SoundHound AI (NASDAQ:SOUN) Trading Down 0.4% – Here’s Why

SoundHound AI, Inc. (NASDAQ:SOUN)’s stock price traded down 0.4% during mid-day trading on Friday . The company traded as low as $5.21 and last traded at $5.26. 4,371,690 shares traded hands during trading, a decline of 87% from the average session volume of 33,939,949 shares. The stock had previously closed at $5.28.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the company. Cantor Fitzgerald upgraded SoundHound AI from a “neutral” rating to an “overweight” rating and lifted their price objective for the company from $5.00 to $7.00 in a research note on Friday, August 9th. DA Davidson restated a “buy” rating and issued a $9.50 price target on shares of SoundHound AI in a research note on Monday, September 30th. Wedbush restated an “outperform” rating and issued a $9.00 price target on shares of SoundHound AI in a research note on Thursday, September 26th. HC Wainwright reaffirmed a “buy” rating and issued a $7.00 price objective on shares of SoundHound AI in a report on Wednesday, September 18th. Finally, Northland Securities lifted their price objective on SoundHound AI from $5.50 to $6.00 and gave the stock a “market perform” rating in a report on Friday, August 9th. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat, SoundHound AI currently has a consensus rating of “Moderate Buy” and an average target price of $7.08.

SoundHound AI Stock Down 1.9 %

The company has a fifty day simple moving average of $4.90 and a 200-day simple moving average of $4.74. The firm has a market cap of $1.71 billion, a P/E ratio of -13.63 and a beta of 2.73.

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

Insider Activity

In related news, CEO Keyvan Mohajer sold 90,641 shares of the business’s stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $4.88, for a total value of $442,328.08. Following the sale, the chief executive officer now directly owns 2,362,692 shares in the company, valued at approximately $11,529,936.96. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CEO Keyvan Mohajer sold 90,641 shares of the business’s stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $4.88, for a total value of $442,328.08. Following the sale, the chief executive officer now directly owns 2,362,692 shares in the company, valued at approximately $11,529,936.96. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Lawrence Marcus sold 50,000 shares of the business’s stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $5.02, for a total value of $251,000.00. Following the completion of the sale, the director now owns 74,038 shares in the company, valued at $371,670.76. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 327,275 shares of company stock worth $1,606,644 over the last ninety days. Corporate insiders own 21.30% of the company’s stock.

Institutional Investors Weigh In On SoundHound AI

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Carnegie Investment Counsel purchased a new stake in SoundHound AI during the third quarter valued at approximately $4,193,000. Principal Financial Group Inc. grew its stake 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 valued at $109,000 after buying an additional 2,629 shares during the last quarter. Vanguard Group Inc. grew its stake in shares of 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 buying an additional 2,226,471 shares during the last quarter. Commonwealth Equity Services LLC grew its stake in shares of SoundHound AI by 239.7% during the first quarter. Commonwealth Equity Services LLC now owns 296,428 shares of the company’s stock valued at $1,746,000 after buying an additional 209,154 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its stake in shares of SoundHound AI by 92.7% during the second 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. 19.28% of the stock is currently owned by hedge funds and other institutional investors.

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.