SoundHound AI (NASDAQ:SOUN) Trading Down 3.2% – Here’s What Happened

Shares of SoundHound AI, Inc. (NASDAQ:SOUN) traded down 3.2% during mid-day trading on Friday . The stock traded as low as $11.48 and last traded at $11.65. 26,966,578 shares changed hands during trading, a decline of 39% from the average session volume of 44,180,719 shares. The stock had previously closed at $12.03.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on SOUN. Weiss Ratings restated a “sell (d-)” rating on shares of SoundHound AI in a report on Tuesday, October 14th. DA Davidson restated a “buy” rating and issued a $17.00 price target on shares of SoundHound AI in a research note on Tuesday, November 18th. Wedbush reaffirmed an “outperform” rating and issued a $16.00 price objective on shares of SoundHound AI in a report on Thursday, September 11th. Piper Sandler lifted their target price on SoundHound AI from $12.00 to $15.00 and gave the stock a “neutral” rating in a report on Friday, November 7th. Finally, Oppenheimer began coverage on shares of SoundHound AI in a research note on Thursday, September 11th. They issued a “market perform” rating on the stock. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $17.07.

SoundHound AI Trading Down 3.2%

The stock has a market capitalization of $4.89 billion, a P/E ratio of -13.87 and a beta of 2.63. The business has a 50-day moving average price of $15.04 and a two-hundred day moving average price of $13.38.

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

Insider Activity at SoundHound AI

In other SoundHound AI news, CFO Nitesh Sharan sold 60,376 shares of the company’s stock in a transaction on Tuesday, October 14th. The stock was sold at an average price of $21.21, for a total transaction of $1,280,574.96. Following the completion of the sale, the chief financial officer directly owned 1,765,928 shares in the company, valued at $37,455,332.88. This represents a 3.31% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CTO Timothy Stonehocker sold 70,524 shares of SoundHound AI stock in a transaction on Wednesday, October 8th. The shares were sold at an average price of $20.00, for a total value of $1,410,480.00. Following the completion of the transaction, the chief technology officer owned 606,525 shares in the company, valued at approximately $12,130,500. The trade was a 10.42% decrease in their position. 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 in the last 90 days. Corporate insiders own 9.17% of the company’s stock.

Institutional Trading of SoundHound AI

Large investors have recently bought and sold shares of the business. Northern Trust Corp lifted its position in shares of SoundHound AI by 2.5% during the 1st quarter. Northern Trust Corp now owns 2,979,011 shares of the company’s stock valued at $24,190,000 after acquiring an additional 72,766 shares during the period. Y Intercept Hong Kong Ltd bought a new stake in SoundHound AI in the second quarter valued at $3,696,000. Liontrust Investment Partners LLP acquired a new position in shares of SoundHound AI during the first quarter valued at about $1,639,000. First Manhattan CO. LLC. acquired a new position in shares of SoundHound AI during the first quarter valued at about $985,000. Finally, Driehaus Capital Management LLC boosted its position in shares of SoundHound AI by 20.6% during the 1st quarter. Driehaus Capital Management LLC now owns 998,481 shares of the company’s stock worth $8,108,000 after purchasing an additional 170,786 shares in the last quarter. 19.28% of the stock is owned by institutional investors and hedge funds.

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.