SoundHound AI (NASDAQ:SOUN) Shares Down 2.9% – Here’s Why

SoundHound AI, Inc. (NASDAQ:SOUN) shares fell 2.9% during mid-day trading on Tuesday . The stock traded as low as $12.28 and last traded at $12.31. 24,041,802 shares changed hands during trading, a decline of 46% from the average session volume of 44,444,488 shares. The stock had previously closed at $12.68.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on SOUN shares. HC Wainwright lifted their price objective on shares of SoundHound AI from $18.00 to $26.00 and gave the stock a “buy” rating in a report on Thursday, October 16th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of SoundHound AI in a report on Tuesday, October 14th. Piper Sandler boosted their price objective on shares of SoundHound AI from $12.00 to $15.00 and gave the company a “neutral” rating in a research report on Friday, November 7th. Wedbush reissued an “outperform” rating and issued a $16.00 target price on shares of SoundHound AI in a report on Thursday, September 11th. Finally, Oppenheimer assumed coverage on SoundHound AI in a report on Thursday, September 11th. They set a “market perform” rating for the company. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $17.42.

SoundHound AI Trading Down 2.9%

The company’s 50-day moving average is $15.43 and its two-hundred day moving average is $13.35. The stock has a market capitalization of $5.17 billion, a P/E ratio of -14.65 and a beta of 2.63.

SoundHound AI (NASDAQ:SOUN) last posted its earnings results on Thursday, November 6th. The company reported ($0.03) EPS for the quarter, topping the consensus estimate of ($0.09) by $0.06. The firm had revenue of $42.05 million during the quarter, compared to analysts’ expectations of $40.48 million. SoundHound AI had a negative net margin of 211.16% and a negative return on equity of 93.64%. SoundHound AI’s quarterly revenue was up 67.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.04) EPS. Sell-side analysts expect that SoundHound AI, Inc. will post -0.38 EPS for the current fiscal year.

Insider Transactions at SoundHound AI

In other SoundHound AI news, CTO Timothy Stonehocker sold 70,524 shares of the business’s stock in a transaction dated Wednesday, October 8th. The shares were sold at an average price of $20.00, for a total transaction of $1,410,480.00. Following the sale, the chief technology officer directly owned 606,525 shares in the company, valued at approximately $12,130,500. The trade was a 10.42% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Nitesh Sharan sold 126,596 shares of SoundHound AI stock in a transaction on Monday, September 22nd. The shares were sold at an average price of $16.58, for a total value of $2,098,961.68. Following the transaction, the chief financial officer owned 1,796,304 shares in the company, valued at approximately $29,782,720.32. This trade represents a 6.58% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 787,260 shares of company stock worth $13,973,056 over the last ninety days. Insiders own 9.17% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. Swiss Life Asset Management Ltd lifted its holdings in shares of SoundHound AI by 67.9% in the third quarter. Swiss Life Asset Management Ltd now owns 17,001 shares of the company’s stock valued at $273,000 after purchasing an additional 6,878 shares in the last quarter. KERR FINANCIAL PLANNING Corp bought a new stake in SoundHound AI in the third quarter worth approximately $354,000. CIBC Bancorp USA Inc. acquired a new position in shares of SoundHound AI during the 3rd quarter worth $628,000. WBI Investments LLC bought a new position in shares of SoundHound AI during the 3rd quarter valued at $887,000. Finally, Captrust Financial Advisors raised its holdings in shares of SoundHound AI by 136.0% during the 3rd quarter. Captrust Financial Advisors now owns 215,091 shares of the company’s stock valued at $3,459,000 after purchasing an additional 123,960 shares in the last quarter. 19.28% of the stock is owned by hedge funds and other 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.