SoundHound AI (NASDAQ:SOUN) Stock Price Down 4.6%

SoundHound AI, Inc. (NASDAQ:SOUN) dropped 4.6% during trading on Monday . The stock traded as low as $4.17 and last traded at $4.18. 9,470,367 shares traded hands during mid-day trading, a decline of 83% from the average daily volume of 55,307,055 shares. The stock had previously closed at $4.38.

Analysts Set New Price Targets

Several research firms recently issued reports on SOUN. HC Wainwright raised their price target on SoundHound AI from $5.00 to $7.00 and gave the company a “buy” rating in a report on Monday, March 4th. Cantor Fitzgerald raised shares of SoundHound AI from an “underweight” rating to a “neutral” rating and set a $4.90 target price on the stock in a research note on Thursday, April 11th. Northland Securities reissued a “market perform” rating on shares of SoundHound AI in a research note on Wednesday, February 28th. LADENBURG THALM/SH SH started coverage on shares of SoundHound AI in a report on Tuesday, January 30th. They issued a “buy” rating and a $4.00 price objective on the stock. Finally, Wedbush lifted their target price on shares of SoundHound AI from $5.00 to $9.00 and gave the stock an “outperform” rating in a report on Friday, March 1st. Two research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $6.88.

SoundHound AI Trading Up 2.3 %

The company has a market capitalization of $1.25 billion, a P/E ratio of -10.41 and a beta of 2.75. The business has a 50 day moving average price of $5.26 and a 200 day moving average price of $3.11. The company has a current ratio of 4.69, a quick ratio of 4.69 and a debt-to-equity ratio of 6.03.

SoundHound AI (NASDAQ:SOUN) last issued its earnings results on Thursday, February 29th. The company reported ($0.06) EPS for the quarter, missing the consensus estimate of ($0.05) by ($0.01). The firm had revenue of $17.10 million during the quarter, compared to the consensus estimate of $17.75 million. SoundHound AI had a negative net margin of 188.57% and a negative return on equity of 1,955.68%. The firm’s revenue for the quarter was up 80.0% on a year-over-year basis. During the same period in the previous year, the company posted ($0.15) EPS. Analysts anticipate that SoundHound AI, Inc. will post -0.3 EPS for the current year.

Insider Buying and Selling

In other SoundHound AI news, CTO Timothy Stonehocker sold 5,276 shares of the business’s stock in a transaction dated Thursday, March 21st. The stock was sold at an average price of $7.70, for a total value of $40,625.20. Following the completion of the transaction, the chief technology officer now directly owns 982,584 shares of the company’s stock, valued at $7,565,896.80. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, CTO Timothy Stonehocker sold 5,276 shares of the company’s stock in a transaction that occurred on Thursday, March 21st. The shares were sold at an average price of $7.70, for a total value of $40,625.20. Following the completion of the transaction, the chief technology officer now owns 982,584 shares in the company, valued at $7,565,896.80. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Keyvan Mohajer sold 107,927 shares of the stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $3.70, for a total transaction of $399,329.90. Following the sale, the chief executive officer now directly owns 1,218,712 shares of the company’s stock, valued at approximately $4,509,234.40. The disclosure for this sale can be found here. In the last quarter, insiders have sold 410,714 shares of company stock valued at $2,598,723. 21.30% of the stock is owned by company insiders.

Institutional Trading of SoundHound AI

A number of institutional investors have recently modified their holdings of the company. Bank of America Corp DE raised its position in SoundHound AI by 1,238.7% in the 4th quarter. Bank of America Corp DE now owns 14,726 shares of the company’s stock valued at $26,000 after buying an additional 13,626 shares during the last quarter. Two Sigma Securities LLC acquired a new stake in shares of SoundHound AI in the first quarter valued at approximately $28,000. Independent Advisor Alliance bought a new stake in shares of SoundHound AI in the fourth quarter worth $28,000. IAM Advisory LLC acquired a new position in SoundHound AI during the fourth quarter worth $29,000. Finally, HighTower Advisors LLC bought a new position in SoundHound AI in the third quarter valued at $32,000. 19.28% of the stock is currently owned by institutional investors.

About SoundHound AI

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.