SoundHound AI (NASDAQ:SOUN) Trading Down 6.1% – Here’s What Happened

SoundHound AI, Inc. (NASDAQ:SOUN) traded down 6.1% during mid-day trading on Monday . The company traded as low as $12.70 and last traded at $13.23. 22,504,969 shares changed hands during mid-day trading, a decline of 66% from the average session volume of 65,407,559 shares. The stock had previously closed at $14.09.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on SOUN. LADENBURG THALM/SH SH restated a “neutral” rating and set a $7.00 price target on shares of SoundHound AI in a research note on Wednesday, November 13th. DA Davidson reissued a “buy” rating and set a $9.50 target price on shares of SoundHound AI in a research report on Monday, September 30th. Wedbush boosted their price target on SoundHound AI from $10.00 to $22.00 and gave the stock 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 report on Wednesday, November 13th. Finally, HC Wainwright restated a “buy” rating and issued a $26.00 target price on shares of SoundHound AI in a report on Monday. Three analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $12.07.

SoundHound AI Stock Down 6.3 %

The firm has a 50-day moving average price of $13.29 and a two-hundred day moving average price of $7.84. The company has a market capitalization of $4.88 billion, a P/E ratio of -36.67 and a beta of 2.63. The company has a quick ratio of 2.58, a current ratio of 2.58 and a debt-to-equity ratio of 0.13.

SoundHound AI (NASDAQ:SOUN) last posted its quarterly earnings results on Tuesday, November 12th. The company reported ($0.06) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.07) by $0.01. The company had revenue of $25.10 million for the quarter, compared to analyst estimates of $23.02 million. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. The business’s quarterly revenue was up 88.7% on a year-over-year basis. During the same period last year, the business posted ($0.09) EPS. Equities research analysts anticipate that SoundHound AI, Inc. will post -0.38 EPS for the current fiscal year.

Insider Buying and Selling at SoundHound AI

In related news, CEO Keyvan Mohajer sold 156,288 shares of the company’s stock in a transaction dated Tuesday, December 24th. The shares were sold at an average price of $20.20, for a total value of $3,157,017.60. Following the sale, the chief executive officer now owns 2,021,666 shares of the company’s stock, valued at $40,837,653.20. The trade was a 7.18 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Lawrence Marcus sold 30,000 shares of the firm’s stock in a transaction dated Thursday, November 21st. The stock was sold at an average price of $7.15, for a total transaction of $214,500.00. Following the transaction, the director now owns 178,117 shares of the company’s stock, valued at approximately $1,273,536.55. This represents a 14.41 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 2,782,918 shares of company stock valued at $45,391,343 in the last quarter. Corporate insiders own 12.28% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Future Financial Wealth Managment LLC acquired a new stake in shares of SoundHound AI during the 4th quarter worth about $40,000. Kieckhefer Group LLC acquired a new stake in shares of SoundHound AI during the fourth quarter worth approximately $3,432,000. ST Germain D J Co. Inc. raised its stake in shares of SoundHound AI by 33.2% in the fourth quarter. ST Germain D J Co. Inc. now owns 3,008 shares of the company’s stock valued at $60,000 after acquiring an additional 750 shares during the last quarter. Oriental Harbor Investment Fund acquired a new position in shares of SoundHound AI in the 4th quarter worth approximately $8,964,000. Finally, Stonehearth Capital Management LLC bought a new stake in SoundHound AI during the 4th quarter worth approximately $303,000. 19.28% of the stock is owned by institutional investors.

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.