SoundHound AI (NASDAQ:SOUN) Trading Down 0.2% - Here's What Happened

Shares of SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report) were down 0.2% on Wednesday . The stock traded as low as $9.02 and last traded at $9.12. Approximately 4,675,327 shares were traded during mid-day trading, a decline of 88% from the average daily volume of 37,587,231 shares. The stock had previously closed at $9.14.

Analysts Set New Price Targets

Several research analysts recently issued reports on the stock. Cantor Fitzgerald raised shares of SoundHound AI to a "hold" rating in a research note on Monday, February 24th. HC Wainwright reaffirmed a "buy" rating and set a $26.00 price objective on shares of SoundHound AI in a report on Monday, March 3rd. Northland Securities increased their price target on shares of SoundHound AI from $6.00 to $8.00 and gave the company a "market perform" rating in a research report on Tuesday, January 14th. Finally, DA Davidson reduced their target price on shares of SoundHound AI from $13.00 to $10.00 and set a "buy" rating for the company in a research note on Monday, April 14th. Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the company's stock. Based on data from MarketBeat, SoundHound AI presently has a consensus rating of "Hold" and a consensus price target of $12.43.

SoundHound AI Trading Up 0.4 %

The stock's fifty day moving average price is $8.94 and its 200 day moving average price is $11.25. The stock has a market capitalization of $3.66 billion, a P/E ratio of -25.55 and a beta of 2.71. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.58 and a quick ratio of 2.58.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last issued its quarterly earnings results on Thursday, February 27th. The company reported ($0.69) earnings per share for the quarter, missing analysts' consensus estimates of ($0.11) by ($0.58). SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. The business had revenue of $34.54 million for the quarter, compared to analysts' expectations of $33.70 million. Research analysts forecast that SoundHound AI, Inc. will post -0.38 earnings per share for the current year.

Insider Transactions at SoundHound AI

In other news, insider James Ming Hom sold 28,388 shares of the business's stock in a transaction dated Thursday, March 20th. The shares were sold at an average price of $9.90, for a total transaction of $281,041.20. Following the transaction, the insider now owns 689,652 shares of the company's stock, valued at approximately $6,827,554.80. The trade was a 3.95 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CTO Timothy Stonehocker sold 3,333 shares of SoundHound AI stock in a transaction on Monday, March 24th. The shares were sold at an average price of $10.08, for a total value of $33,596.64. Following the completion of the sale, the chief technology officer now owns 765,534 shares in the company, valued at $7,716,582.72. This represents a 0.43 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 500,565 shares of company stock valued at $4,999,726 in the last three months. 12.28% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On SoundHound AI

A number of hedge funds and other institutional investors have recently modified their holdings of SOUN. Blue Trust Inc. boosted its stake in SoundHound AI by 197.6% in the fourth quarter. Blue Trust Inc. now owns 1,250 shares of the company's stock valued at $25,000 after acquiring an additional 830 shares in the last quarter. Sound Income Strategies LLC lifted its position 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 valued at $26,000 after purchasing an additional 1,271 shares during the period. Orion Capital Management LLC acquired a new position in SoundHound AI during the fourth quarter worth $30,000. Future Financial Wealth Managment LLC acquired a new stake in shares of SoundHound AI in the fourth quarter valued at about $40,000. Finally, Compagnie Lombard Odier SCmA purchased a new stake in shares of SoundHound AI during the 4th quarter worth approximately $40,000. 19.28% of the stock is currently owned by institutional investors and hedge funds.

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.

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