SoundHound AI (NASDAQ:SOUN) Trading Down 2%

SoundHound AI, Inc. (NASDAQ:SOUN)’s share price dropped 2% during mid-day trading on Tuesday . The company traded as low as $3.71 and last traded at $3.89. Approximately 9,704,886 shares were traded during mid-day trading, a decline of 82% from the average daily volume of 54,981,418 shares. The stock had previously closed at $3.97.

Analysts Set New Price Targets

SOUN has been the topic of a number of recent research reports. Northland Securities reissued a “market perform” rating on shares of SoundHound AI in a research report on Wednesday, February 28th. HC Wainwright lifted their target price on SoundHound AI from $5.00 to $7.00 and gave the company a “buy” rating in a research report on Monday, March 4th. Wedbush raised their price target on SoundHound AI from $5.00 to $9.00 and gave the company an “outperform” rating in a research note on Friday, March 1st. DA Davidson raised their price target on SoundHound AI from $7.50 to $9.50 and gave the company a “buy” rating in a research note on Friday, March 15th. Finally, Cantor Fitzgerald upgraded SoundHound AI from an “underweight” rating to a “neutral” rating and set a $4.90 price target for the company in a research note on Thursday, April 11th. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $6.88.

SoundHound AI Stock Performance

The company has a quick ratio of 4.69, a current ratio of 4.69 and a debt-to-equity ratio of 6.03. The stock has a 50 day simple moving average of $5.30 and a two-hundred day simple moving average of $3.12. The stock has a market capitalization of $1.22 billion, a P/E ratio of -10.15 and a beta of 2.75.

SoundHound AI (NASDAQ:SOUN) last issued its earnings results on Thursday, February 29th. The company reported ($0.06) EPS for the quarter, missing the consensus estimate of ($0.05) by ($0.01). SoundHound AI had a negative return on equity of 1,955.68% and a negative net margin of 188.57%. The business had revenue of $17.10 million for the quarter, compared to the consensus estimate of $17.75 million. During the same quarter in the prior year, the firm posted ($0.15) earnings per share. The business’s revenue was up 80.0% compared to the same quarter last year. On average, equities analysts forecast that SoundHound AI, Inc. will post -0.3 EPS for the current fiscal year.

Insider Transactions at SoundHound AI

In other news, CEO Keyvan Mohajer sold 107,927 shares of SoundHound AI stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $3.70, for a total transaction of $399,329.90. Following the completion of the transaction, the chief executive officer now directly owns 1,218,712 shares in the company, valued at approximately $4,509,234.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CEO Keyvan Mohajer sold 107,927 shares of the business’s stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $3.70, for a total value of $399,329.90. Following the completion of the sale, the chief executive officer now directly owns 1,218,712 shares in the company, valued at approximately $4,509,234.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Eric R. Ball sold 50,000 shares of the business’s stock in a transaction on Monday, February 26th. The shares were sold at an average price of $5.00, for a total value of $250,000.00. Following the completion of the sale, the director now owns 530,250 shares of the company’s stock, valued at $2,651,250. The disclosure for this sale can be found here. In the last three months, insiders sold 410,714 shares of company stock worth $2,598,723. 21.30% of the stock is owned by company insiders.

Hedge Funds Weigh In On SoundHound AI

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Wealthcare Advisory Partners LLC acquired a new position in SoundHound AI in the 1st quarter valued at $85,000. Sovereign Financial Group Inc. acquired a new position in SoundHound AI in the 1st quarter valued at $163,000. Global Assets Advisory LLC acquired a new position in SoundHound AI in the 1st quarter valued at $819,000. Ballew Advisors Inc acquired a new position in SoundHound AI in the 1st quarter valued at $59,000. Finally, HighPoint Advisor Group LLC acquired a new position in SoundHound AI in the 4th quarter valued at $37,000. 19.28% of the stock is owned by institutional investors and hedge funds.

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.