SoundHound AI (NASDAQ:SOUN) Stock Price Down 0.4% – What’s Next?

SoundHound AI, Inc. (NASDAQ:SOUN) shares traded down 0.4% on Friday . The stock traded as low as $4.79 and last traded at $4.82. 3,136,914 shares traded hands during mid-day trading, a decline of 91% from the average session volume of 34,456,297 shares. The stock had previously closed at $4.84.

Analysts Set New Price Targets

Several equities analysts recently issued reports on SOUN shares. DA Davidson reissued a “buy” rating and set a $9.50 price objective on shares of SoundHound AI in a report on Monday, September 30th. Northland Securities lifted 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. HC Wainwright restated a “buy” rating and set a $7.00 price objective on shares of SoundHound AI in a research note on Wednesday, September 18th. Wedbush reiterated an “outperform” rating and issued a $9.00 target price on shares of SoundHound AI in a research note on Thursday, September 26th. Finally, Cantor Fitzgerald raised shares of SoundHound AI from a “neutral” rating to an “overweight” rating and increased their price target for the company from $5.00 to $7.00 in a research report on Friday, August 9th. One analyst has rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $7.08.

SoundHound AI Price Performance

The firm has a market cap of $1.62 billion, a price-to-earnings ratio of -12.92 and a beta of 2.73. The firm has a fifty day simple moving average of $4.81 and a two-hundred day simple moving average of $4.75.

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

Insider Buying and Selling

In other news, CFO Nitesh Sharan sold 39,728 shares of the stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $4.88, for a total value of $193,872.64. Following 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 represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CEO Keyvan Mohajer sold 63,544 shares of the firm’s stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $4.92, for a total transaction of $312,636.48. Following the completion of the transaction, the chief executive officer now owns 2,299,148 shares of the company’s stock, valued at $11,311,808.16. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Nitesh Sharan sold 39,728 shares of the company’s stock in a transaction on Friday, September 20th. The shares were sold at an average price of $4.88, for a total transaction of $193,872.64. Following the completion of the sale, the chief financial officer now directly owns 1,560,411 shares in the company, valued at approximately $7,614,805.68. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 327,275 shares of company stock worth $1,606,644 in the last 90 days. Insiders own 21.30% of the company’s stock.

Institutional Trading of SoundHound AI

A number of hedge funds have recently modified their holdings of SOUN. Principal Financial Group Inc. lifted its holdings in SoundHound AI by 16.5% in the first quarter. Principal Financial Group Inc. now owns 18,560 shares of the company’s stock valued at $109,000 after acquiring an additional 2,629 shares during the period. Vanguard Group Inc. boosted its holdings in SoundHound AI by 16.1% during the first quarter. Vanguard Group Inc. now owns 16,070,453 shares of the company’s stock worth $94,655,000 after buying an additional 2,226,471 shares in the last quarter. Commonwealth Equity Services LLC grew its position in SoundHound AI by 239.7% during the first quarter. Commonwealth Equity Services LLC now owns 296,428 shares of the company’s stock valued at $1,746,000 after buying an additional 209,154 shares during the period. Bank of New York Mellon Corp increased its holdings in SoundHound AI by 92.7% in the second quarter. Bank of New York Mellon Corp now owns 997,543 shares of the company’s stock valued at $3,940,000 after buying an additional 479,912 shares in the last quarter. Finally, SG Americas Securities LLC raised its position in shares of SoundHound AI by 1,039.3% in the second quarter. SG Americas Securities LLC now owns 213,775 shares of the company’s stock worth $844,000 after acquiring an additional 195,011 shares during the period. Hedge funds and other 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.