SoundHound AI (NASDAQ:SOUN) Shares Down 0.7%

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

Analysts Set New Price Targets

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

SoundHound AI Stock Down 3.3 %

The stock has a 50-day moving average price of $5.34 and a 200-day moving average price of $3.13. 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 released its quarterly earnings data on Thursday, February 29th. The company reported ($0.06) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.01). SoundHound AI had a negative net margin of 188.57% and a negative return on equity of 1,955.68%. The business had revenue of $17.10 million during the quarter, compared to analyst estimates of $17.75 million. During the same period in the previous year, the business earned ($0.15) earnings per share. The business’s quarterly revenue was up 80.0% on a year-over-year basis. As a group, equities research analysts anticipate that SoundHound AI, Inc. will post -0.3 earnings per share for the current fiscal year.

Insider Activity

In other news, CEO Keyvan Mohajer sold 107,927 shares of the firm’s stock in a transaction that occurred 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 $4,509,234.40. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, CEO Keyvan Mohajer sold 107,927 shares of SoundHound AI stock in a transaction that occurred 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 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 transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CTO Timothy Stonehocker sold 5,276 shares of SoundHound AI stock in a transaction that occurred 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 sale, the chief technology officer now directly owns 982,584 shares of the company’s stock, valued at $7,565,896.80. The disclosure for this sale can be found here. Insiders sold a total of 410,714 shares of company stock valued at $2,598,723 over the last three months. Insiders own 21.30% of the company’s stock.

Institutional Trading of SoundHound AI

Several hedge funds have recently added to or reduced their stakes in the company. Nuveen Asset Management LLC lifted its holdings in 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 position in SoundHound AI during the 1st quarter worth $29,000. Victory Capital Management Inc. increased its stake in 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 stake in 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 period. Finally, Royal Bank of Canada increased its stake in SoundHound AI by 520.7% during the 2nd quarter. Royal Bank of Canada now owns 8,690 shares of the company’s stock worth $40,000 after acquiring an additional 7,290 shares during the period. 19.28% of the stock is owned by institutional investors and hedge funds.

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.