SoundHound AI (NASDAQ:SOUN) Stock Price Down 5.3%

SoundHound AI, Inc. (NASDAQ:SOUN)’s stock price dropped 5.3% during mid-day trading on Monday . The company traded as low as $5.66 and last traded at $5.87. Approximately 30,039,711 shares traded hands during trading, a decline of 29% from the average daily volume of 42,068,547 shares. The stock had previously closed at $6.20.

Analyst Upgrades and Downgrades

SOUN has been the topic of a number of analyst reports. Cantor Fitzgerald raised SoundHound AI from an “underweight” rating to a “neutral” rating and set a $4.90 price target on the stock in a research report on Thursday, April 11th. Wedbush reaffirmed an “outperform” rating and issued a $9.00 target price on shares of SoundHound AI in a report on Friday, May 10th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $7.00 target price on shares of SoundHound AI in a report on Monday, May 13th. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $6.88.

SoundHound AI Stock Down 10.2 %

The company has a market capitalization of $1.83 billion, a P/E ratio of -15.45 and a beta of 2.77. The company has a current ratio of 8.84, a quick ratio of 8.84 and a debt-to-equity ratio of 0.56. The stock has a 50 day moving average price of $4.68 and a 200 day moving average price of $4.26.

SoundHound AI (NASDAQ:SOUN) last announced its quarterly earnings results on Thursday, May 9th. The company reported ($0.07) EPS for the quarter, beating analysts’ consensus estimates of ($0.09) by $0.02. SoundHound AI had a negative return on equity of 163.00% and a negative net margin of 183.49%. The company had revenue of $11.59 million during the quarter, compared to analysts’ expectations of $10.10 million. During the same period in the prior year, the company earned ($0.12) EPS. SoundHound AI’s revenue was up 72.9% compared to the same quarter last year. On average, research analysts anticipate that SoundHound AI, Inc. will post -0.33 earnings per share for the current fiscal year.

Insider Activity

In related news, CTO Timothy Stonehocker sold 104,000 shares of the firm’s stock in a transaction on Wednesday, June 5th. The stock was sold at an average price of $5.00, for a total transaction of $520,000.00. Following the completion of the transaction, the chief technology officer now directly owns 883,570 shares of the company’s stock, valued at approximately $4,417,850. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, CTO Timothy Stonehocker sold 104,000 shares of the firm’s stock in a transaction on Wednesday, June 5th. The stock was sold at an average price of $5.00, for a total transaction of $520,000.00. Following the completion of the transaction, the chief technology officer now directly owns 883,570 shares of the company’s stock, valued at approximately $4,417,850. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider James Ming Hom sold 16,716 shares of the firm’s stock in a transaction on Thursday, June 20th. The stock was sold at an average price of $4.04, for a total value of $67,532.64. Following the transaction, the insider now directly owns 486,989 shares of the company’s stock, valued at $1,967,435.56. The disclosure for this sale can be found here. In the last ninety days, insiders sold 417,728 shares of company stock worth $1,815,476. Insiders own 21.30% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in SOUN. Independent Advisor Alliance bought a new position in shares of SoundHound AI in the 4th quarter worth about $28,000. IAM Advisory LLC bought a new position in shares of SoundHound AI in the 4th quarter worth about $29,000. Hexagon Capital Partners LLC acquired a new stake in shares of SoundHound AI in the 1st quarter valued at about $29,000. HighPoint Advisor Group LLC acquired a new stake in shares of SoundHound AI in the 4th quarter valued at about $37,000. Finally, DecisionPoint Financial LLC acquired a new stake in shares of SoundHound AI in the 1st quarter valued at about $40,000. 19.28% of the stock is 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.