SoundHound AI (NASDAQ:SOUN) Stock Price Down 2.9% - Here's What Happened

Shares of SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report) fell 2.9% during trading on Wednesday . The stock traded as low as $8.86 and last traded at $9.19. 6,541,762 shares were traded during mid-day trading, a decline of 83% from the average session volume of 37,739,865 shares. The stock had previously closed at $9.47.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on SOUN. HC Wainwright restated a "buy" rating and set a $26.00 price objective on shares of SoundHound AI in a research report on Monday, March 3rd. DA Davidson reduced their price objective 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. Cantor Fitzgerald upgraded SoundHound AI to a "hold" rating in a research report on Monday, February 24th. Finally, Northland Securities boosted their price target on shares of SoundHound AI from $6.00 to $8.00 and gave the stock a "market perform" rating in a research report on Tuesday, January 14th. Four research analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average target price of $12.43.

SoundHound AI Stock Performance

The company has a market capitalization of $3.87 billion, a P/E ratio of -26.93 and a beta of 2.73. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.58 and a quick ratio of 2.58. The business has a 50-day moving average of $8.94 and a 200-day moving average of $11.13.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last posted its quarterly earnings data on Thursday, February 27th. The company reported ($0.69) earnings per share for the quarter, missing analysts' consensus estimates of ($0.11) by ($0.58). SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. The firm had revenue of $34.54 million during the quarter, compared to analysts' expectations of $33.70 million. On average, sell-side analysts anticipate that SoundHound AI, Inc. will post -0.38 EPS for the current year.

Insiders Place Their Bets

In related news, Director Diana Sroka sold 3,402 shares of SoundHound AI stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $10.08, for a total transaction of $34,292.16. Following the completion of the sale, the director now owns 138,850 shares in the company, valued at $1,399,608. This trade represents a 2.39 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, VP Majid Emami sold 28,392 shares of the company's stock in a transaction dated Thursday, March 20th. The stock was sold at an average price of $9.90, for a total transaction of $281,080.80. Following the completion of the transaction, the vice president now owns 669,834 shares in the company, valued at $6,631,356.60. This represents a 4.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 500,565 shares of company stock worth $4,999,726 over the last quarter. Company insiders own 12.28% of the company's stock.

Hedge Funds Weigh In On SoundHound AI

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Commons Capital LLC raised its position in shares of SoundHound AI by 2.7% in the 4th quarter. Commons Capital LLC now owns 27,349 shares of the company's stock worth $543,000 after acquiring an additional 723 shares in the last quarter. ST Germain D J Co. Inc. boosted its holdings in shares of SoundHound AI by 33.2% in the 4th quarter. ST Germain D J Co. Inc. now owns 3,008 shares of the company's stock valued at $60,000 after acquiring an additional 750 shares during the last quarter. Keynote Financial Services LLC grew its position in SoundHound AI by 4.7% during the 4th quarter. Keynote Financial Services LLC now owns 16,587 shares of the company's stock worth $329,000 after purchasing an additional 752 shares during the period. Blue Trust Inc. raised its position in SoundHound AI by 197.6% during the fourth quarter. Blue Trust Inc. now owns 1,250 shares of the company's stock valued at $25,000 after acquiring an additional 830 shares in the last quarter. Finally, Russell Investments Group Ltd. increased its holdings in shares of SoundHound AI by 16.4% during the 4th quarter. Russell Investments Group Ltd. now owns 6,598 shares of the company's stock valued at $131,000 after purchasing an additional 929 shares in the last quarter. Institutional investors 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.