, for a total value of $1,328,814.08. Following the transaction, the vice president directly owned 537,482 shares of the company's stock, valued at $5,396,319.28. This trade represents a 19.76% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 961,289 shares of company stock worth $9,247,847 over the last 90 days. Company insiders own 9.17% of the company's stock.

Hedge Funds Weigh In On SoundHound AI

Several hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. increased its stake in shares of SoundHound AI by 35.6% in the fourth quarter. Vanguard Group Inc. now owns 32,031,662 shares of the company's stock valued at $635,508,000 after purchasing an additional 8,402,881 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of 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 valued at $40,390,000 after purchasing an additional 2,274,105 shares in the last quarter. Rockefeller Capital Management L.P. acquired a new stake in SoundHound AI in the fourth quarter worth about $41,595,000. Invesco Ltd. grew its position in SoundHound AI by 1,386.2% in the 4th quarter. Invesco Ltd. now owns 1,382,371 shares of the company's stock valued at $27,426,000 after buying an additional 1,289,360 shares in the last quarter. Finally, Goldman Sachs Group Inc. increased its stake in SoundHound AI by 69.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 2,639,689 shares of the company's stock valued at $21,434,000 after buying an additional 1,085,473 shares during the period. 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.

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