SoundHound AI (NASDAQ:SOUN) Stock Price Down 1.7% – Here’s What Happened

SoundHound AI, Inc. (NASDAQ:SOUN)’s stock price fell 1.7% during trading on Friday . The stock traded as low as $9.12 and last traded at $9.39. 11,211,946 shares were traded during trading, a decline of 74% from the average session volume of 42,382,463 shares. The stock had previously closed at $9.55.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on SOUN shares. Cantor Fitzgerald raised shares of SoundHound AI to a “hold” rating in a research note on Monday, February 24th. LADENBURG THALM/SH SH reiterated a “neutral” rating and set a $7.00 price objective on shares of SoundHound AI in a research note on Wednesday, November 13th. 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. Barclays restated a “neutral” rating and set a $7.00 price target on shares of SoundHound AI in a report on Wednesday, November 13th. Finally, Northland Securities upped their price target on shares of SoundHound AI from $6.00 to $8.00 and gave the stock a “market perform” rating in a research note on Tuesday, January 14th. Four research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, SoundHound AI currently has a consensus rating of “Hold” and an average price target of $12.86.

SoundHound AI Stock Up 2.0 %

The stock has a market cap of $3.83 billion, a PE ratio of -27.06 and a beta of 2.62. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.58 and a quick ratio of 2.58. The company has a 50 day moving average price of $14.00 and a two-hundred day moving average price of $10.08.

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

Insider Transactions at SoundHound AI

In related news, Director Lawrence Marcus sold 20,000 shares of SoundHound AI stock in a transaction on Monday, December 23rd. The stock was sold at an average price of $20.47, for a total transaction of $409,400.00. Following the transaction, the director now directly owns 108,117 shares in the company, valued at approximately $2,213,154.99. The trade was a 15.61 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Keyvan Mohajer sold 465,394 shares of the business’s stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $15.04, for a total value of $6,999,525.76. Following the transaction, the chief executive officer now owns 2,299,148 shares of the company’s stock, valued at approximately $34,579,185.92. This trade represents a 16.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 1,788,257 shares of company stock worth $31,895,182 in the last quarter. Company insiders own 12.28% of the company’s stock.

Institutional Trading of SoundHound AI

A number of hedge funds and other institutional investors have recently modified their holdings of SOUN. B. Riley Wealth Advisors Inc. bought a new position in SoundHound AI in the 4th quarter worth $544,000. United Advisor Group LLC purchased a new stake in SoundHound AI in the 4th quarter worth $379,000. Mackenzie Financial Corp boosted its holdings in shares of SoundHound AI by 14.5% during the 4th quarter. Mackenzie Financial Corp now owns 20,831 shares of the company’s stock valued at $413,000 after purchasing an additional 2,643 shares during the last quarter. Sunbelt Securities Inc. grew its position in shares of SoundHound AI by 153.1% during the fourth quarter. Sunbelt Securities Inc. now owns 4,555 shares of the company’s stock valued at $90,000 after purchasing an additional 2,755 shares in the last quarter. Finally, Fourth Dimension Wealth LLC bought a new stake in SoundHound AI in the 4th quarter worth approximately $88,000. 19.28% of the stock is owned by hedge funds and other 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.