SoundHound AI (NASDAQ:SOUN) Shares Down 7.6% – What’s Next?

SoundHound AI, Inc. (NASDAQ:SOUN)’s share price fell 7.6% on Tuesday . The stock traded as low as $8.49 and last traded at $8.72. 18,224,903 shares traded hands during trading, a decline of 67% from the average session volume of 55,737,184 shares. The stock had previously closed at $9.43.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on SOUN shares. Northland Securities boosted their target price on SoundHound AI from $6.00 to $8.00 and gave the stock a “market perform” rating in a research note on Tuesday, January 14th. Cantor Fitzgerald upgraded SoundHound AI to a “hold” rating in a research note on Monday. HC Wainwright reiterated a “buy” rating and set a $26.00 target price on shares of SoundHound AI in a research note on Monday, January 13th. Wedbush raised their price objective on shares of SoundHound AI from $10.00 to $22.00 and gave the stock an “outperform” rating in a report on Monday, December 16th. Finally, LADENBURG THALM/SH SH reiterated a “neutral” rating and issued a $7.00 target price on shares of SoundHound AI in a research note on Wednesday, November 13th. Four analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $12.36.

SoundHound AI Price Performance

The stock has a market cap of $3.49 billion, a P/E ratio of -24.65 and a beta of 2.56. The company has a quick ratio of 2.58, a current ratio of 2.58 and a debt-to-equity ratio of 0.13. The business’s 50-day simple moving average is $16.04 and its two-hundred day simple moving average is $9.82.

Insider Activity at SoundHound AI

In related news, VP Majid Emami sold 37,459 shares of the company’s stock in a transaction that occurred on Friday, December 20th. The shares were sold at an average price of $20.30, for a total transaction of $760,417.70. Following the sale, the vice president now owns 698,226 shares of the company’s stock, valued at approximately $14,173,987.80. This represents a 5.09 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Eric R. Ball sold 50,000 shares of the stock in a transaction that occurred on Thursday, December 5th. The stock was sold at an average price of $12.00, for a total transaction of $600,000.00. Following the completion of the sale, the director now owns 451,756 shares in the company, valued at $5,421,072. This represents a 9.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 2,722,918 shares of company stock worth $44,935,943. 12.28% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Creative Planning purchased a new position in SoundHound AI during the third quarter worth about $91,000. Sequoia Financial Advisors LLC increased its position in shares of SoundHound AI by 40.9% in the third quarter. Sequoia Financial Advisors LLC now owns 29,133 shares of the company’s stock worth $136,000 after purchasing an additional 8,450 shares during the last quarter. Signaturefd LLC raised its stake in SoundHound AI by 19.5% in the third quarter. Signaturefd LLC now owns 12,255 shares of the company’s stock valued at $57,000 after purchasing an additional 2,000 shares in the last quarter. International Assets Investment Management LLC lifted its position in SoundHound AI by 914.6% during the third quarter. International Assets Investment Management LLC now owns 80,152 shares of the company’s stock valued at $374,000 after purchasing an additional 72,252 shares during the last quarter. Finally, Nisa Investment Advisors LLC grew its stake in SoundHound AI by 2,198.7% in the 3rd quarter. Nisa Investment Advisors LLC now owns 88,111 shares of the company’s stock worth $411,000 after buying an additional 84,278 shares in the last quarter. Institutional investors own 19.28% of the company’s stock.

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.