SoundHound AI (NASDAQ:SOUN) Shares Down 2.8%

SoundHound AI, Inc. (NASDAQ:SOUN)’s stock price dropped 2.8% during mid-day trading on Friday . The company traded as low as $4.85 and last traded at $4.87. Approximately 4,280,164 shares traded hands during mid-day trading, a decline of 88% from the average daily volume of 36,278,750 shares. The stock had previously closed at $5.01.

Analysts Set New Price Targets

SOUN has been the topic of a number of recent analyst reports. HC Wainwright reissued a “buy” rating and issued a $7.00 price objective on shares of SoundHound AI in a research note on Wednesday. Cantor Fitzgerald upgraded SoundHound AI from a “neutral” rating to an “overweight” rating and boosted their target price for the stock from $5.00 to $7.00 in a research note on Friday, August 9th. Wedbush restated an “outperform” rating and issued a $9.00 target price on shares of SoundHound AI in a research note on Friday, August 9th. Finally, Northland Securities upped their price objective 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 research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, SoundHound AI presently has a consensus rating of “Moderate Buy” and a consensus target price of $7.08.

SoundHound AI Price Performance

The stock has a market cap of $1.62 billion, a P/E ratio of -12.82 and a beta of 2.74. The firm’s fifty day moving average price is $4.92 and its two-hundred day moving average price is $4.99.

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

Insider Activity at SoundHound AI

In other news, CTO Timothy Stonehocker sold 208,000 shares of the firm’s 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 transaction, the chief technology officer now directly owns 659,531 shares of the company’s stock, valued at $3,792,303.25. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, Director Lawrence Marcus sold 50,000 shares of the stock in a transaction dated Tuesday, August 20th. The shares were sold at an average price of $5.02, for a total transaction of $251,000.00. Following the completion of the sale, the director now directly owns 74,038 shares in the company, valued at $371,670.76. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CTO Timothy Stonehocker sold 208,000 shares of the firm’s 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 sale, the chief technology officer now owns 659,531 shares of the company’s stock, valued at $3,792,303.25. The disclosure for this sale can be found here. Insiders have sold a total of 374,504 shares of company stock valued at $1,907,191 over the last 90 days. 21.30% of the stock is owned by insiders.

Institutional Trading of SoundHound AI

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Independent Advisor Alliance bought a new position in shares of SoundHound AI during the fourth quarter valued at approximately $28,000. Kings Path Partners LLC bought a new stake in SoundHound AI in the 2nd quarter worth approximately $28,000. Hexagon Capital Partners LLC bought a new stake in SoundHound AI in the 1st quarter worth approximately $29,000. International Assets Investment Management LLC purchased a new position in shares of SoundHound AI during the 2nd quarter worth $31,000. Finally, HighPoint Advisor Group LLC purchased a new position in shares of SoundHound AI during the 4th quarter worth $37,000. 19.28% of the stock is currently owned by hedge funds and other 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.