SoundHound AI (NASDAQ:SOUN) Trading Down 3.8%

Shares of SoundHound AI, Inc. (NASDAQ:SOUN) dropped 3.8% on Wednesday . The stock traded as low as $5.42 and last traded at $5.59. Approximately 19,273,840 shares were traded during trading, a decline of 68% from the average daily volume of 60,218,512 shares. The stock had previously closed at $5.81.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on SOUN shares. LADENBURG THALM/SH SH started coverage on shares of SoundHound AI in a report on Tuesday, January 30th. They issued a “buy” rating and a $4.00 price target for the company. Cantor Fitzgerald restated an “underweight” rating and issued a $4.90 price target (down previously from $5.80) on shares of SoundHound AI in a research report on Wednesday, March 20th. Northland Securities reissued a “market perform” rating on shares of SoundHound AI in a research note on Wednesday, February 28th. Wedbush upped their target price on SoundHound AI from $5.00 to $9.00 and gave the company an “outperform” rating in a report on Friday, March 1st. Finally, DA Davidson lifted their price target on SoundHound AI from $7.50 to $9.50 and gave the stock a “buy” rating in a research note on Friday, March 15th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, SoundHound AI currently has an average rating of “Moderate Buy” and an average price target of $6.88.

SoundHound AI Stock Performance

The stock has a market capitalization of $1.82 billion, a PE ratio of -15.10 and a beta of 2.84. The company has a debt-to-equity ratio of 6.03, a quick ratio of 4.69 and a current ratio of 4.69. The firm has a 50 day moving average of $4.45 and a 200-day moving average of $2.84.

SoundHound AI (NASDAQ:SOUN) last announced its quarterly earnings data on Thursday, February 29th. The company reported ($0.06) EPS for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.01). The company had revenue of $17.10 million for the quarter, compared to analysts’ expectations of $17.75 million. SoundHound AI had a negative net margin of 188.57% and a negative return on equity of 1,955.68%. The business’s revenue for the quarter was up 80.0% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.15) earnings per share. Research analysts forecast that SoundHound AI, Inc. will post -0.29 earnings per share for the current year.

Insider Activity

In related news, Director Eric R. Ball sold 50,000 shares of the firm’s stock in a transaction that occurred on Monday, February 26th. The shares were sold at an average price of $5.00, for a total transaction of $250,000.00. Following the transaction, the director now owns 530,250 shares of the company’s stock, valued at $2,651,250. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, Director Eric R. Ball sold 40,000 shares of the business’s stock in a transaction dated Thursday, March 14th. The stock was sold at an average price of $9.55, for a total transaction of $382,000.00. Following the transaction, the director now directly owns 450,250 shares in the company, valued at $4,299,887.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Eric R. Ball sold 50,000 shares of SoundHound AI stock in a transaction that occurred on Monday, February 26th. The stock was sold at an average price of $5.00, for a total value of $250,000.00. Following the sale, the director now directly owns 530,250 shares in the company, valued at approximately $2,651,250. The disclosure for this sale can be found here. Insiders sold a total of 410,714 shares of company stock worth $2,598,723 in the last three months. 21.30% of the stock is owned by insiders.

Institutional Investors Weigh In On SoundHound AI

Several institutional investors and hedge funds have recently bought and sold shares of the business. Bank of America Corp DE raised its position in SoundHound AI by 1,238.7% in the fourth quarter. Bank of America Corp DE now owns 14,726 shares of the company’s stock worth $26,000 after purchasing an additional 13,626 shares in the last quarter. Two Sigma Securities LLC bought a new position in shares of SoundHound AI during the 1st quarter worth approximately $28,000. Independent Advisor Alliance acquired a new stake in SoundHound AI in the 4th quarter valued at $28,000. IAM Advisory LLC acquired a new position in SoundHound AI during the fourth quarter worth $29,000. Finally, HighTower Advisors LLC bought a new position in shares of SoundHound AI during the third quarter valued at $32,000. 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.