SoundHound AI (NASDAQ:SOUN) Stock Price Down 3.6% - Here's What Happened

Shares of SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report) fell 3.6% during mid-day trading on Tuesday . The company traded as low as $11.09 and last traded at $11.28. 12,251,616 shares traded hands during mid-day trading, a decline of 70% from the average session volume of 40,224,371 shares. The stock had previously closed at $11.70.

Wall Street Analyst Weigh In

SOUN has been the subject of a number of research analyst reports. Piper Sandler restated a "neutral" rating and set a $12.00 price objective on shares of SoundHound AI in a research report on Monday, July 14th. HC Wainwright reduced their price target 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. Wedbush lowered their target price on shares of 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, DA Davidson reduced their price target on shares of SoundHound AI from $13.00 to $10.00 and set a "buy" rating for the company in a research report on Monday, April 14th. Five research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $10.50.

SoundHound AI Price Performance

The firm has a market capitalization of $4.54 billion, a price-to-earnings ratio of -20.55 and a beta of 2.59. The firm's fifty day moving average is $10.53 and its 200 day moving average is $10.90.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last posted its quarterly earnings results on Thursday, May 8th. The company reported ($0.06) earnings per share for the quarter, topping 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 in the previous year, the company earned ($0.07) earnings per share. The business's revenue was up 151.2% compared to the same quarter last year. Equities research analysts forecast that SoundHound AI, Inc. will post -0.38 EPS for the current fiscal year.

Insider Activity

In other SoundHound AI news, Director Diana Sroka sold 2,800 shares of the company's stock in a transaction that occurred on Tuesday, June 24th. The stock was sold at an average price of $9.94, for a total transaction of $27,832.00. Following the completion of the transaction, the director owned 153,949 shares of the company's stock, valued at $1,530,253.06. This represents a 1.79% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider James Ming Hom sold 79,530 shares of the 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 $744,400.80. Following the completion of the sale, the insider directly owned 637,560 shares of the company's stock, valued at approximately $5,967,561.60. The trade was a 11.09% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 961,289 shares of company stock worth $9,247,847. Corporate insiders own 9.17% of the company's stock.

Institutional Trading of SoundHound AI

Large investors have recently bought and sold shares of the business. Yarbrough Capital LLC purchased a new position in shares of SoundHound AI during the 1st quarter valued at $1,258,000. Deutsche Bank AG lifted 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 period. Rockefeller Capital Management L.P. purchased a new position in shares of SoundHound AI in the 4th quarter valued at approximately $41,595,000. Bulltick Wealth Management LLC bought a new position in SoundHound AI in the fourth quarter valued at about $2,611,000. Finally, Vanguard Group Inc. lifted its holdings in SoundHound AI by 35.6% in the fourth quarter. Vanguard Group Inc. now owns 32,031,662 shares of the company's stock valued at $635,508,000 after acquiring an additional 8,402,881 shares during the period. 19.28% of the stock is owned by institutional investors and hedge funds.

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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