SoundHound AI (NASDAQ:SOUN) Stock Price Down 0.6%

Shares of SoundHound AI, Inc. (NASDAQ:SOUN) traded down 0.6% on Thursday . The stock traded as low as $4.67 and last traded at $4.70. 2,510,573 shares were traded during trading, a decline of 93% from the average session volume of 35,160,617 shares. The stock had previously closed at $4.73.

Analyst Upgrades and Downgrades

SOUN has been the subject of a number of research reports. DA Davidson reaffirmed a “buy” rating and set a $9.50 price target on shares of SoundHound AI in a research report on Monday. HC Wainwright reiterated a “buy” rating and set a $7.00 price objective on shares of SoundHound AI in a research note on Wednesday, September 18th. Wedbush reiterated an “outperform” rating and set a $9.00 price objective on shares of SoundHound AI in a research note on Thursday, September 26th. Northland Securities upped their price target on SoundHound AI from $5.50 to $6.00 and gave the company a “market perform” rating in a research report on Friday, August 9th. Finally, Cantor Fitzgerald upgraded SoundHound AI from a “neutral” rating to an “overweight” rating and upped their price target for the company from $5.00 to $7.00 in a research report 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. According to data from MarketBeat, SoundHound AI presently has an average rating of “Moderate Buy” and an average price target of $7.08.

SoundHound AI Price Performance

The business has a 50 day simple moving average of $4.83 and a 200 day simple moving average of $4.86. The company has a market capitalization of $1.55 billion, a price-to-earnings ratio of -12.42 and a beta of 2.74.

SoundHound AI (NASDAQ:SOUN) last announced its quarterly earnings data 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 during the quarter, compared to analyst estimates of $13.09 million. SoundHound AI had a negative net margin of 195.65% and a negative return on equity of 93.28%. The firm’s revenue was up 53.8% on a year-over-year basis. During the same quarter in the previous year, the business posted ($0.10) earnings per share. On average, equities research analysts predict that SoundHound AI, Inc. will post -0.36 EPS for the current year.

Insider Activity

In other SoundHound AI news, CFO Nitesh Sharan sold 39,728 shares of SoundHound AI stock in a transaction on Friday, September 20th. The shares were sold at an average price of $4.88, for a total value of $193,872.64. Following the transaction, the chief financial officer now directly owns 1,560,411 shares in the company, valued at $7,614,805.68. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, CFO Nitesh Sharan sold 39,728 shares of SoundHound AI stock in a transaction on Friday, September 20th. The shares were sold at an average price of $4.88, for a total value of $193,872.64. Following the transaction, the chief financial officer now directly owns 1,560,411 shares in the company, valued at approximately $7,614,805.68. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider James Ming Hom sold 21,024 shares of SoundHound AI stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $4.88, for a total transaction of $102,597.12. Following the completion of the sale, the insider now directly owns 865,965 shares in the company, valued at approximately $4,225,909.20. The disclosure for this sale can be found here. In the last quarter, insiders sold 535,275 shares of company stock worth $2,802,644. Corporate insiders own 21.30% of the company’s stock.

Hedge Funds Weigh In On SoundHound AI

A number of institutional investors and hedge funds have recently made changes to their positions in SOUN. Vanguard Group Inc. raised its stake in shares of SoundHound AI by 16.1% during the 1st quarter. Vanguard Group Inc. now owns 16,070,453 shares of the company’s stock worth $94,655,000 after buying an additional 2,226,471 shares during the last quarter. Intrinsic Edge Capital Management LLC raised its position 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 purchasing an additional 1,566,238 shares during the last quarter. Baupost Group LLC MA acquired a new stake in SoundHound AI during the 1st quarter valued at $6,659,000. Bank of New York Mellon Corp grew its holdings in SoundHound AI by 92.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 997,543 shares of the company’s stock valued at $3,940,000 after buying an additional 479,912 shares during the last quarter. Finally, Janus Henderson Group PLC increased its position in SoundHound AI by 563.0% during the first quarter. Janus Henderson Group PLC now owns 482,731 shares of the company’s stock worth $2,843,000 after buying an additional 409,917 shares in 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.