SoundHound AI (NASDAQ:SOUN) Cut to Strong Sell at Wall Street Zen

Wall Street Zen lowered shares of SoundHound AI (NASDAQ:SOUN) from a sell rating to a strong sell rating in a research report report published on Saturday,Wall Street Zen reports.

A number of other research firms also recently issued reports on SOUN. DA Davidson lowered their price target on SoundHound AI from $12.00 to $10.00 and set a “buy” rating for the company in a research report on Thursday, August 6th. Piper Sandler lowered their price target on shares of SoundHound AI from $8.00 to $7.00 and set a “neutral” rating for the company in a report on Thursday, August 6th. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of SoundHound AI in a report on Monday, June 15th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, SoundHound AI has a consensus rating of “Moderate Buy” and a consensus price target of $13.60.

SoundHound AI Price Performance

Shares of SoundHound AI stock opened at $6.74 on Friday. SoundHound AI has a fifty-two week low of $5.65 and a fifty-two week high of $22.17. The business’s fifty day moving average is $6.76 and its two-hundred day moving average is $7.33. The firm has a market cap of $2.99 billion, a PE ratio of -17.74 and a beta of 2.66.

SoundHound AI (NASDAQ:SOUN) last announced its quarterly earnings data on Wednesday, August 5th. The company reported ($0.02) EPS for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.11. SoundHound AI had a negative return on equity of 30.22% and a negative net margin of 67.45%.The business had revenue of $61.90 million during the quarter, compared to the consensus estimate of $52.38 million. During the same quarter in the previous year, the business earned ($0.19) earnings per share. The business’s revenue for the quarter was up 45.0% on a year-over-year basis. Equities research analysts anticipate that SoundHound AI will post -0.33 EPS for the current year.

Insiders Place Their Bets

In other SoundHound AI news, SVP Majid Emami sold 28,843 shares of the stock in a transaction on Monday, June 15th. The stock was sold at an average price of $7.46, for a total transaction of $215,168.78. Following the completion of the transaction, the senior vice president directly owned 472,983 shares of the company’s stock, valued at approximately $3,528,453.18. This trade represents a 5.75% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider James Hom sold 28,843 shares of the firm’s stock in a transaction dated Monday, June 15th. The shares were sold at an average price of $7.46, for a total value of $215,168.78. Following the transaction, the insider directly owned 743,521 shares of the company’s stock, valued at $5,546,666.66. This represents a 3.73% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last ninety days, insiders have sold 269,365 shares of company stock valued at $2,009,047. Corporate insiders own 8.84% of the company’s stock.

Institutional Trading of SoundHound AI

Large investors have recently added to or reduced their stakes in the business. Corient Private Wealth LP grew its holdings in shares of SoundHound AI by 777.2% in the 2nd quarter. Corient Private Wealth LP now owns 176,764 shares of the company’s stock worth $1,144,000 after acquiring an additional 156,612 shares during the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in shares of SoundHound AI in the 2nd quarter valued at about $198,000. California State Teachers Retirement System increased its stake in SoundHound AI by 558.0% in the 2nd quarter. California State Teachers Retirement System now owns 2,895,228 shares of the company’s stock valued at $18,732,000 after buying an additional 2,455,205 shares during the period. Ameritas Advisory Services LLC purchased a new stake in shares of SoundHound AI during the second quarter worth $137,000. Finally, AlphaGrep UK Ltd purchased a new stake in shares of SoundHound AI during the 2nd quarter worth about $102,000. 19.28% of the stock is currently owned by institutional investors.

SoundHound AI Company Profile

SoundHound AI, Inc is a voice AI and conversational intelligence company specializing in speech recognition, natural language understanding and sound identification technologies. Founded in 2005 and headquartered in Santa Clara, California, the company initially gained recognition with its music discovery app before pivoting to enterprise-grade voice AI solutions. Over the years, SoundHound AI has built a comprehensive platform that enables developers and businesses to embed conversational intelligence into a wide range of products and services.

The company’s core offering is the Houndify voice AI platform, which provides customizable speech-to-meaning technology, domain-specific natural language understanding and text-to-speech capabilities.