SoundHound AI (NASDAQ:SOUN) Trading Down 1.8% - Here's What Happened

SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report)'s share price dropped 1.8% during mid-day trading on Thursday . The company traded as low as $9.77 and last traded at $9.98. Approximately 9,673,916 shares were traded during mid-day trading, a decline of 75% from the average daily volume of 38,388,328 shares. The stock had previously closed at $10.16.

Analyst Upgrades and Downgrades

SOUN has been the subject of several recent analyst reports. Cantor Fitzgerald raised SoundHound AI to a "hold" rating in a report on Monday, February 24th. Wedbush cut their target price on SoundHound AI from $22.00 to $15.00 and set an "outperform" rating on the stock in a research note on Friday, May 9th. Piper Sandler initiated coverage on SoundHound AI in a research report on Tuesday, May 27th. They set an "overweight" rating and a $12.00 price objective on the stock. 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 report on Monday, April 14th. Finally, HC Wainwright lowered their target price on SoundHound AI from $26.00 to $18.00 and set a "buy" rating for the company in a research report on Monday, May 12th. Four equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $10.50.

SoundHound AI Stock Up 6.8%

The company has a current ratio of 2.58, a quick ratio of 2.58 and a debt-to-equity ratio of 0.13. The firm has a market cap of $4.06 billion, a PE ratio of -28.08 and a beta of 2.64. The business's 50-day simple moving average is $9.28 and its 200 day simple moving average is $11.92.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last released its earnings results on Thursday, May 8th. The company reported ($0.06) earnings per share for the quarter, topping the consensus estimate of ($0.09) by $0.03. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. The company 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 firm earned ($0.07) EPS. SoundHound AI's revenue was up 151.2% compared to the same quarter last year. As a group, equities research analysts expect that SoundHound AI, Inc. will post -0.38 earnings per share for the current year.

Insider Buying and Selling

In other SoundHound AI news, CEO Keyvan Mohajer sold 138,895 shares of the firm's stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $10.08, for a total transaction of $1,400,061.60. Following the sale, the chief executive officer now owns 1,764,166 shares of the company's stock, valued at approximately $17,782,793.28. This trade represents a 7.30% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider James Ming Hom sold 28,388 shares of the 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 completion of the transaction, the insider now owns 689,652 shares of the company's stock, valued at $6,827,554.80. This represents a 3.95% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 548,537 shares of company stock worth $5,567,760. Insiders own 9.17% of the company's stock.

Hedge Funds Weigh In On SoundHound AI

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Blue Trust Inc. raised its stake in 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 acquiring an additional 830 shares during the period. Orion Capital Management LLC acquired a new stake in shares of SoundHound AI in the fourth quarter worth $30,000. AlphaQuest LLC acquired a new position in SoundHound AI in the 1st quarter valued at approximately $32,000. Golden State Wealth Management LLC lifted its holdings in shares of SoundHound AI by 100.0% during the 1st quarter. Golden State Wealth Management LLC now owns 4,230 shares of the company's stock valued at $34,000 after buying an additional 2,115 shares during the last quarter. Finally, Compagnie Lombard Odier SCmA acquired a new stake in shares of SoundHound AI in the 4th quarter valued at $40,000. Institutional investors and hedge funds own 19.28% of the company's stock.

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.