SoundHound AI (NASDAQ:SOUN) Trading Down 2%

SoundHound AI, Inc. (NASDAQ:SOUN) fell 2% during trading on Tuesday . The stock traded as low as $3.71 and last traded at $3.89. 9,704,886 shares changed hands during mid-day trading, a decline of 82% from the average session volume of 54,981,418 shares. The stock had previously closed at $3.97.

Analysts Set New Price Targets

A number of brokerages have issued reports on SOUN. 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 research report on Friday, March 1st. Cantor Fitzgerald upgraded shares of SoundHound AI from an “underweight” rating to a “neutral” rating and set a $4.90 price target for the company in a report on Thursday, April 11th. HC Wainwright lifted their price target on shares of SoundHound AI from $5.00 to $7.00 and gave the stock a “buy” rating in a report on Monday, March 4th. Northland Securities reaffirmed a “market perform” rating on shares of SoundHound AI in a research report on Wednesday, February 28th. Finally, LADENBURG THALM/SH SH started coverage on shares of SoundHound AI in a research report on Tuesday, January 30th. They set a “buy” rating and a $4.00 price target for the company. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $6.88.

SoundHound AI Stock Down 2.5 %

The firm has a market capitalization of $1.22 billion, a PE ratio of -10.15 and a beta of 2.75. The firm’s 50 day moving average price is $5.30 and its two-hundred day moving average price is $3.12. The company has a quick ratio of 4.69, a current ratio of 4.69 and a debt-to-equity ratio of 6.03.

SoundHound AI (NASDAQ:SOUN) last posted its quarterly earnings data on Thursday, February 29th. The company reported ($0.06) EPS for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.01). SoundHound AI had a negative net margin of 188.57% and a negative return on equity of 1,955.68%. The company had revenue of $17.10 million for the quarter, compared to the consensus estimate of $17.75 million. During the same quarter last year, the company earned ($0.15) earnings per share. The company’s revenue was up 80.0% compared to the same quarter last year. 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, VP Majid Emami sold 17,041 shares of the stock in a transaction on Tuesday, March 19th. The shares were sold at an average price of $8.37, for a total transaction of $142,633.17. Following the transaction, the vice president now directly owns 467,492 shares in the company, valued at approximately $3,912,908.04. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, VP Majid Emami sold 17,041 shares of the firm’s stock in a transaction dated Tuesday, March 19th. The shares were sold at an average price of $8.37, for a total value of $142,633.17. Following the transaction, the vice president now directly owns 467,492 shares in the company, valued at approximately $3,912,908.04. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Eric R. Ball sold 40,000 shares of the stock in a transaction dated Thursday, March 14th. The stock was sold at an average price of $9.55, for a total transaction of $382,000.00. Following the completion of the sale, the director now directly owns 450,250 shares in the company, valued at approximately $4,299,887.50. The disclosure for this sale can be found here. Insiders have sold 410,714 shares of company stock worth $2,598,723 in the last ninety days. 21.30% of the stock is owned by insiders.

Institutional Trading of SoundHound AI

A number of large investors have recently modified their holdings of SOUN. Royal Bank of Canada increased its stake in SoundHound AI by 520.7% during the 2nd quarter. Royal Bank of Canada now owns 8,690 shares of the company’s stock valued at $40,000 after buying an additional 7,290 shares during the period. Ballew Advisors Inc acquired a new stake in shares of SoundHound AI during the first quarter worth approximately $59,000. Two Sigma Securities LLC acquired a new stake in shares of SoundHound AI during the first quarter worth approximately $28,000. State of Wisconsin Investment Board acquired a new stake in shares of SoundHound AI during the second quarter worth approximately $52,000. Finally, Ameritas Investment Partners Inc. acquired a new stake in shares of SoundHound AI during the second quarter worth approximately $53,000. Institutional investors and hedge funds own 19.28% of the company’s stock.

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.