SoundHound AI (NASDAQ:SOUN) Stock Price Down 6.3% – Here’s Why

SoundHound AI, Inc. (NASDAQ:SOUN) shares dropped 6.3% on Thursday . The stock traded as low as $7.34 and last traded at $7.46. Approximately 25,096,397 shares were traded during mid-day trading, a decline of 8% from the average daily volume of 27,373,816 shares. The stock had previously closed at $7.96.

Analysts Set New Price Targets

Several equities research analysts have recently commented on SOUN shares. HC Wainwright lifted their target price on SoundHound AI from $18.00 to $26.00 and gave the company a “buy” rating in a research note on Thursday, October 16th. Weiss Ratings restated a “sell (d-)” rating on shares of SoundHound AI in a research report on Friday, January 9th. Zacks Research upgraded shares of SoundHound AI from a “strong sell” rating to a “hold” rating in a research report on Monday. DA Davidson set a $14.00 price objective on shares of SoundHound AI in a report on Thursday, January 8th. Finally, Piper Sandler cut their price target on SoundHound AI from $15.00 to $11.00 and set a “neutral” rating on the stock in a research note on Monday, January 5th. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, SoundHound AI has a consensus rating of “Moderate Buy” and an average price target of $16.07.

SoundHound AI Trading Down 6.3%

The company has a fifty day moving average price of $10.50 and a two-hundred day moving average price of $13.23. The firm has a market cap of $3.13 billion, a P/E ratio of -8.88 and a beta of 2.64.

Insiders Place Their Bets

In other news, CTO Timothy Stonehocker sold 29,676 shares of the business’s stock in a transaction dated Friday, January 9th. The stock was sold at an average price of $12.00, for a total value of $356,112.00. Following the sale, the chief technology officer directly owned 544,179 shares in the company, valued at $6,530,148. The trade was a 5.17% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Keyvan Mohajer sold 144,326 shares of the company’s stock in a transaction that occurred on Monday, December 22nd. The stock was sold at an average price of $11.28, for a total value of $1,627,997.28. Following the transaction, the chief executive officer directly owned 2,198,287 shares of the company’s stock, valued at approximately $24,796,677.36. This trade represents a 6.16% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 460,922 shares of company stock worth $5,199,073 in the last ninety days. 9.17% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Royal Bank of Canada lifted its position in SoundHound AI by 71.3% during the 1st quarter. Royal Bank of Canada now owns 160,299 shares of the company’s stock worth $1,301,000 after buying an additional 66,714 shares in the last quarter. Integrated Wealth Concepts LLC boosted its position in SoundHound AI by 8.9% during the first quarter. Integrated Wealth Concepts LLC now owns 14,676 shares of the company’s stock valued at $119,000 after purchasing an additional 1,201 shares during the last quarter. NewEdge Advisors LLC grew its stake in SoundHound AI by 12.9% in the first quarter. NewEdge Advisors LLC now owns 41,030 shares of the company’s stock valued at $333,000 after purchasing an additional 4,692 shares in the last quarter. Goldman Sachs Group Inc. increased its position in shares of SoundHound AI by 69.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 2,639,689 shares of the company’s stock worth $21,434,000 after purchasing an additional 1,085,473 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its stake in shares of SoundHound AI by 10.1% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 692,170 shares of the company’s stock worth $5,620,000 after purchasing an additional 63,398 shares in the last quarter. Institutional investors own 19.28% of the company’s stock.

About SoundHound AI

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.