SoundHound AI (NASDAQ:SOUN) Trading Down 0.7%

SoundHound AI, Inc. (NASDAQ:SOUN)’s stock price fell 0.7% during trading on Wednesday . The company traded as low as $3.98 and last traded at $4.03. 5,556,891 shares were traded during mid-day trading, a decline of 90% from the average session volume of 54,496,023 shares. The stock had previously closed at $4.06.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on SOUN. Cantor Fitzgerald raised shares of SoundHound AI from an “underweight” rating to a “neutral” rating and set a $4.90 price objective on the stock in a research note on Thursday, April 11th. Northland Securities restated a “market perform” rating on shares of SoundHound AI in a report on Wednesday, February 28th. Wedbush upped their price objective on shares of SoundHound AI from $5.00 to $9.00 and gave the stock an “outperform” rating in a report on Friday, March 1st. DA Davidson upped their price objective on shares of SoundHound AI from $7.50 to $9.50 and gave the stock a “buy” rating in a report on Friday, March 15th. Finally, LADENBURG THALM/SH SH assumed coverage on shares of SoundHound AI in a report on Tuesday, January 30th. They set a “buy” rating and a $4.00 price objective on the stock. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $6.88.

SoundHound AI Stock Performance

The company’s fifty day moving average price is $5.26 and its 200 day moving average price is $3.11. The company has a market cap of $1.22 billion, a PE ratio of -10.33 and a beta of 2.75. The company has a debt-to-equity ratio of 6.03, a current ratio of 4.69 and a quick ratio of 4.69.

SoundHound AI (NASDAQ:SOUN) last announced its earnings results on Thursday, February 29th. The company reported ($0.06) EPS for the quarter, missing the consensus estimate 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 business’s revenue for the quarter was up 80.0% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.15) EPS. On average, equities research analysts predict that SoundHound AI, Inc. will post -0.3 earnings per share for the current year.

Insider Activity

In other news, CEO Keyvan Mohajer sold 107,927 shares of the stock in a transaction dated Thursday, February 15th. The shares were 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 owns 1,218,712 shares in the company, valued at $4,509,234.40. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, CEO Keyvan Mohajer sold 107,927 shares of the stock in a transaction dated Thursday, February 15th. The shares were 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 transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director Eric R. Ball sold 50,000 shares of the stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $5.00, for a total transaction of $250,000.00. Following the transaction, the director now owns 530,250 shares of the company’s stock, valued at approximately $2,651,250. The disclosure for this sale can be found here. Insiders sold a total of 410,714 shares of company stock worth $2,598,723 over the last quarter. Insiders own 21.30% of the company’s stock.

Hedge Funds Weigh In On SoundHound AI

Institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its position in SoundHound AI by 5.1% during the fourth quarter. Vanguard Group Inc. now owns 13,843,982 shares of the company’s stock worth $29,349,000 after purchasing an additional 676,993 shares during the period. BlackRock Inc. boosted its position in SoundHound AI by 415.4% during the second quarter. BlackRock Inc. now owns 9,515,845 shares of the company’s stock worth $43,297,000 after purchasing an additional 7,669,606 shares during the period. Intrinsic Edge Capital Management LLC boosted its position in SoundHound AI by 47.7% during the fourth quarter. Intrinsic Edge Capital Management LLC now owns 4,848,211 shares of the company’s stock worth $10,278,000 after purchasing an additional 1,566,238 shares during the period. Geode Capital Management LLC boosted its position in SoundHound AI by 145.7% during the second quarter. Geode Capital Management LLC now owns 2,719,882 shares of the company’s stock worth $12,375,000 after purchasing an additional 1,613,110 shares during the period. Finally, State Street Corp boosted its position in SoundHound AI by 517.0% during the second quarter. State Street Corp now owns 2,716,747 shares of the company’s stock worth $12,361,000 after purchasing an additional 2,276,465 shares during the period. Institutional investors own 19.28% of the company’s stock.

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.