SoundHound AI (NASDAQ:SOUN) Stock Price Down 0.5% - Here's Why

SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report)'s share price dropped 0.5% during trading on Wednesday . The company traded as low as $9.62 and last traded at $9.93. Approximately 9,194,013 shares traded hands during mid-day trading, a decline of 76% from the average daily volume of 37,764,974 shares. The stock had previously closed at $9.97.

Analyst Ratings Changes

SOUN has been the subject of a number of analyst reports. HC Wainwright cut 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 cut their price target on SoundHound AI from $13.00 to $10.00 and set a "buy" rating for the company in a report on Monday, April 14th. Wedbush dropped their price objective on SoundHound AI from $22.00 to $15.00 and set an "outperform" rating for the company in a research note on Friday, May 9th. Finally, Cantor Fitzgerald raised SoundHound AI to a "hold" rating in a research note on Monday, February 24th. Four analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and a consensus target price of $10.29.

SoundHound AI Stock Performance

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 company has a 50 day simple moving average of $9.09 and a 200-day simple moving average of $11.69. The stock has a market cap of $3.85 billion, a P/E ratio of -26.61 and a beta of 2.71.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The company reported ($0.06) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.09) by $0.03. The firm had revenue of $29.13 million during the quarter, compared to analyst estimates of $30.38 million. SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. The company's revenue was up 151.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.07) earnings per share. On average, equities analysts expect that SoundHound AI, Inc. will post -0.38 earnings per share for the current fiscal year.

Insider Transactions at SoundHound AI

In related news, VP Majid Emami sold 28,392 shares of the business'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 transaction, the vice president now owns 669,834 shares in the company, valued at $6,631,356.60. The trade was a 4.07% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider James Ming Hom sold 28,388 shares of the business's stock in a transaction that occurred on Thursday, March 20th. The stock was sold at an average price of $9.90, for a total value of $281,041.20. Following the completion of the sale, the insider now directly owns 689,652 shares in the company, valued at approximately $6,827,554.80. This represents a 3.95% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 548,537 shares of company stock worth $5,567,760. Company insiders own 12.28% of the company's stock.

Institutional Investors Weigh In On SoundHound AI

A number of institutional investors have recently bought and sold shares of the business. Blue Trust Inc. lifted its holdings in shares of SoundHound AI by 197.6% in the 4th quarter. Blue Trust Inc. now owns 1,250 shares of the company's stock valued at $25,000 after acquiring an additional 830 shares during the last quarter. Sound Income Strategies LLC grew its holdings in SoundHound AI by 2,542.0% in the fourth quarter. Sound Income Strategies LLC now owns 1,321 shares of the company's stock worth $26,000 after purchasing an additional 1,271 shares during the last quarter. Orion Capital Management LLC purchased a new position in SoundHound AI in the fourth quarter worth $30,000. Compagnie Lombard Odier SCmA purchased a new stake in shares of SoundHound AI during the fourth quarter valued at $40,000. Finally, Golden State Wealth Management LLC purchased a new stake in SoundHound AI during the 4th quarter valued at about $42,000. Hedge funds and other 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.