SoundHound AI (NASDAQ:SOUN) Shares Down 2%

SoundHound AI, Inc. (NASDAQ:SOUN) was down 2% during mid-day trading on Tuesday . The stock traded as low as $3.71 and last traded at $3.89. Approximately 9,704,886 shares changed hands during mid-day trading, a decline of 82% from the average daily volume of 54,981,418 shares. The stock had previously closed at $3.97.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the company. Cantor Fitzgerald raised SoundHound AI from an “underweight” rating to a “neutral” rating and set a $4.90 price target for the company in a research report on Thursday, April 11th. HC Wainwright increased their price objective on SoundHound AI from $5.00 to $7.00 and gave the stock a “buy” rating in a report on Monday, March 4th. Wedbush increased their price objective on SoundHound AI from $5.00 to $9.00 and gave the stock an “outperform” rating in a report on Friday, March 1st. Northland Securities reiterated a “market perform” rating on shares of SoundHound AI in a report on Wednesday, February 28th. Finally, DA Davidson increased their price objective on SoundHound AI from $7.50 to $9.50 and gave the stock a “buy” rating in a report on Friday, March 15th. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $6.88.

SoundHound AI Trading Up 3.3 %

The company has a market cap of $1.27 billion, a PE ratio of -9.97 and a beta of 2.75. The company has a current ratio of 4.69, a quick ratio of 4.69 and a debt-to-equity ratio of 6.03. The stock has a 50 day moving average price of $5.21 and a 200 day moving average price of $3.10.

SoundHound AI (NASDAQ:SOUN) last released its earnings results on Thursday, February 29th. The company reported ($0.06) EPS for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.01). The firm had revenue of $17.10 million during the quarter, compared to analysts’ expectations of $17.75 million. SoundHound AI had a negative net margin of 188.57% and a negative return on equity of 1,955.68%. The company’s revenue for the quarter was up 80.0% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.15) EPS. Sell-side analysts predict that SoundHound AI, Inc. will post -0.3 EPS for the current fiscal year.

Insider Buying and Selling at SoundHound AI

In other SoundHound AI news, CEO Keyvan Mohajer sold 107,927 shares of SoundHound AI stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $3.70, for a total transaction of $399,329.90. Following the completion of the transaction, the chief executive officer now owns 1,218,712 shares in the company, valued at $4,509,234.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other SoundHound AI news, CTO Timothy Stonehocker sold 5,276 shares of SoundHound AI stock in a transaction on Thursday, March 21st. The stock was sold at an average price of $7.70, for a total value of $40,625.20. Following the completion of the sale, the chief technology officer now owns 982,584 shares of the company’s stock, valued at approximately $7,565,896.80. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Keyvan Mohajer sold 107,927 shares of SoundHound AI stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $3.70, for a total value of $399,329.90. Following the completion of the sale, the chief executive officer now directly owns 1,218,712 shares of the company’s stock, valued at approximately $4,509,234.40. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 410,714 shares of company stock worth $2,598,723. 21.30% of the stock is owned by insiders.

Institutional Trading of SoundHound AI

Institutional investors and hedge funds have recently modified their holdings of the business. Bank of America Corp DE grew its holdings in shares of SoundHound AI by 1,238.7% in the fourth quarter. Bank of America Corp DE now owns 14,726 shares of the company’s stock worth $26,000 after acquiring an additional 13,626 shares during the period. Two Sigma Securities LLC purchased a new position in shares of SoundHound AI in the first quarter worth approximately $28,000. Independent Advisor Alliance bought a new stake in SoundHound AI during the fourth quarter valued at approximately $28,000. IAM Advisory LLC bought a new position in SoundHound AI in the fourth quarter worth approximately $29,000. Finally, HighTower Advisors LLC bought a new position in SoundHound AI in the third quarter worth approximately $32,000. Institutional investors 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.