SoundHound AI (NASDAQ:SOUN) Shares Down 2.3%

SoundHound AI, Inc. (NASDAQ:SOUN)’s share price traded down 2.3% on Monday . The stock traded as low as $4.72 and last traded at $4.74. 2,894,058 shares were traded during trading, a decline of 92% from the average session volume of 36,767,289 shares. The stock had previously closed at $4.85.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on the company. HC Wainwright restated a “buy” rating and set a $7.00 target price on shares of SoundHound AI in a report on Wednesday. Northland Securities boosted their target price on SoundHound AI from $5.50 to $6.00 and gave the stock a “market perform” rating in a report on Friday, August 9th. Wedbush reiterated an “outperform” rating and issued a $9.00 price objective on shares of SoundHound AI in a report on Friday, August 9th. Finally, Cantor Fitzgerald upgraded SoundHound AI from a “neutral” rating to an “overweight” rating and upped their price objective for the company from $5.00 to $7.00 in a 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’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $7.08.

SoundHound AI Stock Up 1.0 %

The company has a market cap of $1.60 billion, a PE ratio of -12.76 and a beta of 2.74. The business has a 50-day simple moving average of $4.92 and a 200-day simple moving average of $4.99.

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

Insider Activity at SoundHound AI

In related news, CTO Timothy Stonehocker sold 208,000 shares of the stock in a transaction on Thursday, July 11th. The stock was sold at an average price of $5.75, for a total value of $1,196,000.00. Following the transaction, the chief technology officer now owns 659,531 shares of the company’s stock, valued at $3,792,303.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other SoundHound AI news, CEO Keyvan Mohajer sold 116,504 shares of the company’s stock in a transaction on Monday, June 24th. The shares were sold at an average price of $3.95, for a total value of $460,190.80. Following the completion of the transaction, the chief executive officer now owns 953,333 shares in the company, valued at $3,765,665.35. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CTO Timothy Stonehocker sold 208,000 shares of the company’s stock in a transaction 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 completion of the transaction, the chief technology officer now 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 521,728 shares of company stock valued at $2,501,976 over the last quarter. 21.30% of the stock is owned by insiders.

Institutional Investors Weigh In On SoundHound AI

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Independent Advisor Alliance purchased a new position in shares of SoundHound AI during the fourth quarter worth about $28,000. Kings Path Partners LLC purchased a new position in shares of SoundHound AI in the 2nd quarter valued at approximately $28,000. Hexagon Capital Partners LLC acquired a new position in shares of SoundHound AI in the first quarter valued at approximately $29,000. International Assets Investment Management LLC purchased a new stake in shares of SoundHound AI during the second quarter worth approximately $31,000. Finally, HighPoint Advisor Group LLC acquired a new stake in shares of SoundHound AI during the fourth quarter worth $37,000. 19.28% of the stock is 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.