SoundHound AI (NASDAQ:SOUN) Stock Price Down 2.5%

SoundHound AI, Inc. (NASDAQ:SOUN)’s stock price fell 2.5% during trading on Friday . The stock traded as low as $4.34 and last traded at $4.37. 4,399,081 shares traded hands during mid-day trading, a decline of 88% from the average session volume of 37,701,352 shares. The stock had previously closed at $4.48.

Analyst Upgrades and Downgrades

SOUN has been the subject of a number of research reports. HC Wainwright restated a “buy” rating and set a $7.00 target price on shares of SoundHound AI in a research note on Monday, August 12th. Cantor Fitzgerald upgraded SoundHound AI from a “neutral” rating to an “overweight” rating and boosted their price objective for the stock from $5.00 to $7.00 in a report on Friday, August 9th. Wedbush reiterated an “outperform” rating and set a $9.00 target price on shares of SoundHound AI in a research note on Friday, August 9th. Finally, Northland Securities boosted their price target on SoundHound AI from $5.50 to $6.00 and gave the company a “market perform” rating in a research note on Friday, August 9th. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, SoundHound AI has a consensus rating of “Moderate Buy” and a consensus price target of $7.08.

SoundHound AI Stock Down 2.9 %

The firm has a market capitalization of $1.43 billion, a P/E ratio of -11.45 and a beta of 2.74. The firm has a 50 day moving average of $4.82 and a 200-day moving average of $5.03.

SoundHound AI (NASDAQ:SOUN) last released its earnings results on Thursday, August 8th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.09) by ($0.02). The company had revenue of $13.46 million for the quarter, compared to analyst estimates of $13.09 million. SoundHound AI had a negative return on equity of 93.28% and a negative net margin of 195.65%. The business’s revenue for the quarter was up 53.8% compared to the same quarter last year. During the same period last year, the company posted ($0.10) earnings per share. As a group, research analysts expect that SoundHound AI, Inc. will post -0.36 EPS for the current year.

Insider Buying and Selling at SoundHound AI

In related news, CTO Timothy Stonehocker sold 208,000 shares of the 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 sale, the chief technology officer now owns 659,531 shares in the company, valued at approximately $3,792,303.25. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other SoundHound AI news, CEO Keyvan Mohajer sold 116,504 shares of the business’s stock in a transaction dated Monday, June 24th. The stock was sold at an average price of $3.95, for a total transaction of $460,190.80. Following the completion of the transaction, the chief executive officer now owns 953,333 shares of the company’s stock, valued at $3,765,665.35. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CTO Timothy Stonehocker sold 208,000 shares of the stock in a transaction dated 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 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 disclosure for this sale can be found here. Insiders have sold a total of 571,728 shares of company stock valued at $2,742,476 in the last ninety days. 21.30% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On SoundHound AI

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Independent Advisor Alliance bought a new position in shares of SoundHound AI in the 4th quarter valued at $28,000. Kings Path Partners LLC bought a new position in SoundHound AI in the second quarter valued at about $28,000. Hexagon Capital Partners LLC acquired a new stake in shares of SoundHound AI during the first quarter valued at about $29,000. International Assets Investment Management LLC bought a new stake in shares of SoundHound AI during the second quarter worth about $31,000. Finally, HighPoint Advisor Group LLC acquired a new position in shares of SoundHound AI in the fourth quarter valued at approximately $37,000. Institutional investors own 19.28% of the company’s stock.

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.