SoundHound AI (NASDAQ:SOUN) Shares Down 1.7%

SoundHound AI, Inc. (NASDAQ:SOUNGet Free Report)’s stock price fell 1.7% during trading on Wednesday . The stock traded as low as $5.13 and last traded at $5.29. 7,386,720 shares were traded during mid-day trading, a decline of 87% from the average session volume of 58,379,914 shares. The stock had previously closed at $5.38.

Analyst Ratings Changes

Several brokerages have commented on SOUN. Northland Securities restated a “market perform” rating on shares of SoundHound AI in a research note on Wednesday, February 28th. DA Davidson raised their price target on shares of SoundHound AI from $7.50 to $9.50 and gave the company a “buy” rating in a research note on Friday, March 15th. Cantor Fitzgerald restated an “underweight” rating and issued a $4.90 price target (down previously from $5.80) on shares of SoundHound AI in a research note on Wednesday, March 20th. Wedbush raised their price objective on shares of SoundHound AI from $5.00 to $9.00 and gave the company an “outperform” rating in a research note on Friday, March 1st. Finally, LADENBURG THALM/SH SH initiated 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 on the stock. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and four have assigned a buy rating to the company. According to MarketBeat, SoundHound AI has a consensus rating of “Moderate Buy” and an average target price of $6.88.

Get Our Latest Report on SOUN

SoundHound AI Stock Performance

The firm’s fifty day moving average price is $4.67 and its 200-day moving average price is $2.92. The company has a current ratio of 4.69, a quick ratio of 4.69 and a debt-to-equity ratio of 6.03. The company has a market cap of $1.57 billion, a P/E ratio of -13.56 and a beta of 2.75.

SoundHound AI (NASDAQ:SOUNGet Free Report) last issued its earnings results on Thursday, February 29th. The company reported ($0.06) earnings per share for the quarter, missing the consensus estimate of ($0.05) by ($0.01). The business had revenue of $17.10 million for 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%. SoundHound AI’s revenue was up 80.0% on a year-over-year basis. During the same quarter last year, the firm posted ($0.15) earnings per share. As a group, research 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 31,665 shares of the business’s stock in a transaction dated Friday, March 22nd. The shares were sold at an average price of $6.08, for a total value of $192,523.20. Following the transaction, the chief executive officer now directly owns 1,137,831 shares in the company, valued at $6,918,012.48. The transaction was disclosed in a document filed with the SEC, which is available through this link. In other SoundHound AI news, CEO Keyvan Mohajer sold 31,665 shares of the business’s stock in a transaction dated Friday, March 22nd. The shares were sold at an average price of $6.08, for a total value of $192,523.20. Following the transaction, the chief executive officer now directly owns 1,137,831 shares in the company, valued at $6,918,012.48. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director Eric R. Ball sold 40,000 shares of the stock in a transaction that occurred on Thursday, March 14th. The shares were sold at an average price of $9.55, for a total transaction of $382,000.00. Following the sale, the director now directly owns 450,250 shares in the company, valued at $4,299,887.50. The disclosure for this sale can be found here. Insiders have sold a total of 410,714 shares of company stock worth $2,598,723 over the last ninety days. Corporate insiders own 21.30% of the company’s stock.

Institutional Trading of SoundHound AI

Hedge funds have recently modified their holdings of the stock. Royal Bank of Canada grew its stake in shares of SoundHound AI by 520.7% during the second quarter. Royal Bank of Canada now owns 8,690 shares of the company’s stock valued at $40,000 after purchasing an additional 7,290 shares during the last quarter. Cetera Investment Advisers bought a new stake in shares of SoundHound AI during the second quarter valued at approximately $46,000. Two Sigma Securities LLC bought a new stake in shares of SoundHound AI during the first quarter valued at approximately $28,000. State of Wisconsin Investment Board bought a new stake in shares of SoundHound AI during the second quarter valued at approximately $52,000. Finally, Ameritas Investment Partners Inc. acquired a new position in SoundHound AI in the second quarter valued at approximately $53,000. 19.28% of the stock is owned by institutional investors.

About SoundHound AI

(Get Free Report)

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.

Further Reading

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