SoundHound AI (NASDAQ:SOUN) Stock Price Down 1.3% - Here's What Happened

Shares of SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report) traded down 1.3% during trading on Thursday . The stock traded as low as $11.08 and last traded at $11.11. 13,334,790 shares changed hands during mid-day trading, a decline of 67% from the average session volume of 39,880,181 shares. The stock had previously closed at $11.25.

Analyst Ratings Changes

Several research analysts have weighed in on SOUN shares. HC Wainwright cut their price objective on SoundHound AI from $26.00 to $18.00 and set a "buy" rating on the stock in a research report on Monday, May 12th. DA Davidson lowered their price target on shares of SoundHound AI from $13.00 to $10.00 and set a "buy" rating on the stock in a report on Monday, April 14th. Wedbush decreased their target price on SoundHound AI from $22.00 to $15.00 and set an "outperform" rating on the stock in a research note on Friday, May 9th. Finally, Piper Sandler assumed coverage on SoundHound AI in a research report on Tuesday, May 27th. They set an "overweight" rating and a $12.00 price target on the stock. Four analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. Based on data from MarketBeat, SoundHound AI currently has a consensus rating of "Moderate Buy" and a consensus price target of $10.50.

SoundHound AI Price Performance

The firm has a 50-day moving average of $9.92 and a 200 day moving average of $11.78. The company has a market capitalization of $4.43 billion, a PE ratio of -20.05 and a beta of 2.59.

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

Insider Transactions at SoundHound AI

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

Institutional Investors Weigh In On SoundHound AI

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Orion Capital Management LLC purchased a new stake in shares of SoundHound AI in the fourth quarter worth $30,000. BIT Capital GmbH bought a new position in shares of SoundHound AI in the fourth quarter worth about $43,000. AlphaQuest LLC purchased a new stake in shares of SoundHound AI during the first quarter worth about $32,000. Larson Financial Group LLC raised its stake in SoundHound AI by 76.9% during the 4th quarter. Larson Financial Group LLC now owns 4,068 shares of the company's stock valued at $81,000 after purchasing an additional 1,768 shares during the period. Finally, Golden State Wealth Management LLC lifted its holdings in SoundHound AI by 100.0% in the 1st quarter. Golden State Wealth Management LLC now owns 4,230 shares of the company's stock worth $34,000 after purchasing an additional 2,115 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.