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

SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report) dropped 1.7% on Friday . The stock traded as low as $11.03 and last traded at $11.06. Approximately 24,813,293 shares changed 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 Analyst Weigh In

SOUN has been the subject of several research analyst reports. DA Davidson dropped their price objective on SoundHound AI from $13.00 to $10.00 and set a "buy" rating for the company in a research note on Monday, April 14th. HC Wainwright dropped their price objective on SoundHound AI from $26.00 to $18.00 and set a "buy" rating for the company 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 price objective for the company. Finally, Wedbush dropped their price target on SoundHound AI from $22.00 to $15.00 and set an "outperform" rating for the company in a research report on Friday, May 9th. Four investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, SoundHound AI presently has an average rating of "Moderate Buy" and a consensus target price of $10.50.

SoundHound AI Stock Up 2.6%

The firm has a fifty day moving average price of $10.01 and a 200-day moving average price of $11.48. The firm has a market cap of $4.57 billion, a price-to-earnings ratio of -20.69 and a beta of 2.59.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last issued its earnings results on Thursday, May 8th. The company reported ($0.06) earnings per share for the quarter, beating analysts' consensus estimates of ($0.09) by $0.03. SoundHound AI had a negative return on equity of 68.55% and a negative net margin of 184.34%. The firm had revenue of $29.13 million for the quarter, compared to analysts' expectations of $30.38 million. During the same quarter last year, the firm earned ($0.07) earnings per share. The firm's revenue for the quarter was up 151.2% compared to the same quarter last year. Equities research analysts anticipate that SoundHound AI, Inc. will post -0.38 earnings per share for the current fiscal year.

Insider Transactions at SoundHound AI

In related news, CFO Nitesh Sharan sold 111,111 shares of SoundHound AI stock in a transaction on Friday, June 20th. The stock was sold at an average price of $9.36, for a total value of $1,039,998.96. Following the transaction, the chief financial officer owned 1,442,900 shares in the company, valued at approximately $13,505,544. This trade represents a 7.15% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Keyvan Mohajer sold 254,376 shares of SoundHound AI stock in a transaction on 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 owned 1,749,790 shares in the company, valued at $16,378,034.40. The trade was a 12.69% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 961,289 shares of company stock valued at $9,247,847 in the last ninety days. Company insiders own 9.17% of the company's stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the stock. Yarbrough Capital LLC acquired a new position in shares of SoundHound AI during the first quarter worth about $1,258,000. Deutsche Bank AG lifted its stake in shares of SoundHound AI by 64.2% during the fourth quarter. Deutsche Bank AG now owns 264,559 shares of the company's stock worth $5,249,000 after purchasing an additional 103,450 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its stake in shares of SoundHound AI by 5.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,725,693 shares of the company's stock worth $54,078,000 after purchasing an additional 143,487 shares in the last quarter. Rockefeller Capital Management L.P. acquired a new position in shares of SoundHound AI during the fourth quarter worth about $41,595,000. Finally, Bulltick Wealth Management LLC acquired a new position in shares of SoundHound AI during the fourth quarter worth about $2,611,000. 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.