SoundHound AI (NASDAQ:SOUN) Trading Down 1.9% – What’s Next?

SoundHound AI, Inc. (NASDAQ:SOUN) shares were down 1.9% during trading on Wednesday . The stock traded as low as $4.57 and last traded at $4.59. Approximately 4,678,775 shares traded hands during mid-day trading, a decline of 86% from the average daily volume of 34,636,664 shares. The stock had previously closed at $4.68.

Analyst Upgrades and Downgrades

Several research firms have commented on SOUN. Wedbush reissued an “outperform” rating and set a $9.00 target price on shares of SoundHound AI in a research note on Thursday, September 26th. Cantor Fitzgerald upgraded shares of SoundHound AI from a “neutral” rating to an “overweight” rating and boosted their price target for the stock from $5.00 to $7.00 in a research report on Friday, August 9th. DA Davidson reaffirmed a “buy” rating and issued a $9.50 price objective on shares of SoundHound AI in a research note on Monday, September 30th. 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 report on Friday, August 9th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $7.00 target price on shares of SoundHound AI in a report on Wednesday, September 18th. One analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $7.08.

SoundHound AI Stock Performance

The firm has a market cap of $1.51 billion, a P/E ratio of -12.13 and a beta of 2.73. The company has a 50 day moving average of $4.81 and a 200 day moving average of $4.77.

SoundHound AI (NASDAQ:SOUN) last released its quarterly earnings results on Thursday, August 8th. The company reported ($0.11) EPS for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $13.46 million during the quarter, compared to the consensus estimate of $13.09 million. During the same period in the prior year, the business earned ($0.10) EPS. The company’s revenue for the quarter was up 53.8% compared to the same quarter last year. As a group, analysts expect that SoundHound AI, Inc. will post -0.36 EPS for the current fiscal year.

Insider Transactions at SoundHound AI

In other SoundHound AI news, CFO Nitesh Sharan sold 39,728 shares of SoundHound AI stock in a transaction on Friday, September 20th. The stock was sold at an average price of $4.88, for a total transaction of $193,872.64. Following the completion of the transaction, the chief financial officer now directly owns 1,560,411 shares of the company’s stock, valued at approximately $7,614,805.68. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other SoundHound AI news, CTO Timothy Stonehocker sold 208,000 shares of the business’s stock in a transaction dated 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 sale, the chief technology officer now directly owns 659,531 shares of the company’s stock, valued at approximately $3,792,303.25. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Nitesh Sharan sold 39,728 shares of the company’s stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $4.88, for a total value of $193,872.64. Following the completion of the sale, the chief financial officer now owns 1,560,411 shares of the company’s stock, valued at $7,614,805.68. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 535,275 shares of company stock valued at $2,802,644. Corporate insiders own 21.30% of the company’s stock.

Hedge Funds Weigh In On SoundHound AI

Several institutional investors have recently modified their holdings of the business. Quadrature Capital Ltd boosted its position in shares of SoundHound AI by 67.1% during the fourth quarter. Quadrature Capital Ltd now owns 381,557 shares of the company’s stock worth $807,000 after buying an additional 153,273 shares during the period. HighPoint Advisor Group LLC bought a new stake in shares of SoundHound AI in the fourth quarter worth $37,000. Ballew Advisors Inc bought a new position in SoundHound AI in the first quarter valued at $59,000. Global Assets Advisory LLC bought a new stake in SoundHound AI during the 1st quarter worth about $819,000. Finally, Sovereign Financial Group Inc. acquired a new position in shares of SoundHound AI during the 1st quarter worth about $163,000. Institutional investors own 19.28% of the company’s stock.

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.