SoundHound AI (NASDAQ:SOUN) Shares Down 1.3%

Shares of SoundHound AI, Inc. (NASDAQ:SOUN) traded down 1.3% during mid-day trading on Tuesday . The company traded as low as $4.50 and last traded at $4.56. 8,190,423 shares traded hands during trading, a decline of 84% from the average session volume of 51,378,512 shares. The stock had previously closed at $4.62.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the stock. LADENBURG THALM/SH SH assumed coverage on shares of SoundHound AI in a research report on Tuesday, January 30th. They set a “buy” rating and a $4.00 price objective on the stock. Northland Securities reissued a “market perform” rating on shares of SoundHound AI in a research report on Wednesday, February 28th. HC Wainwright increased their price objective on shares of SoundHound AI from $5.00 to $7.00 and gave the stock a “buy” rating in a research report on Monday, March 4th. DA Davidson increased their price objective on shares of SoundHound AI from $7.50 to $9.50 and gave the stock a “buy” rating in a research report on Friday, March 15th. Finally, Wedbush increased their price objective on shares of SoundHound AI from $5.00 to $9.00 and gave the stock an “outperform” rating in a research report on Friday, March 1st. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $6.88.

SoundHound AI Trading Up 4.0 %

The company has a debt-to-equity ratio of 6.03, a current ratio of 4.69 and a quick ratio of 4.69. The stock’s fifty day moving average is $5.51 and its two-hundred day moving average is $3.27.

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

Insider Buying and Selling at SoundHound AI

In other SoundHound AI news, CEO Keyvan Mohajer sold 107,927 shares of the stock in a transaction dated Thursday, February 15th. The shares were 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 owns 1,218,712 shares in the company, valued at approximately $4,509,234.40. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other SoundHound AI news, CEO Keyvan Mohajer sold 107,927 shares of the stock in a transaction dated Thursday, February 15th. The shares were 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 owns 1,218,712 shares in the company, valued at approximately $4,509,234.40. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Eric R. Ball sold 50,000 shares of the firm’s stock in a transaction that occurred on Monday, February 26th. The stock was sold at an average price of $5.00, for a total transaction of $250,000.00. Following the sale, the director now owns 530,250 shares of the company’s stock, valued at approximately $2,651,250. The disclosure for this sale can be found here. In the last 90 days, insiders sold 405,057 shares of company stock worth $2,587,804. Insiders own 21.30% of the company’s stock.

Institutional Investors Weigh In On SoundHound AI

Several large investors have recently modified their holdings of the stock. Janney Montgomery Scott LLC purchased a new stake in shares of SoundHound AI during the 1st quarter worth approximately $109,000. Sequoia Financial Advisors LLC purchased a new stake in shares of SoundHound AI during the 1st quarter worth approximately $107,000. DecisionPoint Financial LLC purchased a new stake in shares of SoundHound AI during the 1st quarter worth approximately $40,000. Fortis Group Advisors LLC bought a new position in SoundHound AI in the 1st quarter worth approximately $115,000. Finally, Commonwealth Equity Services LLC boosted its holdings in SoundHound AI by 239.7% in the 1st quarter. Commonwealth Equity Services LLC now owns 296,428 shares of the company’s stock worth $1,746,000 after buying an additional 209,154 shares during the period. Hedge funds and other 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.