SoundHound AI (NASDAQ:SOUN) Stock Price Down 2.9% – What’s Next?

SoundHound AI, Inc. (NASDAQ:SOUN)’s stock price fell 2.9% on Thursday . The stock traded as low as $13.37 and last traded at $13.49. 38,647,635 shares traded hands during trading, a decline of 42% from the average session volume of 66,238,711 shares. The stock had previously closed at $13.89.

Analysts Set New Price Targets

A number of analysts have recently issued reports on the company. LADENBURG THALM/SH SH restated a “neutral” rating and set a $7.00 price objective on shares of SoundHound AI in a research report on Wednesday, November 13th. DA Davidson reissued a “buy” rating and issued a $9.50 price target on shares of SoundHound AI in a report on Monday, September 30th. Wedbush raised their price objective on shares of SoundHound AI from $10.00 to $22.00 and gave the stock an “outperform” rating in a report on Monday, December 16th. Barclays reissued a “neutral” rating and issued a $7.00 target price on shares of SoundHound AI in a research note on Wednesday, November 13th. Finally, Northland Securities raised 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. Three analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, SoundHound AI currently has a consensus rating of “Moderate Buy” and a consensus price target of $12.36.

SoundHound AI Stock Performance

The company has a quick ratio of 2.58, a current ratio of 2.58 and a debt-to-equity ratio of 0.13. The stock has a market capitalization of $5.04 billion, a price-to-earnings ratio of -37.89 and a beta of 2.63. The stock’s 50-day simple moving average is $14.03 and its 200 day simple moving average is $8.12.

SoundHound AI (NASDAQ:SOUN) last posted its quarterly earnings data on Tuesday, November 12th. The company reported ($0.06) EPS for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.01. SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. The company had revenue of $25.10 million for the quarter, compared to analyst estimates of $23.02 million. During the same quarter in the previous year, the firm earned ($0.09) earnings per share. The business’s revenue was up 88.7% on a year-over-year basis. Analysts expect that SoundHound AI, Inc. will post -0.38 earnings per share for the current fiscal year.

Insider Activity

In other SoundHound AI news, Director Lawrence Marcus sold 30,000 shares of the company’s stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $7.15, for a total transaction of $214,500.00. Following the completion of the sale, the director now owns 178,117 shares in the company, valued at approximately $1,273,536.55. The trade was a 14.41 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Eric R. Ball sold 50,000 shares of the firm’s stock in a transaction on Thursday, December 5th. The stock was sold at an average price of $12.00, for a total value of $600,000.00. Following the completion of the transaction, the director now owns 451,756 shares in the company, valued at $5,421,072. This represents a 9.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 2,782,918 shares of company stock valued at $45,391,343 over the last 90 days. 12.28% of the stock is owned by company insiders.

Institutional Investors Weigh In On SoundHound AI

Several large investors have recently bought and sold shares of SOUN. Commons Capital LLC increased its stake in SoundHound AI by 2.7% during the 4th quarter. Commons Capital LLC now owns 27,349 shares of the company’s stock worth $543,000 after purchasing an additional 723 shares in the last quarter. ST Germain D J Co. Inc. raised its holdings in shares of SoundHound AI by 33.2% during the fourth quarter. ST Germain D J Co. Inc. now owns 3,008 shares of the company’s stock worth $60,000 after acquiring an additional 750 shares during the period. Oppenheimer & Co. Inc. increased its holdings in SoundHound AI by 11.0% during the 3rd quarter. Oppenheimer & Co. Inc. now owns 19,000 shares of the company’s stock worth $89,000 after purchasing an additional 1,887 shares in the last quarter. Integrated Wealth Concepts LLC lifted its holdings in shares of SoundHound AI by 13.0% in the third quarter. Integrated Wealth Concepts LLC now owns 17,150 shares of the company’s stock valued at $80,000 after purchasing an additional 1,975 shares in the last quarter. Finally, Signaturefd LLC boosted its position in shares of SoundHound AI by 19.5% during the third quarter. Signaturefd LLC now owns 12,255 shares of the company’s stock worth $57,000 after buying an additional 2,000 shares during the period. 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.