SoundHound AI (NASDAQ:SOUN) Shares Gap Down – Here’s What Happened

SoundHound AI, Inc. (NASDAQ:SOUN) shares gapped down before the market opened on Monday . The stock had previously closed at $23.95, but opened at $23.00. SoundHound AI shares last traded at $21.36, with a volume of 21,835,019 shares.

Analyst Ratings Changes

Several equities analysts have commented on the stock. DA Davidson reissued a “buy” rating and issued a $9.50 target price on shares of SoundHound AI in a report on Monday, September 30th. HC Wainwright boosted their price objective on shares of SoundHound AI from $8.00 to $26.00 and gave the company a “buy” rating in a research report on Monday, December 23rd. Wedbush raised their target price on SoundHound AI from $10.00 to $22.00 and gave the company an “outperform” rating in a report on Monday, December 16th. LADENBURG THALM/SH SH reissued a “neutral” rating and set a $7.00 price target on shares of SoundHound AI in a report on Wednesday, November 13th. Finally, Barclays reaffirmed a “neutral” rating and issued a $7.00 price objective on shares of SoundHound AI in a research note on Wednesday, November 13th. Three research analysts have rated the stock with a hold rating and four 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 target price of $12.07.

SoundHound AI Trading Down 5.5 %

The firm’s 50-day moving average is $10.66 and its 200 day moving average is $6.83. The company has a current ratio of 2.58, a quick ratio of 2.58 and a debt-to-equity ratio of 0.13. The firm has a market capitalization of $8.37 billion, a price-to-earnings ratio of -62.89 and a beta of 3.03.

SoundHound AI (NASDAQ:SOUN) last released its quarterly earnings results on Tuesday, November 12th. The company reported ($0.06) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.01. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. The company had revenue of $25.10 million for the quarter, compared to analyst estimates of $23.02 million. During the same period last year, the firm earned ($0.09) earnings per share. The firm’s revenue was up 88.7% on a year-over-year basis. On average, equities analysts predict that SoundHound AI, Inc. will post -0.38 earnings per share for the current fiscal year.

Insider Transactions at SoundHound AI

In related news, Director Lawrence Marcus sold 30,000 shares of the business’s stock in a transaction that occurred on Thursday, November 21st. The stock was sold at an average price of $7.15, for a total value of $214,500.00. Following the completion of the sale, the director now owns 178,117 shares in the company, valued at $1,273,536.55. The trade was a 14.41 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Keyvan Mohajer sold 465,394 shares of the stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $15.04, for a total transaction of $6,999,525.76. Following the transaction, the chief executive officer now owns 2,299,148 shares in the company, valued at $34,579,185.92. The trade was a 16.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 2,782,918 shares of company stock valued at $45,391,343. 12.28% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On SoundHound AI

Hedge funds have recently made changes to their positions in the business. Bank of New York Mellon Corp lifted its stake in SoundHound AI by 92.7% in the second quarter. Bank of New York Mellon Corp now owns 997,543 shares of the company’s stock worth $3,940,000 after purchasing an additional 479,912 shares during the last quarter. Principal Financial Group Inc. grew its position in SoundHound AI by 106.6% during the 2nd quarter. Principal Financial Group Inc. now owns 38,340 shares of the company’s stock worth $151,000 after acquiring an additional 19,780 shares during the last quarter. Signaturefd LLC lifted its position in SoundHound AI by 27.3% in the second quarter. Signaturefd LLC now owns 10,255 shares of the company’s stock valued at $41,000 after purchasing an additional 2,200 shares during the last quarter. International Assets Investment Management LLC purchased a new position in shares of SoundHound AI in the second quarter worth $31,000. Finally, Concurrent Investment Advisors LLC increased its stake in shares of SoundHound AI by 25.4% during the second quarter. Concurrent Investment Advisors LLC now owns 42,394 shares of the company’s stock valued at $167,000 after buying an additional 8,594 shares during the period. 19.28% of the stock is currently 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.