SoundHound AI (NASDAQ:SOUN) Stock Price Down 1.8% - Here's Why

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

Analyst Upgrades and Downgrades

SOUN has been the topic of a number of recent analyst reports. HC Wainwright dropped their price target on shares of SoundHound AI from $26.00 to $18.00 and set a "buy" rating on the stock in a report on Monday, May 12th. DA Davidson lowered their price objective on shares of SoundHound AI from $13.00 to $10.00 and set a "buy" rating on the stock in a research report on Monday, April 14th. Piper Sandler assumed coverage on shares of SoundHound AI in a report on Tuesday, May 27th. They issued an "overweight" rating and a $12.00 target price on the stock. Wedbush decreased their target price on shares of SoundHound AI from $22.00 to $15.00 and set an "outperform" rating for the company in a research note on Friday, May 9th. Finally, Cantor Fitzgerald upgraded SoundHound AI to a "hold" rating in a research note on Monday, February 24th. Four investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, SoundHound AI has an average rating of "Moderate Buy" and an average price target of $10.50.

SoundHound AI Stock Performance

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 $4.06 billion, a P/E ratio of -28.08 and a beta of 2.64. The business's 50-day moving average price is $9.28 and its 200-day moving average price is $11.89.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The company reported ($0.06) EPS for the quarter, topping analysts' consensus estimates of ($0.09) by $0.03. SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. The business had revenue of $29.13 million during the quarter, compared to analysts' expectations of $30.38 million. During the same quarter in the prior year, the business posted ($0.07) earnings per share. The business's quarterly revenue was up 151.2% on a year-over-year basis. As a group, sell-side analysts expect that SoundHound AI, Inc. will post -0.38 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO Keyvan Mohajer sold 118,605 shares of the company'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 $1,174,189.50. Following the completion of the transaction, the chief executive officer now owns 1,903,061 shares of the company's stock, valued at approximately $18,840,303.90. This represents a 5.87% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider James Ming Hom sold 3,815 shares of the stock in a transaction on Monday, May 12th. The stock was sold at an average price of $10.00, for a total value of $38,150.00. Following the completion of the sale, the insider now owns 637,090 shares of the company's stock, valued at $6,370,900. The trade was a 0.60% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 548,537 shares of company stock valued at $5,567,760. 9.17% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On SoundHound AI

Several large investors have recently made changes to their positions in the business. Keynote Financial Services LLC raised its stake in SoundHound AI by 4.7% during the 4th quarter. Keynote Financial Services LLC now owns 16,587 shares of the company's stock valued at $329,000 after purchasing an additional 752 shares during the period. Blue Trust Inc. lifted its holdings in shares of SoundHound AI by 197.6% in 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. Russell Investments Group Ltd. lifted its holdings in shares of SoundHound AI by 16.4% in the fourth quarter. Russell Investments Group Ltd. now owns 6,598 shares of the company's stock worth $131,000 after buying an additional 929 shares in the last quarter. Creative Financial Designs Inc. ADV boosted its position in shares of SoundHound AI by 13.7% during the fourth quarter. Creative Financial Designs Inc. ADV now owns 8,317 shares of the company's stock worth $165,000 after acquiring an additional 1,000 shares during the last quarter. Finally, Choreo LLC grew its stake in SoundHound AI by 7.6% during the fourth quarter. Choreo LLC now owns 14,424 shares of the company's stock valued at $309,000 after acquiring an additional 1,015 shares in the last quarter. 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.