SoundHound AI (NASDAQ:SOUN) Stock Price Down 2.6%

SoundHound AI, Inc. (NASDAQ:SOUN)’s stock price traded down 2.6% during trading on Friday . The stock traded as low as $4.31 and last traded at $4.54. 7,116,968 shares traded hands during mid-day trading, a decline of 82% from the average session volume of 40,219,285 shares. The stock had previously closed at $4.66.

Analyst Ratings Changes

Several research firms have recently weighed in on SOUN. HC Wainwright reaffirmed a “buy” rating and issued a $7.00 price target on shares of SoundHound AI in a report on Monday. Wedbush reiterated an “outperform” rating and set a $9.00 price target on shares of SoundHound AI in a research report on Friday, May 10th. Finally, Cantor Fitzgerald raised SoundHound AI from an “underweight” rating to a “neutral” rating and set a $4.90 price objective for the company in a report on Thursday, April 11th. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, SoundHound AI has a consensus rating of “Moderate Buy” and an average price target of $6.88.

SoundHound AI Stock Performance

The company has a current ratio of 8.84, a quick ratio of 8.84 and a debt-to-equity ratio of 0.56. The business has a fifty day moving average of $4.66 and a 200-day moving average of $4.53. The company has a market cap of $1.54 billion, a PE ratio of -12.37 and a beta of 2.76.

SoundHound AI (NASDAQ:SOUN) last issued its quarterly earnings results on Thursday, May 9th. The company reported ($0.07) EPS for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.02. The business had revenue of $11.59 million during the quarter, compared to analysts’ expectations of $10.10 million. SoundHound AI had a negative return on equity of 163.00% and a negative net margin of 183.49%. The business’s quarterly revenue was up 72.9% on a year-over-year basis. During the same quarter in the prior year, the business posted ($0.12) earnings per share. Equities research analysts anticipate that SoundHound AI, Inc. will post -0.3 earnings per share for the current fiscal year.

Insider Activity

In related news, CEO Keyvan Mohajer sold 67,994 shares of the business’s stock in a transaction that occurred on Thursday, June 20th. The stock was sold at an average price of $4.04, for a total value of $274,695.76. Following the transaction, the chief executive officer now directly owns 1,069,837 shares of the company’s stock, valued at approximately $4,322,141.48. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, CTO Timothy Stonehocker sold 104,000 shares of the stock in a transaction that occurred on Wednesday, June 5th. The stock was sold at an average price of $5.00, for a total transaction of $520,000.00. Following the completion of the transaction, the chief technology officer now directly owns 883,570 shares in the company, valued at approximately $4,417,850. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Keyvan Mohajer sold 67,994 shares of the business’s stock in a transaction dated Thursday, June 20th. The stock was sold at an average price of $4.04, for a total transaction of $274,695.76. Following the completion of the sale, the chief executive officer now owns 1,069,837 shares in the company, valued at $4,322,141.48. The disclosure for this sale can be found here. Insiders have sold 625,728 shares of company stock worth $3,011,476 over the last ninety days. Corporate insiders own 21.30% of the company’s stock.

Institutional Investors Weigh In On SoundHound AI

A number of institutional investors and hedge funds have recently modified their holdings of SOUN. Vanguard Group Inc. increased its stake in SoundHound AI by 16.1% in the 1st quarter. Vanguard Group Inc. now owns 16,070,453 shares of the company’s stock worth $94,655,000 after buying an additional 2,226,471 shares during the period. Intrinsic Edge Capital Management LLC boosted its holdings in shares of SoundHound AI by 47.7% in the fourth quarter. Intrinsic Edge Capital Management LLC now owns 4,848,211 shares of the company’s stock valued at $10,278,000 after purchasing an additional 1,566,238 shares during the period. Baupost Group LLC MA bought a new position in SoundHound AI in the first quarter worth approximately $6,659,000. Bank of New York Mellon Corp increased its holdings in SoundHound AI by 92.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 997,543 shares of the company’s stock worth $3,940,000 after purchasing an additional 479,912 shares during the period. Finally, Janus Henderson Group PLC raised its position in SoundHound AI by 563.0% during the 1st quarter. Janus Henderson Group PLC now owns 482,731 shares of the company’s stock valued at $2,843,000 after purchasing an additional 409,917 shares in the last quarter. 19.28% of the stock is owned by institutional investors.

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.