SoundHound AI (NASDAQ:SOUN) Shares Down 5.8%

SoundHound AI, Inc. (NASDAQ:SOUN) was down 5.8% during mid-day trading on Monday . The stock traded as low as $3.94 and last traded at $4.35. Approximately 10,945,371 shares traded hands during trading, a decline of 73% from the average daily volume of 40,095,582 shares. The stock had previously closed at $4.62.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on SOUN. Cantor Fitzgerald upgraded SoundHound AI from an “underweight” rating to a “neutral” rating and set a $4.90 price objective for the company in a research note on Thursday, April 11th. Wedbush reaffirmed an “outperform” rating and set a $9.00 price target on shares of SoundHound AI in a research report on Friday, May 10th. Finally, HC Wainwright reissued a “buy” rating and issued a $7.00 price objective on shares of SoundHound AI in a research report on Monday, July 29th. Two 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 a consensus rating of “Moderate Buy” and a consensus price target of $6.88.

SoundHound AI Stock Down 3.6 %

The company has a quick ratio of 8.84, a current ratio of 8.84 and a debt-to-equity ratio of 0.56. The company’s 50 day moving average price is $4.62 and its 200 day moving average price is $4.62. The firm has a market capitalization of $1.42 billion, a price-to-earnings ratio of -11.71 and a beta of 2.77.

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

Insider Activity at SoundHound AI

In other news, CTO Timothy Stonehocker sold 208,000 shares of SoundHound AI stock in a transaction that occurred on Thursday, July 11th. The shares were sold at an average price of $5.75, for a total transaction of $1,196,000.00. Following the completion of the transaction, the chief technology officer now directly owns 659,531 shares of the company’s stock, valued at approximately $3,792,303.25. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other SoundHound AI news, CTO Timothy Stonehocker sold 208,000 shares of the stock in a transaction that occurred on Thursday, July 11th. The stock was sold at an average price of $5.75, for a total transaction of $1,196,000.00. Following the transaction, the chief technology officer now owns 659,531 shares in the company, valued at $3,792,303.25. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Keyvan Mohajer sold 116,504 shares of the business’s stock in a transaction that occurred on Monday, June 24th. The shares were sold at an average price of $3.95, for a total value of $460,190.80. Following the completion of the sale, the chief executive officer now owns 953,333 shares of the company’s stock, valued at $3,765,665.35. The disclosure for this sale can be found here. Insiders sold 625,728 shares of company stock worth $3,011,476 over the last three months. Company insiders own 21.30% of the company’s stock.

Hedge Funds Weigh In On SoundHound AI

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Principal Financial Group Inc. raised its position in shares of SoundHound AI by 16.5% during the 1st quarter. Principal Financial Group Inc. now owns 18,560 shares of the company’s stock worth $109,000 after purchasing an additional 2,629 shares during the last quarter. Vanguard Group Inc. boosted its stake in shares of SoundHound AI by 16.1% in the first quarter. Vanguard Group Inc. now owns 16,070,453 shares of the company’s stock worth $94,655,000 after acquiring an additional 2,226,471 shares during the last quarter. PFG Investments LLC acquired a new position in SoundHound AI in the 1st quarter valued at $1,335,000. Commonwealth Equity Services LLC lifted its stake in shares of SoundHound AI by 239.7% in the first quarter. Commonwealth Equity Services LLC now owns 296,428 shares of the company’s stock worth $1,746,000 after buying an additional 209,154 shares in the last quarter. Finally, Concurrent Investment Advisors LLC purchased a new position in SoundHound AI in the 1st quarter worth approximately $199,000. 19.28% of the stock is owned by hedge funds and other 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.