Shares of SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report) dropped 6.6% on Friday . The stock traded as low as $15.44 and last traded at $15.45. Approximately 17,545,051 shares traded hands during mid-day trading, a decline of 57% from the average daily volume of 41,076,828 shares. The stock had previously closed at $16.54.
Analyst Ratings Changes
A number of equities analysts have weighed in on the stock. HC Wainwright decreased their price objective on shares of SoundHound AI from $26.00 to $18.00 and set a "buy" rating for the company in a research report on Monday, May 12th. Wedbush increased their price target on SoundHound AI from $15.00 to $16.00 and gave the company an "outperform" rating in a report on Friday, August 8th. Piper Sandler reissued a "neutral" rating and issued a $12.00 price target on shares of SoundHound AI in a report on Monday, July 14th. Northland Securities upgraded SoundHound AI from a "market perform" rating to an "outperform" rating and set a $14.50 target price for the company in a research note on Friday, August 8th. Finally, Wall Street Zen cut SoundHound AI from a "hold" rating to a "sell" rating in a research note on Saturday, August 9th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $13.36.
Check Out Our Latest Analysis on SOUN
SoundHound AI Price Performance
The firm's 50-day moving average price is $11.26 and its 200 day moving average price is $10.55. The firm has a market cap of $6.36 billion, a P/E ratio of -25.20 and a beta of 2.57.
SoundHound AI (NASDAQ:SOUN - Get Free Report) last released its earnings results on Thursday, August 7th. The company reported ($0.19) EPS for the quarter, missing analysts' consensus estimates of ($0.06) by ($0.13). SoundHound AI had a negative return on equity of 73.13% and a negative net margin of 171.81%. The firm had revenue of $42.68 million for the quarter, compared to the consensus estimate of $32.88 million. During the same period in the prior year, the business earned ($0.11) EPS. The company's quarterly revenue was up 216.3% on a year-over-year basis. Analysts forecast that SoundHound AI, Inc. will post -0.38 earnings per share for the current year.
Insider Activity
In other SoundHound AI news, COO Michael Zagorsek sold 117,180 shares of the firm's stock in a transaction dated Friday, June 20th. The shares were sold at an average price of $9.36, for a total value of $1,096,804.80. Following the transaction, the chief operating officer owned 1,346,455 shares of the company's stock, valued at $12,602,818.80. This trade represents a 8.01% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider James Ming Hom sold 79,530 shares of the firm's stock in a transaction dated Friday, June 20th. The stock was sold at an average price of $9.36, for a total transaction of $744,400.80. Following the completion of the transaction, the insider directly owned 637,560 shares in the company, valued at $5,967,561.60. This represents a 11.09% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 913,317 shares of company stock valued at $8,679,813 over the last three months. 9.17% of the stock is currently owned by company insiders.
Hedge Funds Weigh In On SoundHound AI
Large investors have recently bought and sold shares of the business. Northwestern Mutual Wealth Management Co. lifted its holdings in shares of SoundHound AI by 83.1% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 2,336 shares of the company's stock worth $25,000 after purchasing an additional 1,060 shares during the last quarter. Advisors Asset Management Inc. lifted its stake in SoundHound AI by 68.4% in the second quarter. Advisors Asset Management Inc. now owns 2,519 shares of the company's stock valued at $27,000 after buying an additional 1,023 shares during the last quarter. Orion Capital Management LLC bought a new stake in SoundHound AI in the fourth quarter valued at $30,000. AlphaQuest LLC bought a new stake in SoundHound AI in the first quarter valued at $32,000. Finally, Huntington National Bank lifted its position in SoundHound AI by 48.8% in the 2nd quarter. Huntington National Bank now owns 3,050 shares of the company's stock valued at $33,000 after purchasing an additional 1,000 shares during the last quarter. Institutional investors own 19.28% of the company's stock.
About SoundHound AI
(
Get Free Report)
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.
Further Reading
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