SoundHound AI (NASDAQ:SOUN) Shares Down 0.5%

Shares of SoundHound AI, Inc. (NASDAQ:SOUN) traded down 0.5% during trading on Thursday . The stock traded as low as $4.07 and last traded at $4.07. 10,113,748 shares changed hands during trading, a decline of 77% from the average session volume of 43,392,656 shares. The stock had previously closed at $4.09.

Analyst Upgrades and Downgrades

SOUN has been the topic of a number of recent research reports. HC Wainwright reaffirmed a “buy” rating and issued a $7.00 target price on shares of SoundHound AI in a research report on Monday, May 13th. Cantor Fitzgerald raised SoundHound AI from an “underweight” rating to a “neutral” rating and set a $4.90 price target on the stock in a research report on Thursday, April 11th. DA Davidson increased their price objective on SoundHound AI from $7.50 to $9.50 and gave the company a “buy” rating in a report on Friday, March 15th. Northland Securities restated a “market perform” rating on shares of SoundHound AI in a report on Wednesday, February 28th. Finally, Wedbush reiterated an “outperform” rating and issued a $9.00 price target on shares of SoundHound AI in a research note on Friday, May 10th. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, SoundHound AI currently has an average rating of “Moderate Buy” and an average price target of $6.88.

SoundHound AI Trading Down 1.2 %

The company has a market cap of $1.32 billion, a price-to-earnings ratio of -10.53 and a beta of 2.87. The business’s 50 day moving average price is $4.64 and its 200-day moving average price is $4.00. The company has a current ratio of 8.84, a quick ratio of 8.84 and a debt-to-equity ratio of 0.56.

SoundHound AI (NASDAQ:SOUN) last issued its quarterly earnings data on Thursday, May 9th. The company reported ($0.07) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.09) by $0.02. SoundHound AI had a negative net margin of 183.49% and a negative return on equity of 163.00%. The firm had revenue of $11.59 million during the quarter, compared to the consensus estimate of $10.10 million. During the same period last year, the business posted ($0.12) earnings per share. The business’s revenue for the quarter was up 72.9% compared to the same quarter last year. On average, equities analysts anticipate that SoundHound AI, Inc. will post -0.33 EPS for the current fiscal year.

Insider Buying and Selling

In other SoundHound AI news, CTO Timothy Stonehocker sold 104,000 shares of the company’s stock in a transaction on Wednesday, June 5th. The stock was sold at an average price of $5.00, for a total value of $520,000.00. Following the transaction, the chief technology officer now directly owns 883,570 shares of the company’s stock, valued at approximately $4,417,850. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, Director Lawrence Marcus sold 50,000 shares of the business’s stock in a transaction that occurred on Monday, June 10th. The stock was sold at an average price of $4.81, for a total value of $240,500.00. Following the completion of the sale, the director now directly owns 208,117 shares in the company, valued at $1,001,042.77. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CTO Timothy Stonehocker sold 104,000 shares of SoundHound AI stock in a transaction on Wednesday, June 5th. The shares were sold at an average price of $5.00, for a total value of $520,000.00. Following the completion of the transaction, the chief technology officer now directly owns 883,570 shares of the company’s stock, valued at $4,417,850. The disclosure for this sale can be found here. 21.30% of the stock is currently owned by insiders.

Hedge Funds Weigh In On SoundHound AI

Several hedge funds have recently bought and sold shares of the company. Vanguard Group Inc. raised its position in SoundHound AI by 16.1% during the first quarter. Vanguard Group Inc. now owns 16,070,453 shares of the company’s stock valued at $94,655,000 after purchasing an additional 2,226,471 shares in the last quarter. Intrinsic Edge Capital Management LLC raised its holdings in shares of SoundHound AI by 47.7% during the 4th quarter. Intrinsic Edge Capital Management LLC now owns 4,848,211 shares of the company’s stock worth $10,278,000 after buying an additional 1,566,238 shares in the last quarter. Baupost Group LLC MA acquired a new stake in SoundHound AI in the first quarter valued at about $6,659,000. Janus Henderson Group PLC grew its position in SoundHound AI by 563.0% in the first quarter. Janus Henderson Group PLC now owns 482,731 shares of the company’s stock valued at $2,843,000 after acquiring an additional 409,917 shares during the last quarter. Finally, Aristides Capital LLC acquired a new position in SoundHound AI during the first quarter worth about $1,765,000. 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.