SoundHound AI (NASDAQ:SOUN) Stock Price Down 3.2% – What’s Next?

SoundHound AI, Inc. (NASDAQ:SOUN) fell 3.2% during mid-day trading on Wednesday . The company traded as low as $5.01 and last traded at $5.10. 7,280,470 shares changed hands during trading, a decline of 79% from the average session volume of 34,092,508 shares. The stock had previously closed at $5.27.

Wall Street Analysts Forecast Growth

SOUN has been the subject of several analyst reports. Cantor Fitzgerald upgraded SoundHound AI from a “neutral” rating to an “overweight” rating and boosted their price target for the company from $5.00 to $7.00 in a report on Friday, August 9th. Northland Securities raised their price target on SoundHound AI from $5.50 to $6.00 and gave the stock a “market perform” rating in a research note on Friday, August 9th. HC Wainwright reaffirmed a “buy” rating and set a $7.00 price objective on shares of SoundHound AI in a research note on Wednesday, September 18th. DA Davidson restated a “buy” rating and issued a $9.50 target price on shares of SoundHound AI in a report on Monday, September 30th. Finally, Wedbush reiterated an “outperform” rating and issued a $9.00 price target on shares of SoundHound AI in a report on Thursday, September 26th. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $7.08.

SoundHound AI Stock Down 6.8 %

The company has a market cap of $1.62 billion, a PE ratio of -13.05 and a beta of 2.73. The business’s 50 day moving average price is $4.89 and its 200-day moving average price is $4.74.

SoundHound AI (NASDAQ:SOUN) last announced its earnings results on Thursday, August 8th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.02). The business 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 was up 53.8% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.10) earnings per share. Equities analysts expect that SoundHound AI, Inc. will post -0.36 earnings per share for the current year.

Insider Buying and Selling at SoundHound AI

In related news, CFO Nitesh Sharan sold 39,728 shares of SoundHound AI stock in a transaction on 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 in the company, valued at approximately $7,614,805.68. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other SoundHound AI news, CTO Timothy Stonehocker sold 20,337 shares of the business’s stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $4.88, for a total transaction of $99,244.56. Following the completion of the transaction, the chief technology officer now directly owns 1,039,194 shares of the company’s stock, valued at $5,071,266.72. The trade was a 0.00 % decrease in their position. The transaction 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 stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $4.88, for a total value 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 $7,614,805.68. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 327,275 shares of company stock valued at $1,606,644 in the last three months. Corporate insiders own 21.30% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Carnegie Investment Counsel purchased a new position in shares of SoundHound AI during the third quarter valued at $4,193,000. Principal Financial Group Inc. grew its stake in shares of SoundHound AI by 16.5% in the first quarter. Principal Financial Group Inc. now owns 18,560 shares of the company’s stock worth $109,000 after acquiring an additional 2,629 shares during the last quarter. Vanguard Group Inc. lifted its position in SoundHound AI by 16.1% in the first quarter. Vanguard Group Inc. now owns 16,070,453 shares of the company’s stock worth $94,655,000 after purchasing an additional 2,226,471 shares during the period. Commonwealth Equity Services LLC increased its position in shares of SoundHound AI by 239.7% during the 1st quarter. Commonwealth Equity Services LLC now owns 296,428 shares of the company’s stock worth $1,746,000 after purchasing an additional 209,154 shares in the last quarter. Finally, Bank of New York Mellon Corp increased its holdings in SoundHound AI by 92.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 997,543 shares of the company’s stock valued at $3,940,000 after purchasing an additional 479,912 shares in the last quarter. Institutional investors own 19.28% of the company’s stock.

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.