SoundHound AI (NASDAQ:SOUN) Stock Price Down 3.7% – What’s Next?

SoundHound AI, Inc. (NASDAQ:SOUN)’s stock price fell 3.7% on Friday . The company traded as low as $8.45 and last traded at $8.56. 5,548,298 shares traded hands during trading, a decline of 85% from the average session volume of 38,062,605 shares. The stock had previously closed at $8.88.

Analyst Ratings Changes

Several brokerages have recently issued reports on SOUN. DA Davidson upped their target price on shares of SoundHound AI from $9.50 to $13.00 and gave the stock a “buy” rating in a research note on Friday, February 28th. Cantor Fitzgerald raised SoundHound AI to a “hold” rating in a research report on Monday, February 24th. HC Wainwright reissued a “buy” rating and issued a $26.00 target price on shares of SoundHound AI in a report on Monday, March 3rd. Northland Securities upped their price target on SoundHound AI from $6.00 to $8.00 and gave the company a “market perform” rating in a report on Tuesday, January 14th. Finally, Wedbush lifted their price objective on SoundHound AI from $10.00 to $22.00 and gave the stock an “outperform” rating in a report on Monday, December 16th. Four equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $12.86.

SoundHound AI Stock Down 4.6 %

The company’s 50-day moving average price is $11.89 and its 200 day moving average price is $10.50. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.58 and a current ratio of 2.58. The stock has a market cap of $3.38 billion, a PE ratio of -23.51 and a beta of 2.62.

SoundHound AI (NASDAQ:SOUN) last released its quarterly earnings results on Thursday, February 27th. The company reported ($0.69) earnings per share for the quarter, missing the consensus estimate of ($0.11) by ($0.58). SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. The business had revenue of $34.54 million during the quarter, compared to the consensus estimate of $33.70 million. As a group, analysts forecast that SoundHound AI, Inc. will post -0.38 EPS for the current fiscal year.

Insider Buying and Selling at SoundHound AI

In related news, insider James Ming Hom sold 28,388 shares of the business’s stock in a transaction that occurred on Thursday, March 20th. The stock was sold at an average price of $9.90, for a total value of $281,041.20. Following the transaction, the insider now directly owns 689,652 shares of the company’s stock, valued at approximately $6,827,554.80. The trade was a 3.95 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CTO Timothy Stonehocker sold 27,714 shares of the company’s stock in a transaction on Thursday, March 20th. The stock was sold at an average price of $9.90, for a total transaction of $274,368.60. Following the transaction, the chief technology officer now owns 768,867 shares of the company’s stock, valued at approximately $7,611,783.30. This represents a 3.48 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 500,565 shares of company stock valued at $4,999,726. Company insiders own 12.28% of the company’s stock.

Hedge Funds Weigh In On SoundHound AI

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in SOUN. Blue Trust Inc. raised its holdings in shares of SoundHound AI by 197.6% during the 4th quarter. Blue Trust Inc. now owns 1,250 shares of the company’s stock worth $25,000 after acquiring an additional 830 shares in the last quarter. Sound Income Strategies LLC lifted its position in SoundHound AI by 2,542.0% during the fourth quarter. Sound Income Strategies LLC now owns 1,321 shares of the company’s stock valued at $26,000 after purchasing an additional 1,271 shares during the last quarter. Orion Capital Management LLC bought a new stake in shares of SoundHound AI in the 4th quarter worth about $30,000. Future Financial Wealth Managment LLC purchased a new stake in shares of SoundHound AI during the 4th quarter valued at about $40,000. Finally, Compagnie Lombard Odier SCmA bought a new position in shares of SoundHound AI in the 4th quarter valued at about $40,000. 19.28% of the stock is owned by institutional investors.

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.