SoundHound AI (NASDAQ:SOUN) Shares Down 2.9% – What’s Next?

Shares of SoundHound AI, Inc. (NASDAQ:SOUN) were down 2.9% during trading on Thursday . The company traded as low as $9.50 and last traded at $9.86. Approximately 9,592,139 shares traded hands during mid-day trading, a decline of 77% from the average daily volume of 42,444,491 shares. The stock had previously closed at $10.15.

Wall Street Analyst Weigh In

Several equities analysts have commented on SOUN shares. LADENBURG THALM/SH SH reissued a “neutral” rating and set a $7.00 price objective on shares of SoundHound AI in a research report on Wednesday, November 13th. DA Davidson raised their price objective on SoundHound AI from $9.50 to $13.00 and gave the company a “buy” rating in a research report on Friday, February 28th. Wedbush raised their price objective on SoundHound AI from $10.00 to $22.00 and gave the company an “outperform” rating in a research report on Monday, December 16th. Barclays reissued a “neutral” rating and set a $7.00 price objective on shares of SoundHound AI in a research report on Wednesday, November 13th. Finally, Northland Securities raised their price objective on SoundHound AI from $6.00 to $8.00 and gave the company a “market perform” rating in a research report on Tuesday, January 14th. Four equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $12.86.

SoundHound AI Trading Up 2.0 %

The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.58 and a current ratio of 2.58. The stock has a market capitalization of $3.83 billion, a PE ratio of -27.06 and a beta of 2.62. The stock has a 50-day moving average price of $14.29 and a two-hundred day moving average price of $10.02.

SoundHound AI (NASDAQ:SOUN) last posted its quarterly earnings data 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). SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. The company had revenue of $34.54 million for the quarter, compared to analysts’ expectations of $33.70 million. As a group, equities analysts forecast that SoundHound AI, Inc. will post -0.38 earnings per share for the current year.

Insider Activity

In related news, CEO Keyvan Mohajer sold 465,394 shares of the business’s stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $15.04, for a total value of $6,999,525.76. Following the transaction, the chief executive officer now directly owns 2,299,148 shares of the company’s stock, valued at approximately $34,579,185.92. The trade was a 16.83 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Majid Emami sold 298,086 shares of the business’s stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $15.04, for a total value of $4,483,213.44. Following the completion of the transaction, the vice president now directly owns 735,685 shares in the company, valued at approximately $11,064,702.40. This represents a 28.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,788,257 shares of company stock valued at $31,895,182 in the last ninety days. Corporate insiders own 12.28% of the company’s stock.

Institutional Trading of SoundHound AI

A number of large investors have recently added to or reduced their stakes in SOUN. Blue Trust Inc. increased its stake in SoundHound AI by 197.6% in the 4th quarter. Blue Trust Inc. now owns 1,250 shares of the company’s stock worth $25,000 after acquiring an additional 830 shares during the last quarter. Sound Income Strategies LLC increased its stake in SoundHound AI by 2,542.0% in the 4th quarter. Sound Income Strategies LLC now owns 1,321 shares of the company’s stock worth $26,000 after acquiring an additional 1,271 shares during the last quarter. Orion Capital Management LLC bought a new stake in SoundHound AI in the 4th quarter worth approximately $30,000. Future Financial Wealth Managment LLC bought a new stake in SoundHound AI in the 4th quarter worth approximately $40,000. Finally, Compagnie Lombard Odier SCmA bought a new stake in SoundHound AI in the 4th quarter worth approximately $40,000. 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.