SoundHound AI (NASDAQ:SOUN) Stock Price Down 2.3% - Here's Why

SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report)'s share price fell 2.3% on Monday . The stock traded as low as $9.16 and last traded at $9.18. 5,012,539 shares traded hands during trading, a decline of 87% from the average session volume of 37,836,171 shares. The stock had previously closed at $9.39.

Analyst Upgrades and Downgrades

SOUN has been the topic of several recent research reports. Cantor Fitzgerald upgraded SoundHound AI to a "hold" rating in a research report on Monday, February 24th. Northland Securities upped their price objective on shares of SoundHound AI from $6.00 to $8.00 and gave the company a "market perform" rating in a research note on Tuesday, January 14th. HC Wainwright reiterated a "buy" rating and issued a $26.00 price target on shares of SoundHound AI in a report on Monday, March 3rd. Finally, DA Davidson decreased their price objective on SoundHound AI from $13.00 to $10.00 and set a "buy" rating on the stock in a report on Monday, April 14th. Four research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus target price of $12.43.

SoundHound AI Price Performance

The company has a market capitalization of $3.64 billion, a price-to-earnings ratio of -25.21 and a beta of 2.71. The company has a quick ratio of 2.58, a current ratio of 2.58 and a debt-to-equity ratio of 0.13. The company has a 50 day simple moving average of $8.94 and a 200 day simple moving average of $11.25.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last announced its quarterly earnings results on Thursday, February 27th. The company reported ($0.69) earnings per share for the quarter, missing analysts' consensus estimates of ($0.11) by ($0.58). The business 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%. As a group, research analysts predict that SoundHound AI, Inc. will post -0.38 EPS for the current year.

Insider Activity at SoundHound AI

In other news, insider James Ming Hom sold 28,388 shares of SoundHound AI stock in a transaction dated Thursday, March 20th. The stock was sold at an average price of $9.90, for a total transaction of $281,041.20. Following the sale, the insider now directly owns 689,652 shares of the company's stock, valued at approximately $6,827,554.80. The trade was a 3.95 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Keyvan Mohajer sold 118,605 shares of the company's stock in a transaction that occurred 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 directly owns 1,903,061 shares in the company, valued at approximately $18,840,303.90. The trade was a 5.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 500,565 shares of company stock worth $4,999,726. 12.28% of the stock is currently owned by company insiders.

Institutional Trading of SoundHound AI

Institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. lifted its holdings 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 worth $635,508,000 after purchasing an additional 8,402,881 shares during the last quarter. Rockefeller Capital Management L.P. bought a new stake in SoundHound AI in the 4th quarter valued at about $41,595,000. Invesco Ltd. grew its position in SoundHound AI by 1,386.2% in the 4th quarter. Invesco Ltd. now owns 1,382,371 shares of the company's stock worth $27,426,000 after purchasing an additional 1,289,360 shares during the last quarter. Driehaus Capital Management LLC acquired a new stake in shares of SoundHound AI in the fourth quarter valued at approximately $16,421,000. Finally, Capital Fund Management S.A. bought a new stake in shares of SoundHound AI during the fourth quarter valued at approximately $16,092,000. 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.