SoundHound AI (NASDAQ:SOUN) Trading Down 1.3% - Here's Why

SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report) fell 1.3% during trading on Thursday . The stock traded as low as $10.55 and last traded at $10.83. 18,318,895 shares traded hands during trading, a decline of 52% from the average session volume of 38,177,740 shares. The stock had previously closed at $10.97.

Analyst Ratings Changes

A number of research analysts have recently commented on SOUN shares. Piper Sandler started coverage on SoundHound AI in a research report on Tuesday. They set an "overweight" rating and a $12.00 price target on the stock. Wedbush lowered their target price 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. DA Davidson dropped their price target on shares of SoundHound AI from $13.00 to $10.00 and set a "buy" rating on the stock in a research note on Monday, April 14th. HC Wainwright lowered their price objective on shares of SoundHound AI from $26.00 to $18.00 and set a "buy" rating on the stock in a research report on Monday, May 12th. Finally, Cantor Fitzgerald raised shares of SoundHound AI to a "hold" rating in a report on Monday, February 24th. Four investment analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. According to data from MarketBeat, SoundHound AI currently has a consensus rating of "Moderate Buy" and an average target price of $10.50.

SoundHound AI Trading Down 2.6%

The business has a 50 day moving average of $9.15 and a 200 day moving average of $11.75. The firm has a market cap of $4.12 billion, a price-to-earnings ratio of -28.24 and a beta of 2.71. The company has a quick ratio of 2.58, a current ratio of 2.58 and a debt-to-equity ratio of 0.13.

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

Insiders Place Their Bets

In other SoundHound AI news, CTO Timothy Stonehocker sold 44,157 shares of the business's stock in a transaction on Wednesday, May 14th. The stock was sold at an average price of $12.00, for a total value of $529,884.00. Following the transaction, the chief technology officer now owns 723,009 shares of the company's stock, valued at approximately $8,676,108. The trade was a 5.76% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 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 value 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 sold a total of 548,537 shares of company stock valued at $5,567,760 in the last quarter. 12.28% of the stock is currently owned by insiders.

Institutional Investors Weigh In On SoundHound AI

A number of institutional investors and hedge funds have recently bought and sold shares of SOUN. Mitchell Capital Management Co. purchased a new stake in shares of SoundHound AI in the fourth quarter valued at approximately $2,329,000. UNICOM Systems Inc. purchased a new stake in shares of SoundHound AI during the 4th quarter worth about $4,662,000. Deutsche Bank AG boosted its holdings in SoundHound AI by 64.2% in the 4th quarter. Deutsche Bank AG now owns 264,559 shares of the company's stock worth $5,249,000 after buying an additional 103,450 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in SoundHound AI by 5.6% in the 4th 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. Finally, Rockefeller Capital Management L.P. acquired a new stake in shares of SoundHound AI during the 4th quarter worth approximately $41,595,000. 19.28% of the stock is owned by institutional investors.

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.