SoundHound AI (NASDAQ:SOUN) Shares Gap Down – Here’s What Happened

SoundHound AI, Inc. (NASDAQ:SOUN)’s share price gapped down prior to trading on Monday . The stock had previously closed at $8.50, but opened at $8.07. SoundHound AI shares last traded at $8.08, with a volume of 5,003,911 shares trading hands.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on SOUN shares. Wedbush upped their price target on shares of SoundHound AI from $10.00 to $22.00 and gave the company an “outperform” rating in a report on Monday, December 16th. Cantor Fitzgerald raised SoundHound AI to a “hold” rating in a research report on Monday, February 24th. HC Wainwright reissued a “buy” rating and issued a $26.00 price target on shares of SoundHound AI in a research report on Monday, March 3rd. DA Davidson increased their price objective on SoundHound AI from $9.50 to $13.00 and gave the stock a “buy” rating in a report on Friday, February 28th. Finally, Northland Securities boosted their target price on SoundHound AI from $6.00 to $8.00 and gave the company a “market perform” rating in a research note on Tuesday, January 14th. Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $12.86.

SoundHound AI Stock Up 1.0 %

The business has a 50-day simple moving average of $11.51 and a 200-day simple moving average of $10.66. 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 stock has a market cap of $3.27 billion, a P/E ratio of -22.78 and a beta of 2.62.

SoundHound AI (NASDAQ:SOUN) last released its quarterly earnings results on Thursday, February 27th. The company reported ($0.69) earnings per share (EPS) 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 firm had revenue of $34.54 million for the quarter, compared to the consensus estimate of $33.70 million. Analysts expect that SoundHound AI, Inc. will post -0.38 EPS for the current year.

Insider Transactions at SoundHound AI

In other news, CTO Timothy Stonehocker sold 3,333 shares of the business’s stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $10.08, for a total transaction of $33,596.64. Following the sale, the chief technology officer now directly owns 765,534 shares in the company, valued at approximately $7,716,582.72. The trade was a 0.43 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Diana Sroka sold 3,402 shares of the firm’s stock in a transaction on Monday, March 24th. The stock was sold at an average price of $10.08, for a total value of $34,292.16. Following the completion of the transaction, the director now directly owns 138,850 shares of the company’s stock, valued at approximately $1,399,608. This trade represents a 2.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 500,565 shares of company stock worth $4,999,726. Insiders own 12.28% of the company’s stock.

Institutional Investors Weigh In On SoundHound AI

A number of institutional investors have recently added to or reduced their stakes in the stock. Intech Investment Management LLC bought a new position in SoundHound AI during the 3rd quarter valued at about $305,000. Charles Schwab Investment Management Inc. raised its position in shares of SoundHound AI by 7.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,582,206 shares of the company’s stock worth $12,033,000 after acquiring an additional 189,109 shares during the last quarter. The Manufacturers Life Insurance Company lifted its stake in shares of SoundHound AI by 43.1% during the third quarter. The Manufacturers Life Insurance Company now owns 151,826 shares of the company’s stock valued at $708,000 after acquiring an additional 45,750 shares during the period. Quantbot Technologies LP bought a new position in shares of SoundHound AI in the 3rd quarter valued at about $57,000. Finally, FMR LLC lifted its holdings in SoundHound AI by 112.8% in the third quarter. FMR LLC now owns 49,038 shares of the company’s stock valued at $229,000 after buying an additional 25,989 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.