SoundHound AI (NASDAQ:SOUN) Stock Price Down 1.3%

Shares of SoundHound AI, Inc. (NASDAQ:SOUN) traded down 1.3% on Friday . The stock traded as low as $3.72 and last traded at $3.78. 5,302,538 shares traded hands during trading, a decline of 90% from the average session volume of 53,413,871 shares. The stock had previously closed at $3.83.

Wall Street Analyst Weigh In

SOUN has been the subject of several recent research reports. Wedbush upped their target price on SoundHound AI from $5.00 to $9.00 and gave the company an “outperform” rating in a report on Friday, March 1st. DA Davidson lifted their price objective on shares of SoundHound AI from $7.50 to $9.50 and gave the stock a “buy” rating in a research note on Friday, March 15th. Cantor Fitzgerald upgraded shares of SoundHound AI from an “underweight” rating to a “neutral” rating and set a $4.90 target price for the company in a report on Thursday, April 11th. LADENBURG THALM/SH SH began coverage on SoundHound AI in a report on Tuesday, January 30th. They issued a “buy” rating and a $4.00 price target on the stock. Finally, HC Wainwright raised their price objective on SoundHound AI from $5.00 to $7.00 and gave the stock a “buy” rating in a research note on Monday, March 4th. Two equities 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 company currently has a consensus rating of “Moderate Buy” and a consensus price target of $6.88.

SoundHound AI Trading Down 5.5 %

The company has a 50 day moving average of $5.34 and a 200 day moving average of $3.13. The firm has a market cap of $1.12 billion, a price-to-earnings ratio of -9.28 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.

SoundHound AI (NASDAQ:SOUN) last posted its quarterly earnings data on Thursday, February 29th. The company reported ($0.06) earnings per share for the quarter, missing the consensus estimate of ($0.05) by ($0.01). The company had revenue of $17.10 million during the quarter, compared to the consensus estimate of $17.75 million. SoundHound AI had a negative return on equity of 1,955.68% and a negative net margin of 188.57%. The business’s revenue for the quarter was up 80.0% on a year-over-year basis. During the same quarter last year, the firm earned ($0.15) EPS. As a group, research analysts anticipate that SoundHound AI, Inc. will post -0.3 EPS for the current year.

Insider Buying and Selling at SoundHound AI

In other SoundHound AI news, Director Eric R. Ball sold 40,000 shares of SoundHound AI stock in a transaction dated Thursday, March 14th. The stock was sold at an average price of $9.55, for a total transaction of $382,000.00. Following the transaction, the director now directly owns 450,250 shares in the company, valued at $4,299,887.50. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, Director Eric R. Ball sold 40,000 shares of SoundHound AI stock in a transaction that occurred on Thursday, March 14th. The shares were sold at an average price of $9.55, for a total value of $382,000.00. Following the sale, the director now directly owns 450,250 shares in the company, valued at $4,299,887.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Keyvan Mohajer sold 107,927 shares of SoundHound AI stock in a transaction on 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 sale, the chief executive officer now owns 1,218,712 shares in the company, valued at $4,509,234.40. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 410,714 shares of company stock valued at $2,598,723. 21.30% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On SoundHound AI

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Nuveen Asset Management LLC increased its stake in shares of SoundHound AI by 1.1% during the 4th quarter. Nuveen Asset Management LLC now owns 392,943 shares of the company’s stock worth $833,000 after purchasing an additional 4,145 shares during the last quarter. Hexagon Capital Partners LLC bought a new stake in SoundHound AI in the first quarter valued at approximately $29,000. Victory Capital Management Inc. boosted its stake in shares of SoundHound AI by 45.0% during the 3rd quarter. Victory Capital Management Inc. now owns 21,658 shares of the company’s stock worth $44,000 after acquiring an additional 6,717 shares during the period. Rhumbline Advisers increased its holdings in shares of SoundHound AI by 4.4% during the 3rd quarter. Rhumbline Advisers now owns 168,025 shares of the company’s stock worth $338,000 after acquiring an additional 7,069 shares during the last quarter. Finally, Royal Bank of Canada raised its stake in SoundHound AI by 520.7% in the 2nd quarter. Royal Bank of Canada now owns 8,690 shares of the company’s stock valued at $40,000 after acquiring an additional 7,290 shares during the period. 19.28% of the stock is owned by institutional investors.

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.