SoundHound AI (NASDAQ:SOUN) Shares Down 1.3% – What’s Next?

SoundHound AI, Inc. (NASDAQ:SOUN) traded down 1.3% on Friday . The company traded as low as $8.16 and last traded at $8.41. 18,384,345 shares were traded during trading, a decline of 34% from the average session volume of 27,785,088 shares. The stock had previously closed at $8.52.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the stock. Zacks Research raised shares of SoundHound AI from a “strong sell” rating to a “hold” rating in a research report on Monday, February 9th. Piper Sandler reissued a “neutral” rating and set a $9.00 price target (down from $11.00) on shares of SoundHound AI in a research report on Friday, February 27th. LADENBURG THALM/SH SH raised shares of SoundHound AI to a “strong-buy” rating in a research report on Wednesday, May 6th. DA Davidson reissued a “buy” rating and set a $14.00 price target on shares of SoundHound AI in a research report on Wednesday, April 22nd. Finally, HC Wainwright reduced their price target on shares of SoundHound AI from $26.00 to $20.00 and set a “buy” rating on the stock in a research report on Monday, March 2nd. One 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.com, the company has an average rating of “Moderate Buy” and a consensus target price of $14.93.

SoundHound AI Stock Down 1.3%

The business’s fifty day moving average is $7.55 and its 200 day moving average is $9.84. The firm has a market capitalization of $3.56 billion, a price-to-earnings ratio of -17.89 and a beta of 2.58.

SoundHound AI (NASDAQ:SOUN) last issued its quarterly earnings data on Thursday, May 7th. The company reported ($0.06) EPS for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.01). SoundHound AI had a negative return on equity of 40.15% and a negative net margin of 91.84%.The company had revenue of $44.20 million for the quarter, compared to analyst estimates of $42.56 million. During the same quarter in the previous year, the business earned ($0.06) earnings per share. The company’s revenue was up 51.7% on a year-over-year basis. Equities research analysts expect that SoundHound AI, Inc. will post -0.34 EPS for the current year.

Insider Buying and Selling at SoundHound AI

In other SoundHound AI news, SVP Majid Emami sold 31,019 shares of SoundHound AI stock in a transaction on Friday, March 20th. The shares were sold at an average price of $6.79, for a total value of $210,619.01. Following the sale, the senior vice president directly owned 501,826 shares in the company, valued at approximately $3,407,398.54. The trade was a 5.82% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Nitesh Sharan sold 44,027 shares of SoundHound AI stock in a transaction on Friday, March 20th. The shares were sold at an average price of $6.79, for a total transaction of $298,943.33. Following the completion of the sale, the chief financial officer owned 1,661,121 shares in the company, valued at $11,279,011.59. The trade was a 2.58% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 307,973 shares of company stock valued at $2,091,110 over the last quarter. 8.84% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On SoundHound AI

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Hollencrest Capital Management increased its stake in SoundHound AI by 197.5% in the 1st quarter. Hollencrest Capital Management now owns 3,615 shares of the company’s stock valued at $25,000 after buying an additional 2,400 shares during the last quarter. Northwestern Mutual Wealth Management Co. increased its stake 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 valued at $25,000 after buying an additional 1,060 shares during the last quarter. Dogwood Wealth Management LLC increased its stake in SoundHound AI by 152.1% in the 4th quarter. Dogwood Wealth Management LLC now owns 2,559 shares of the company’s stock valued at $26,000 after buying an additional 1,544 shares during the last quarter. Danske Bank A S acquired a new stake in SoundHound AI in the 3rd quarter valued at $26,000. Finally, SHP Wealth Management acquired a new stake in SoundHound AI in the 4th quarter valued at $27,000. 19.28% of the stock is currently owned by institutional investors and hedge funds.

SoundHound AI Company Profile

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.