SoundHound AI (NASDAQ:SOUN) Trading Down 1.3%

Shares of SoundHound AI, Inc. (NASDAQ:SOUN) fell 1.3% during trading on Wednesday . The company traded as low as $3.88 and last traded at $3.89. 3,883,630 shares changed hands during mid-day trading, a decline of 91% from the average session volume of 41,290,852 shares. The stock had previously closed at $3.94.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the company. Cantor Fitzgerald raised SoundHound AI from an “underweight” rating to a “neutral” rating and set a $4.90 target price on the stock in a research report on Thursday, April 11th. HC Wainwright reiterated a “buy” rating and issued a $7.00 price target on shares of SoundHound AI in a research note on Monday, May 13th. DA Davidson boosted their price objective on shares of SoundHound AI from $7.50 to $9.50 and gave the stock a “buy” rating in a research note on Friday, March 15th. Finally, Wedbush reaffirmed an “outperform” rating and issued a $9.00 target price on shares of SoundHound AI in a report on Friday, May 10th. Two investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $6.88.

SoundHound AI Price Performance

The company has a debt-to-equity ratio of 0.56, a current ratio of 8.84 and a quick ratio of 8.84. The company has a market capitalization of $1.29 billion, a P/E ratio of -10.34 and a beta of 2.76. The company’s 50-day moving average price is $4.63 and its two-hundred day moving average price is $4.12.

SoundHound AI (NASDAQ:SOUN) last announced its quarterly earnings data on Thursday, May 9th. The company reported ($0.07) earnings per share for the quarter, beating the consensus estimate of ($0.09) by $0.02. The firm 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 company’s quarterly revenue was up 72.9% compared to the same quarter last year. During the same period in the previous year, the firm earned ($0.12) EPS. As a group, sell-side analysts expect that SoundHound AI, Inc. will post -0.33 EPS for the current year.

Insider Activity at SoundHound AI

In other SoundHound AI news, CEO Keyvan Mohajer sold 67,994 shares of the company’s stock in a transaction on 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 directly owns 1,069,837 shares in the company, valued at $4,322,141.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CFO Nitesh Sharan sold 22,384 shares of the business’s stock in a transaction on Thursday, June 20th. The stock was sold at an average price of $4.04, for a total transaction of $90,431.36. Following the sale, the chief financial officer now owns 728,633 shares in the company, valued at approximately $2,943,677.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Keyvan Mohajer sold 67,994 shares of the stock in a transaction dated Thursday, June 20th. The shares were sold at an average price of $4.04, for a total value of $274,695.76. Following the completion of the transaction, the chief executive officer now owns 1,069,837 shares of the company’s stock, valued at $4,322,141.48. The disclosure for this sale can be found here. Insiders have sold 417,728 shares of company stock valued at $1,815,476 over the last three months. 21.30% of the stock is owned by insiders.

Institutional Investors Weigh In On SoundHound AI

Institutional investors have recently added to or reduced their stakes in the business. Ameritas Investment Partners Inc. increased its holdings in SoundHound AI by 17.3% in the first quarter. Ameritas Investment Partners Inc. now owns 13,561 shares of the company’s stock valued at $80,000 after purchasing an additional 2,000 shares during the period. Principal Financial Group Inc. raised its position in shares of SoundHound AI by 16.5% during the first quarter. Principal Financial Group Inc. now owns 18,560 shares of the company’s stock worth $109,000 after acquiring an additional 2,629 shares during the last quarter. Hexagon Capital Partners LLC acquired a new position in shares of SoundHound AI in the first quarter worth approximately $29,000. DecisionPoint Financial LLC acquired a new stake in shares of SoundHound AI during the first quarter worth $40,000. Finally, Prosperity Wealth Management Inc. lifted its holdings in SoundHound AI by 18.5% in the fourth quarter. Prosperity Wealth Management Inc. now owns 50,600 shares of the company’s stock valued at $107,000 after buying an additional 7,900 shares during the period. 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.