SoundHound AI (NASDAQ:SOUN) Stock Price Down 1.4% – Here’s What Happened

SoundHound AI, Inc. (NASDAQ:SOUN) traded down 1.4% during trading on Wednesday . The company traded as low as $7.74 and last traded at $7.79. 26,041,810 shares traded hands during trading, a decline of 4% from the average session volume of 27,020,455 shares. The stock had previously closed at $7.90.

Analyst Upgrades and Downgrades

SOUN has been the subject of a number of recent analyst reports. DA Davidson set a $14.00 target price on SoundHound AI in a research report on Thursday, January 8th. LADENBURG THALM/SH SH upgraded shares of SoundHound AI to a “strong-buy” rating in a research note on Thursday, December 18th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of SoundHound AI in a report on Friday, January 9th. Zacks Research raised shares of SoundHound AI from a “strong sell” rating to a “hold” rating in a research report on Monday, February 9th. Finally, Piper Sandler reiterated a “neutral” rating and issued a $9.00 price objective (down from $11.00) on shares of SoundHound AI in a research note on Friday, February 27th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, SoundHound AI presently has a consensus rating of “Moderate Buy” and an average target price of $14.93.

SoundHound AI Trading Down 1.4%

The company has a market capitalization of $3.27 billion, a P/E ratio of -155.77 and a beta of 2.65. The business’s fifty day moving average price is $9.23 and its 200 day moving average price is $12.60.

SoundHound AI (NASDAQ:SOUN) last issued its earnings results on Thursday, February 26th. The company reported ($0.02) EPS for the quarter, meeting the consensus estimate of ($0.02). The company had revenue of $55.06 million for the quarter, compared to the consensus estimate of $53.88 million. SoundHound AI had a negative net margin of 8.71% and a negative return on equity of 3.63%. The firm’s revenue for the quarter was up 59.4% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.05) EPS. Equities research analysts anticipate that SoundHound AI, Inc. will post -0.38 EPS for the current year.

Insider Buying and Selling

In related news, CEO Keyvan Mohajer sold 144,326 shares of the business’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 transaction 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. The trade was a 6.16% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Majid Emami sold 32,741 shares of the stock in a transaction that occurred on Friday, December 26th. The stock was sold at an average price of $10.66, for a total value of $349,019.06. Following the transaction, the senior vice president owned 532,845 shares in the company, valued at approximately $5,680,127.70. This trade represents a 5.79% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 460,922 shares of company stock worth $5,199,073 in the last quarter. 9.17% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Danske Bank A S bought a new position in SoundHound AI in the 3rd quarter valued at $26,000. Investors Research Corp raised its stake in shares of SoundHound AI by 62.4% in the third quarter. Investors Research Corp now owns 1,822 shares of the company’s stock valued at $29,000 after buying an additional 700 shares during the period. Financial Consulate Inc. purchased a new position in shares of SoundHound AI during the 3rd quarter valued at $32,000. Sound Income Strategies LLC grew its stake in shares of SoundHound AI by 37.3% during the 3rd quarter. Sound Income Strategies LLC now owns 2,116 shares of the company’s stock worth $34,000 after acquiring an additional 575 shares during the period. Finally, Northwestern Mutual Wealth Management Co. increased its holdings in SoundHound AI by 83.1% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 2,336 shares of the company’s stock worth $25,000 after acquiring an additional 1,060 shares during the last quarter. Hedge funds and other 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.