SoundHound AI (NASDAQ:SOUN) Stock Price Down 2.1% - Here's What Happened

SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report) shares were down 2.1% during mid-day trading on Tuesday . The stock traded as low as $11.20 and last traded at $11.22. Approximately 11,670,315 shares were traded during mid-day trading, a decline of 71% from the average daily volume of 39,999,978 shares. The stock had previously closed at $11.45.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on SOUN shares. Wedbush decreased their price target 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. HC Wainwright decreased their price target on SoundHound AI from $26.00 to $18.00 and set a "buy" rating on the stock in a research note on Monday, May 12th. Piper Sandler reiterated a "neutral" rating and issued a $12.00 price target on shares of SoundHound AI in a research note on Monday. Finally, DA Davidson decreased 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. Five equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and a consensus target price of $10.50.

SoundHound AI Trading Down 1.7%

The firm has a market cap of $4.99 billion, a P/E ratio of -22.47 and a beta of 2.59. The business has a 50-day moving average of $10.46 and a two-hundred day moving average of $11.08.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last released its quarterly earnings results on Thursday, May 8th. The company reported ($0.06) EPS for the quarter, beating analysts' consensus estimates of ($0.09) by $0.03. SoundHound AI had a negative return on equity of 68.55% and a negative net margin of 184.34%. The firm had revenue of $29.13 million for the quarter, compared to analyst estimates of $30.38 million. During the same quarter in the previous year, the company posted ($0.07) EPS. The business's revenue was up 151.2% on a year-over-year basis. As a group, equities analysts expect that SoundHound AI, Inc. will post -0.38 EPS for the current year.

Insider Transactions at SoundHound AI

In other SoundHound AI news, Director Diana Sroka sold 2,800 shares of the company's stock in a transaction dated Tuesday, June 24th. The stock was sold at an average price of $9.94, for a total value of $27,832.00. Following the sale, the director owned 153,949 shares in the company, valued at approximately $1,530,253.06. The trade was a 1.79% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CTO Timothy Stonehocker sold 2,981 shares of the company's stock in a transaction dated Tuesday, June 24th. The shares were sold at an average price of $9.68, for a total value of $28,856.08. Following the completion of the sale, the chief technology officer owned 716,866 shares in the company, valued at $6,939,262.88. This trade represents a 0.41% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 961,289 shares of company stock worth $9,247,847. 9.17% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in SOUN. Vanguard Group Inc. lifted its stake in shares of SoundHound AI by 35.6% in the 4th quarter. Vanguard Group Inc. now owns 32,031,662 shares of the company's stock valued at $635,508,000 after purchasing an additional 8,402,881 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of SoundHound AI by 84.2% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 4,973,728 shares of the company's stock valued at $40,390,000 after purchasing an additional 2,274,105 shares during the period. Rockefeller Capital Management L.P. acquired a new position in shares of SoundHound AI in the 4th quarter valued at about $41,595,000. Invesco Ltd. lifted its stake in shares of SoundHound AI by 1,386.2% in the 4th quarter. Invesco Ltd. now owns 1,382,371 shares of the company's stock valued at $27,426,000 after purchasing an additional 1,289,360 shares during the period. Finally, Goldman Sachs Group Inc. lifted its stake in shares of SoundHound AI by 69.8% in the 1st quarter. Goldman Sachs Group Inc. now owns 2,639,689 shares of the company's stock valued at $21,434,000 after purchasing an additional 1,085,473 shares during the period. 19.28% of the stock is 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.