SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report)'s stock price fell 5.6% on Thursday . The company traded as low as $11.85 and last traded at $12.18. 31,881,844 shares changed hands during trading, a decline of 22% from the average session volume of 40,768,705 shares. The stock had previously closed at $12.90.
Analyst Upgrades and Downgrades
A number of research firms recently weighed in on SOUN. Piper Sandler began coverage on shares of SoundHound AI in a research report on Tuesday, May 27th. They set an "overweight" rating and a $12.00 price objective for the company. HC Wainwright decreased their price target on shares of SoundHound AI from $26.00 to $18.00 and set a "buy" rating for the company in a research report on Monday, May 12th. Wedbush decreased their price target on shares of SoundHound AI from $22.00 to $15.00 and set an "outperform" rating for the company in a research report on Friday, May 9th. Finally, DA Davidson decreased their price target on shares of SoundHound AI from $13.00 to $10.00 and set a "buy" rating for the company in a research report on Monday, April 14th. Four research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $10.50.
View Our Latest Report on SoundHound AI
SoundHound AI Stock Down 5.9%
The stock has a market capitalization of $4.65 billion, a PE ratio of -21.04 and a beta of 2.59. The business's 50-day moving average is $10.21 and its two-hundred day moving average is $11.44.
SoundHound AI (NASDAQ:SOUN - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The company reported ($0.06) earnings per share for the quarter, beating analysts' consensus estimates of ($0.09) by $0.03. The firm had revenue of $29.13 million during the quarter, compared to analysts' expectations of $30.38 million. SoundHound AI had a negative net margin of 184.34% and a negative return on equity of 68.55%. SoundHound AI's quarterly revenue was up 151.2% compared to the same quarter last year. During the same period in the previous year, the company earned ($0.07) earnings per share. As a group, analysts anticipate that SoundHound AI, Inc. will post -0.38 EPS for the current year.
Insider Buying and Selling
In other news, insider James Ming Hom sold 79,530 shares of the firm's stock in a transaction on Friday, June 20th. The shares were sold at an average price of $9.36, for a total value of $744,400.80. Following the transaction, the insider owned 637,560 shares of the company's stock, valued at approximately $5,967,561.60. This trade represents a 11.09% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Diana Sroka sold 2,800 shares of the firm's stock in a transaction on Tuesday, June 24th. The shares were sold at an average price of $9.94, for a total transaction of $27,832.00. Following the completion of the transaction, the director directly owned 153,949 shares in the company, valued at approximately $1,530,253.06. This represents a 1.79% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 961,289 shares of company stock valued at $9,247,847. 9.17% of the stock is owned by company insiders.
Hedge Funds Weigh In On SoundHound AI
Hedge funds have recently made changes to their positions in the business. Yarbrough Capital LLC purchased a new stake in SoundHound AI during the 1st quarter worth $1,258,000. Deutsche Bank AG increased its stake in SoundHound AI by 64.2% during the 4th quarter. Deutsche Bank AG now owns 264,559 shares of the company's stock worth $5,249,000 after buying an additional 103,450 shares during the period. Charles Schwab Investment Management Inc. increased its stake in SoundHound AI by 5.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,725,693 shares of the company's stock worth $54,078,000 after buying an additional 143,487 shares during the period. Rockefeller Capital Management L.P. purchased a new stake in SoundHound AI during the 4th quarter worth $41,595,000. Finally, Bulltick Wealth Management LLC purchased a new stake in SoundHound AI during the 4th quarter worth $2,611,000. Hedge funds and other institutional investors own 19.28% of the company's stock.
About SoundHound AI
(
Get Free Report)
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.
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