SoundHound AI (NASDAQ:SOUN) Shares Down 0.9% - What's Next?

Shares of SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report) were down 0.9% during trading on Monday . The company traded as low as $9.43 and last traded at $9.44. Approximately 6,635,762 shares changed hands during trading, a decline of 82% from the average daily volume of 37,860,673 shares. The stock had previously closed at $9.52.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on SOUN shares. DA Davidson cut their price target on SoundHound AI from $13.00 to $10.00 and set a "buy" rating on the stock in a research note on Monday, April 14th. Cantor Fitzgerald raised SoundHound AI to a "hold" rating in a research note on Monday, February 24th. HC Wainwright reissued a "buy" rating and set a $26.00 price target on shares of SoundHound AI in a research note on Monday, March 3rd. Finally, Northland Securities lifted their price objective on SoundHound AI from $6.00 to $8.00 and gave the stock a "market perform" rating in a research note on Tuesday, January 14th. Four equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $12.43.

SoundHound AI Stock Performance

The firm has a market capitalization of $3.71 billion, a P/E ratio of -25.81 and a beta of 2.73. The stock has a fifty day simple moving average of $8.95 and a two-hundred day simple moving average of $11.10. 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 released its earnings results on Thursday, February 27th. The company reported ($0.69) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.11) by ($0.58). The company had revenue of $34.54 million for the quarter, compared to analyst estimates of $33.70 million. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. On average, research analysts predict that SoundHound AI, Inc. will post -0.38 EPS for the current year.

Insiders Place Their Bets

In other SoundHound AI news, CTO Timothy Stonehocker sold 27,714 shares of the firm's stock in a transaction on Thursday, March 20th. The shares were sold at an average price of $9.90, for a total value of $274,368.60. Following the completion of the sale, the chief technology officer now directly owns 768,867 shares in the company, valued at approximately $7,611,783.30. This trade represents a 3.48 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider James Ming Hom sold 51,196 shares of SoundHound AI stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $10.25, for a total transaction of $524,759.00. Following the transaction, the insider now owns 638,456 shares of the company's stock, valued at $6,544,174. This represents a 7.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 500,565 shares of company stock worth $4,999,726. 12.28% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in SOUN. Blue Trust Inc. grew 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 valued at $25,000 after buying an additional 830 shares during the last quarter. Sound Income Strategies LLC grew its holdings in shares of SoundHound AI by 2,542.0% during the fourth quarter. Sound Income Strategies LLC now owns 1,321 shares of the company's stock valued at $26,000 after buying an additional 1,271 shares during the last quarter. Orion Capital Management LLC acquired a new position in shares of SoundHound AI during the fourth quarter valued at about $30,000. Golden State Wealth Management LLC lifted its position in shares of SoundHound AI by 100.0% during the first 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 in the last quarter. Finally, Future Financial Wealth Managment LLC bought a new position in shares of SoundHound AI during the fourth quarter valued at about $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.