SoundHound AI (NASDAQ:SOUN) Stock Price Down 1.3% - What's Next?

SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report) shares were down 1.3% on Thursday . The stock traded as low as $13.84 and last traded at $13.81. Approximately 11,974,969 shares changed hands during trading, a decline of 81% from the average daily volume of 61,566,496 shares. The stock had previously closed at $13.99.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the stock. Wedbush lifted their price objective on shares of SoundHound AI from $10.00 to $22.00 and gave the company an "outperform" rating in a report on Monday, December 16th. Northland Securities boosted their price objective on SoundHound AI from $6.00 to $8.00 and gave the stock a "market perform" rating in a report on Tuesday, January 14th. LADENBURG THALM/SH SH restated a "neutral" rating and issued a $7.00 target price on shares of SoundHound AI in a report on Wednesday, November 13th. Barclays reiterated a "neutral" rating and set a $7.00 price target on shares of SoundHound AI in a report on Wednesday, November 13th. Finally, HC Wainwright reaffirmed a "buy" rating and set a $26.00 price objective on shares of SoundHound AI in a report on Monday, January 13th. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $12.36.

SoundHound AI Price Performance

The business has a 50 day simple moving average of $15.75 and a 200-day simple moving average of $8.94. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.58 and a current ratio of 2.58. The stock has a market cap of $5.81 billion, a P/E ratio of -43.64 and a beta of 2.56.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last released its earnings results on Tuesday, November 12th. The company reported ($0.06) earnings per share for the quarter, beating analysts' consensus estimates of ($0.07) by $0.01. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. The firm had revenue of $25.10 million during the quarter, compared to the consensus estimate of $23.02 million. During the same period in the prior year, the firm earned ($0.09) EPS. The company's revenue was up 88.7% compared to the same quarter last year. On average, sell-side analysts forecast that SoundHound AI, Inc. will post -0.38 EPS for the current year.

Insiders Place Their Bets

In other SoundHound AI news, Director Lawrence Marcus sold 30,000 shares of SoundHound AI stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $7.15, for a total transaction of $214,500.00. Following the completion of the transaction, the director now owns 178,117 shares of the company's stock, valued at $1,273,536.55. The trade was a 14.41 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, VP Majid Emami sold 94,067 shares of the stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $9.05, for a total transaction of $851,306.35. Following the completion of the sale, the vice president now directly owns 735,685 shares in the company, valued at approximately $6,657,949.25. The trade was a 11.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 2,782,918 shares of company stock worth $45,391,343 over the last quarter. 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. Bank of New York Mellon Corp boosted its stake in SoundHound AI by 2.8% during the fourth quarter. Bank of New York Mellon Corp now owns 870,843 shares of the company's stock valued at $17,278,000 after buying an additional 23,962 shares during the period. Transcendent Capital Group LLC bought a new stake in shares of SoundHound AI during the 4th quarter valued at about $99,000. IFP Advisors Inc grew its holdings in shares of SoundHound AI by 86.6% during the fourth quarter. IFP Advisors Inc now owns 90,865 shares of the company's stock worth $1,803,000 after purchasing an additional 42,174 shares in the last quarter. Sigma Planning Corp increased its position in shares of SoundHound AI by 26.6% in the fourth quarter. Sigma Planning Corp now owns 27,398 shares of the company's stock worth $544,000 after purchasing an additional 5,758 shares during the last quarter. Finally, Lloyd Advisory Services LLC. purchased a new stake in SoundHound AI in the fourth quarter valued at approximately $238,000. 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.