SoundHound AI (NASDAQ:SOUN) Trading Down 1.8%

SoundHound AI, Inc. (NASDAQ:SOUN)’s share price traded down 1.8% during mid-day trading on Monday . The company traded as low as $4.87 and last traded at $4.88. 3,367,287 shares were traded during trading, a decline of 91% from the average session volume of 36,166,414 shares. The stock had previously closed at $4.97.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on SOUN. Wedbush reissued an “outperform” rating and issued a $9.00 price objective on shares of SoundHound AI in a research note on Friday, August 9th. Northland Securities upped their price target on shares of SoundHound AI from $5.50 to $6.00 and gave the company a “market perform” rating in a research report on Friday, August 9th. Cantor Fitzgerald raised shares of 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 research note on Friday, August 9th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $7.00 price target on shares of SoundHound AI in a research report on Wednesday, September 18th. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $7.08.

SoundHound AI Stock Performance

The company has a market capitalization of $1.62 billion, a price-to-earnings ratio of -12.84 and a beta of 2.74. The company has a 50 day moving average price of $4.89 and a 200 day moving average price of $4.98.

SoundHound AI (NASDAQ:SOUN) last released 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). The firm had revenue of $13.46 million for the quarter, compared to the consensus estimate of $13.09 million. SoundHound AI had a negative net margin of 195.65% and a negative return on equity of 93.28%. The company’s revenue was up 53.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.10) EPS. Research analysts forecast that SoundHound AI, Inc. will post -0.36 EPS for the current year.

Insider Buying and Selling

In related 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 transaction, the director now 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 available through this link. In other SoundHound AI 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 transaction, the director now owns 74,038 shares in the company, valued at $371,670.76. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CTO Timothy Stonehocker sold 208,000 shares of the firm’s stock in a transaction that occurred on 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 transaction, the chief technology officer now directly owns 659,531 shares of the company’s stock, valued at $3,792,303.25. The disclosure for this sale can be found here. 21.30% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On SoundHound AI

Several hedge funds have recently bought and sold shares of SOUN. Newbridge Financial Services Group Inc. boosted its stake in SoundHound AI by 24.7% in the second quarter. Newbridge Financial Services Group Inc. now owns 11,720 shares of the company’s stock worth $46,000 after buying an additional 2,320 shares in the last quarter. Sanctuary Advisors LLC purchased a new stake in shares of SoundHound AI in the 2nd quarter worth about $104,000. Truist Financial Corp raised its position in shares of SoundHound AI by 432.9% in the 2nd quarter. Truist Financial Corp now owns 96,729 shares of the company’s stock worth $382,000 after acquiring an additional 125,785 shares in the last quarter. B. Riley Wealth Advisors Inc. bought a new stake in shares of SoundHound AI during the second quarter valued at approximately $113,000. Finally, Algert Global LLC purchased a new stake in shares of SoundHound AI in the 2nd quarter worth approximately $103,000. 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.