SoundHound AI (NASDAQ:SOUN) Stock Price Down 1.5% - What's Next?

SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report) shares fell 1.5% during mid-day trading on Friday . The company traded as low as $12.51 and last traded at $12.45. 15,557,557 shares changed hands during mid-day trading, a decline of 61% from the average session volume of 40,020,301 shares. The stock had previously closed at $12.64.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on SOUN. HC Wainwright dropped their price objective on shares of SoundHound AI from $26.00 to $18.00 and set a "buy" rating for the company in a report on Monday, May 12th. Wedbush dropped their price objective on shares of SoundHound AI from $22.00 to $15.00 and set an "outperform" rating for the company in a report on Friday, May 9th. DA Davidson dropped their price objective on shares of SoundHound AI from $13.00 to $10.00 and set a "buy" rating for the company in a report on Monday, April 14th. Finally, Piper Sandler reissued a "neutral" rating and issued a $12.00 price objective on shares of SoundHound AI in a report on Monday. Five investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $10.50.

SoundHound AI Stock Down 0.5%

The stock's 50-day simple moving average is $10.46 and its 200 day simple moving average is $11.08. The company has a market cap of $5.05 billion, a price-to-earnings ratio of -22.84 and a beta of 2.59.

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 business had revenue of $29.13 million for the quarter, compared to analysts' expectations of $30.38 million. SoundHound AI had a negative net margin of 184.34% and a negative return on equity of 68.55%. The business's quarterly revenue was up 151.2% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.07) earnings per share. On average, sell-side analysts expect that SoundHound AI, Inc. will post -0.38 EPS for the current fiscal year.

Insider Transactions at SoundHound AI

In related news, CFO Nitesh Sharan sold 111,111 shares of the firm's stock in a transaction that occurred on Friday, June 20th. The shares were sold at an average price of $9.36, for a total value of $1,039,998.96. Following the sale, the chief financial officer owned 1,442,900 shares of the company's stock, valued at $13,505,544. This trade represents a 7.15% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CTO Timothy Stonehocker sold 2,981 shares of the firm's stock in a transaction that occurred on Tuesday, June 24th. The stock was sold at an average price of $9.68, for a total transaction of $28,856.08. Following the sale, the chief technology officer directly owned 716,866 shares in the company, valued at approximately $6,939,262.88. The trade was a 0.41% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 961,289 shares of company stock valued at $9,247,847 over the last quarter. Insiders own 9.17% of the company's stock.

Hedge Funds Weigh In On SoundHound AI

Hedge funds have recently modified their holdings of the business. Raymond James Financial Inc. purchased a new position in SoundHound AI in the 4th quarter valued at $6,830,000. Zurcher Kantonalbank Zurich Cantonalbank grew its position in SoundHound AI by 56.5% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 56,572 shares of the company's stock valued at $1,122,000 after buying an additional 20,434 shares during the last quarter. Swiss National Bank grew its position in SoundHound AI by 16.6% in the 4th quarter. Swiss National Bank now owns 641,200 shares of the company's stock valued at $12,721,000 after buying an additional 91,500 shares during the last quarter. Creative Financial Designs Inc. ADV grew its position in SoundHound AI by 13.7% in the 4th quarter. Creative Financial Designs Inc. ADV now owns 8,317 shares of the company's stock valued at $165,000 after buying an additional 1,000 shares during the last quarter. Finally, Cibc World Markets Corp purchased a new position in SoundHound AI in the 4th quarter valued at $573,000. 19.28% of the stock is currently owned by hedge funds and other institutional investors.

About SoundHound AI

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.

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