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

SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report) dropped 0.2% during trading on Wednesday . The stock traded as low as $9.02 and last traded at $9.12. Approximately 4,675,327 shares traded hands 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.

Analyst Ratings Changes

Several brokerages recently issued reports on SOUN. Northland Securities raised their target price on shares of SoundHound AI from $6.00 to $8.00 and gave the company a "market perform" rating in a research note on Tuesday, January 14th. Wedbush reduced their price objective 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. Cantor Fitzgerald upgraded SoundHound AI to a "hold" rating in a research report on Monday, February 24th. DA Davidson decreased their target price 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. Finally, HC Wainwright reiterated a "buy" rating and issued a $26.00 price objective on shares of SoundHound AI in a report on Monday, March 3rd. Four equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $11.43.

SoundHound AI Price Performance

The stock's 50-day moving average is $8.88 and its two-hundred day moving average is $11.34. The company has a market capitalization of $3.58 billion, a PE ratio of -24.94 and a beta of 2.71. The company has a current ratio of 2.58, a quick ratio of 2.58 and a debt-to-equity ratio of 0.13.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last released its quarterly earnings data 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 net margin of 163.58% and a negative return on equity of 55.58%. The firm had revenue of $34.54 million during the quarter, compared to analysts' expectations of $33.70 million. On average, equities analysts predict that SoundHound AI, Inc. will post -0.38 EPS for the current year.

Insider Transactions at SoundHound AI

In related news, Director Diana Sroka sold 3,402 shares of the company's stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $10.08, for a total transaction of $34,292.16. Following the sale, the director now directly owns 138,850 shares of the company's stock, valued at approximately $1,399,608. This represents a 2.39 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider James Ming Hom sold 28,388 shares of the business's stock in a transaction that occurred on Thursday, March 20th. The stock was sold at an average price of $9.90, for a total value 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. This represents a 3.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 500,565 shares of company stock worth $4,999,726. Company insiders own 12.28% of the company's stock.

Institutional Investors Weigh In On SoundHound AI

Hedge funds have recently bought and sold shares of the company. Blue Trust Inc. increased its holdings in shares of SoundHound AI by 197.6% during the fourth quarter. Blue Trust Inc. now owns 1,250 shares of the company's stock worth $25,000 after buying an additional 830 shares in the last quarter. Sound Income Strategies LLC boosted its position in SoundHound AI by 2,542.0% during the 4th quarter. Sound Income Strategies LLC now owns 1,321 shares of the company's stock worth $26,000 after acquiring an additional 1,271 shares during the last quarter. Orion Capital Management LLC acquired a new position in SoundHound AI during the fourth quarter valued at approximately $30,000. Golden State Wealth Management LLC lifted its stake 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 valued at $34,000 after purchasing an additional 2,115 shares during the last quarter. Finally, Future Financial Wealth Managment LLC acquired a new position in SoundHound AI in the 4th quarter valued at about $40,000. 19.28% of the stock is currently 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.