SoundHound AI (NASDAQ:SOUN) Shares Down 0.9% – Here’s Why

SoundHound AI, Inc. (NASDAQ:SOUN) was down 0.9% during trading on Wednesday . The company traded as low as $18.85 and last traded at $20.24. Approximately 54,489,000 shares traded hands during trading, an increase of 34% from the average daily volume of 40,709,250 shares. The stock had previously closed at $20.43.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on the company. DA Davidson restated a “buy” rating and issued a $9.50 target price on shares of SoundHound AI in a research report on Monday, September 30th. Wedbush raised their target price on SoundHound AI from $10.00 to $22.00 and gave the company an “outperform” rating in a research note on Monday, December 16th. Barclays reiterated a “neutral” rating and issued a $7.00 price target on shares of SoundHound AI in a research report on Wednesday, November 13th. HC Wainwright raised their price objective on shares of SoundHound AI from $8.00 to $26.00 and gave the company a “buy” rating in a research report on Monday. Finally, LADENBURG THALM/SH SH reiterated a “neutral” rating and issued a $7.00 target price on shares of SoundHound AI in a report on Wednesday, November 13th. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, SoundHound AI presently has an average rating of “Moderate Buy” and a consensus target price of $12.07.

SoundHound AI Stock Down 0.9 %

The business’s 50 day simple moving average is $9.61 and its 200 day simple moving average is $6.45. The company has a market capitalization of $7.48 billion, a PE ratio of -56.22 and a beta of 3.03. 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 data on Tuesday, November 12th. The company reported ($0.06) EPS for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.01. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. The firm had revenue of $25.10 million during the quarter, compared to analyst estimates of $23.02 million. During the same quarter last year, the business posted ($0.09) EPS. The company’s revenue was up 88.7% on a year-over-year basis. As a group, analysts forecast that SoundHound AI, Inc. will post -0.38 EPS for the current year.

Insider Activity at SoundHound AI

In other SoundHound AI news, CEO Keyvan Mohajer sold 465,394 shares of the company’s stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $15.04, for a total value of $6,999,525.76. Following the transaction, the chief executive officer now owns 2,299,148 shares in the company, valued at approximately $34,579,185.92. This represents a 16.83 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Michael Zagorsek sold 277,813 shares of SoundHound AI stock in a transaction on Wednesday, December 18th. The shares were sold at an average price of $21.25, for a total transaction of $5,903,526.25. Following the sale, the chief operating officer now directly owns 1,473,322 shares of the company’s stock, valued at $31,308,092.50. This trade represents a 15.86 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 2,258,242 shares of company stock valued at $34,752,649. Company insiders own 12.28% of the company’s stock.

Hedge Funds Weigh In On SoundHound AI

Hedge funds have recently modified their holdings of the stock. Kings Path Partners LLC purchased a new position in SoundHound AI in the second quarter valued at about $28,000. International Assets Investment Management LLC bought a new stake in shares of SoundHound AI in the 2nd quarter valued at approximately $31,000. NBC Securities Inc. increased its holdings in SoundHound AI by 97.8% in the third quarter. NBC Securities Inc. now owns 7,720 shares of the company’s stock worth $35,000 after buying an additional 3,818 shares during the last quarter. Amalgamated Bank raised its position in SoundHound AI by 108.0% during the second quarter. Amalgamated Bank now owns 9,819 shares of the company’s stock valued at $39,000 after acquiring an additional 5,099 shares in the last quarter. Finally, Signaturefd LLC lifted its stake in SoundHound AI by 27.3% in the second quarter. Signaturefd LLC now owns 10,255 shares of the company’s stock valued at $41,000 after acquiring an additional 2,200 shares during the last quarter. 19.28% of the stock is owned by institutional investors and hedge funds.

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.