SoundHound AI (NASDAQ:SOUN) Shares Down 3.9%

SoundHound AI, Inc. (NASDAQ:SOUN)’s share price dropped 3.9% during trading on Monday . The stock traded as low as $4.89 and last traded at $4.92. Approximately 7,194,184 shares were traded during trading, a decline of 82% from the average daily volume of 40,811,426 shares. The stock had previously closed at $5.12.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on SOUN shares. Cantor Fitzgerald upgraded shares of SoundHound AI from an “underweight” rating to a “neutral” rating and set a $4.90 price objective for the company in a research report on Thursday, April 11th. Wedbush restated an “outperform” rating and set a $9.00 price objective on shares of SoundHound AI in a research report on Friday, May 10th. Finally, HC Wainwright restated a “buy” rating and set a $7.00 price objective on shares of SoundHound AI in a research report on Monday. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $6.88.

SoundHound AI Stock Down 5.9 %

The company has a debt-to-equity ratio of 0.56, a quick ratio of 8.84 and a current ratio of 8.84. The company has a market capitalization of $1.59 billion, a price-to-earnings ratio of -12.92 and a beta of 2.77. The firm’s 50-day simple moving average is $4.68 and its 200-day simple moving average is $4.48.

SoundHound AI (NASDAQ:SOUN) last posted its quarterly earnings results on Thursday, May 9th. The company reported ($0.07) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.09) by $0.02. The company had revenue of $11.59 million for the quarter, compared to analyst estimates of $10.10 million. SoundHound AI had a negative net margin of 183.49% and a negative return on equity of 163.00%. The business’s quarterly revenue was up 72.9% on a year-over-year basis. During the same period last year, the business posted ($0.12) EPS. Sell-side analysts forecast that SoundHound AI, Inc. will post -0.33 earnings per share for the current year.

Insider Activity at SoundHound AI

In other SoundHound AI news, CTO Timothy Stonehocker sold 104,000 shares of the business’s stock in a transaction dated Wednesday, June 5th. The shares were sold at an average price of $5.00, for a total value 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 $4,417,850. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, CTO Timothy Stonehocker sold 104,000 shares of the business’s stock in a transaction that occurred on Wednesday, June 5th. The shares were 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 owns 883,570 shares in the company, valued at $4,417,850. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Lawrence Marcus sold 50,000 shares of the business’s stock in a transaction that occurred on Monday, June 10th. The shares were sold at an average price of $4.81, for a total transaction of $240,500.00. Following the transaction, the director now owns 208,117 shares of the company’s stock, valued at approximately $1,001,042.77. The disclosure for this sale can be found here. Insiders sold 625,728 shares of company stock valued at $3,011,476 in the last ninety days. Insiders own 21.30% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Hexagon Capital Partners LLC acquired a new position in shares of SoundHound AI in the first quarter valued at approximately $29,000. DecisionPoint Financial LLC acquired a new position in shares of SoundHound AI in the first quarter valued at approximately $40,000. Newbridge Financial Services Group Inc. acquired a new position in shares of SoundHound AI in the first quarter valued at approximately $55,000. Wesbanco Bank Inc. acquired a new position in shares of SoundHound AI in the first quarter valued at approximately $59,000. Finally, Emerald Advisors LLC acquired a new position in shares of SoundHound AI in the first quarter valued at approximately $59,000. Institutional investors and hedge funds 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.