SoundHound AI (NASDAQ:SOUN) Stock Price Down 0.2%

SoundHound AI, Inc. (NASDAQ:SOUN)’s stock price was down 0.2% during mid-day trading on Thursday . The company traded as low as $4.64 and last traded at $4.80. Approximately 8,203,321 shares changed hands during mid-day trading, a decline of 83% from the average daily volume of 49,494,703 shares. The stock had previously closed at $4.81.

Analyst Ratings Changes

Several equities research analysts have weighed in on SOUN shares. Cantor Fitzgerald upgraded SoundHound AI from an “underweight” rating to a “neutral” rating and set a $4.90 target price for the company in a research note on Thursday, April 11th. HC Wainwright increased their price target on SoundHound AI from $5.00 to $7.00 and gave the company a “buy” rating in a research note on Monday, March 4th. Wedbush boosted their price objective on SoundHound AI from $5.00 to $9.00 and gave the stock an “outperform” rating in a research report on Friday, March 1st. Northland Securities reissued a “market perform” rating on shares of SoundHound AI in a research note on Wednesday, February 28th. Finally, DA Davidson upped their price objective on SoundHound AI from $7.50 to $9.50 and gave the company a “buy” rating in a research note on Friday, March 15th. Two research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $6.88.

SoundHound AI Trading Down 1.2 %

The firm has a 50 day moving average price of $5.46 and a two-hundred day moving average price of $3.38. 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 company has a market cap of $1.47 billion, a price-to-earnings ratio of -12.31 and a beta of 2.87.

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). SoundHound AI had a negative return on equity of 1,955.68% and a negative net margin of 188.57%. The firm had revenue of $17.10 million for the quarter, compared to the consensus estimate of $17.75 million. During the same quarter in the previous year, the business posted ($0.15) EPS. The firm’s revenue for the quarter was up 80.0% compared to the same quarter last year. As a group, equities analysts forecast that SoundHound AI, Inc. will post -0.3 earnings per share for the current year.

Insider Transactions at SoundHound AI

In other SoundHound AI news, VP Majid Emami sold 17,041 shares of the business’s stock in a transaction that occurred 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 transaction, the vice president now directly owns 467,492 shares of the company’s stock, valued at $3,912,908.04. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other news, VP Majid Emami sold 17,041 shares of the company’s stock in a transaction dated Tuesday, March 19th. The shares were sold at an average price of $8.37, for a total transaction of $142,633.17. Following the transaction, the vice president now owns 467,492 shares in the company, valued at $3,912,908.04. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CTO Timothy Stonehocker sold 5,276 shares of the stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of $7.70, for a total transaction of $40,625.20. Following the transaction, the chief technology officer now directly owns 982,584 shares in the company, valued at approximately $7,565,896.80. The disclosure for this sale can be found here. In the last ninety days, insiders sold 405,057 shares of company stock valued at $2,587,804. Corporate insiders own 21.30% of the company’s stock.

Hedge Funds Weigh In On SoundHound AI

A number of large investors have recently modified their holdings of the company. Commonwealth Equity Services LLC raised its holdings in shares of SoundHound AI by 30.0% in the 3rd quarter. Commonwealth Equity Services LLC now owns 72,853 shares of the company’s stock worth $146,000 after acquiring an additional 16,801 shares during the last quarter. Raymond James & Associates lifted its holdings in shares of SoundHound AI by 221.1% in the third quarter. Raymond James & Associates now owns 982,948 shares of the company’s stock valued at $1,976,000 after purchasing an additional 676,799 shares in the last quarter. Bank of New York Mellon Corp boosted its position in shares of SoundHound AI by 9.4% during the third quarter. Bank of New York Mellon Corp now owns 514,311 shares of the company’s stock valued at $1,034,000 after buying an additional 44,028 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. grew its holdings in SoundHound AI by 1.1% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,734,252 shares of the company’s stock worth $3,486,000 after buying an additional 18,301 shares in the last quarter. Finally, Gratus Capital LLC raised its position in SoundHound AI by 50.0% in the 3rd quarter. Gratus Capital LLC now owns 45,000 shares of the company’s stock valued at $90,000 after buying an additional 15,000 shares during the last quarter. 19.28% of the stock is currently owned by institutional investors.

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.