SoundHound AI (NASDAQ:SOUN) Stock Price Down 1.7%

SoundHound AI, Inc. (NASDAQ:SOUN)’s share price traded down 1.7% during mid-day trading on Tuesday . The stock traded as low as $4.92 and last traded at $5.12. 14,494,806 shares were traded during mid-day trading, a decline of 71% from the average session volume of 50,049,016 shares. The stock had previously closed at $5.21.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the stock. HC Wainwright increased their target price on shares of SoundHound AI from $5.00 to $7.00 and gave the company a “buy” rating in a research note on Monday, March 4th. DA Davidson boosted their price target on shares of SoundHound AI from $7.50 to $9.50 and gave the company a “buy” rating in a report on Friday, March 15th. Cantor Fitzgerald upgraded shares of SoundHound AI from an “underweight” rating to a “neutral” rating and set a $4.90 target price on the stock in a research report on Thursday, April 11th. LADENBURG THALM/SH SH assumed coverage on shares of SoundHound AI in a research report on Tuesday, January 30th. They issued a “buy” rating and a $4.00 price target for the company. Finally, Wedbush upped their price objective on SoundHound AI from $5.00 to $9.00 and gave the company an “outperform” rating in a research note on Friday, March 1st. Two research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $6.88.

SoundHound AI Stock Down 5.2 %

The company has a market cap of $1.53 billion, a P/E ratio of -12.41 and a beta of 2.87. The business’s 50 day moving average price is $5.53 and its 200-day moving average price is $3.35. The company has a debt-to-equity ratio of 6.03, a current ratio of 4.69 and a quick ratio of 4.69.

SoundHound AI (NASDAQ:SOUN) last released its quarterly earnings results on Thursday, February 29th. The company reported ($0.06) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.05) by ($0.01). The firm had revenue of $17.10 million during the quarter, compared to analyst estimates 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% compared to the same quarter last year. During the same period in the prior year, the business earned ($0.15) EPS. On average, analysts anticipate that SoundHound AI, Inc. will post -0.3 earnings per share for the current fiscal year.

Insider Transactions at SoundHound AI

In related news, VP Majid Emami sold 17,041 shares of the firm’s stock in a transaction on Tuesday, March 19th. The shares were sold at an average price of $8.37, for a total value of $142,633.17. Following the completion of the transaction, the vice president now directly owns 467,492 shares of the company’s stock, valued at $3,912,908.04. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, VP Majid Emami sold 17,041 shares of the business’s stock in a transaction on Tuesday, March 19th. The stock was sold at an average price of $8.37, for a total value of $142,633.17. Following the completion of the sale, the vice president now directly owns 467,492 shares in the company, valued at approximately $3,912,908.04. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Keyvan Mohajer sold 31,665 shares of the stock in a transaction on Friday, March 22nd. The stock was sold at an average price of $6.08, for a total value of $192,523.20. Following the transaction, the chief executive officer now owns 1,137,831 shares in the company, valued at approximately $6,918,012.48. The disclosure for this sale can be found here. Insiders sold a total of 405,057 shares of company stock worth $2,587,804 in the last three months. Insiders own 21.30% of the company’s stock.

Institutional Investors Weigh In On SoundHound AI

Several institutional investors and hedge funds have recently added to or reduced their stakes in SOUN. Hexagon Capital Partners LLC bought a new stake in shares of SoundHound AI in the first quarter worth $29,000. DecisionPoint Financial LLC bought a new position in shares of SoundHound AI during the first quarter worth about $40,000. Newbridge Financial Services Group Inc. acquired a new position in shares of SoundHound AI in the first quarter worth approximately $55,000. Wesbanco Bank Inc. acquired a new stake in SoundHound AI during the 1st quarter valued at approximately $59,000. Finally, Emerald Advisors LLC bought a new position in SoundHound AI during the 1st quarter worth approximately $59,000. 19.28% of the stock is currently owned by institutional investors.

SoundHound AI Company Profile

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.