SoundHound AI (NASDAQ:SOUN) Stock Price Down 3.6%

SoundHound AI, Inc. (NASDAQ:SOUN) dropped 3.6% on Wednesday . The company traded as low as $4.71 and last traded at $4.76. Approximately 4,331,280 shares were traded during trading, a decline of 90% from the average daily volume of 41,276,027 shares. The stock had previously closed at $4.94.

Analyst Upgrades and Downgrades

SOUN has been the topic of a number of research reports. HC Wainwright reissued a “buy” rating and set a $7.00 price objective on shares of SoundHound AI in a report on Monday, May 13th. Cantor Fitzgerald raised SoundHound AI from an “underweight” rating to a “neutral” rating and set a $4.90 price objective on the stock in a report on Thursday, April 11th. Finally, Wedbush reissued an “outperform” rating and set a $9.00 price objective on shares of SoundHound AI in a report on Friday, May 10th. Two analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $6.88.

SoundHound AI Stock Performance

The company has a debt-to-equity ratio of 0.56, a quick ratio of 8.84 and a current ratio of 8.84. The company has a 50 day moving average price of $4.68 and a 200-day moving average price of $4.43.

SoundHound AI (NASDAQ:SOUN) last released its quarterly earnings results on Thursday, May 9th. The company reported ($0.07) earnings per share for the quarter, beating the consensus estimate of ($0.09) by $0.02. SoundHound AI had a negative return on equity of 163.00% and a negative net margin of 183.49%. The company had revenue of $11.59 million for the quarter, compared to analyst estimates of $10.10 million. During the same period in the previous year, the company posted ($0.12) earnings per share. The firm’s revenue was up 72.9% on a year-over-year basis. As a group, equities analysts anticipate that SoundHound AI, Inc. will post -0.33 EPS for the current year.

Insider Activity at SoundHound AI

In related news, CTO Timothy Stonehocker sold 104,000 shares of SoundHound AI stock in a transaction that occurred on Wednesday, June 5th. The stock was sold at an average price of $5.00, for a total transaction of $520,000.00. Following the sale, the chief technology officer now directly owns 883,570 shares in the company, valued at $4,417,850. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other SoundHound AI news, insider James Ming Hom sold 16,716 shares of the business’s stock in a transaction on Thursday, June 20th. The stock was sold at an average price of $4.04, for a total value of $67,532.64. Following the sale, the insider now directly owns 486,989 shares of the company’s stock, valued at $1,967,435.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CTO Timothy Stonehocker sold 104,000 shares of the business’s stock in a transaction on Wednesday, June 5th. The stock was sold at an average price of $5.00, for a total value of $520,000.00. Following the completion of the sale, the chief technology officer now directly owns 883,570 shares in the company, valued at $4,417,850. The disclosure for this sale can be found here. Insiders have sold 625,728 shares of company stock worth $3,011,476 over the last ninety days. 21.30% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On SoundHound AI

Several hedge funds have recently added to or reduced their stakes in the stock. Principal Financial Group Inc. lifted its holdings in shares of SoundHound AI by 16.5% during the first quarter. Principal Financial Group Inc. now owns 18,560 shares of the company’s stock valued at $109,000 after purchasing an additional 2,629 shares in the last quarter. Good Life Advisors LLC bought a new position in shares of SoundHound AI during the fourth quarter valued at $174,000. PFG Investments LLC bought a new position in shares of SoundHound AI during the first quarter valued at $1,335,000. Commonwealth Equity Services LLC increased its position in SoundHound AI by 239.7% during the first quarter. Commonwealth Equity Services LLC now owns 296,428 shares of the company’s stock valued at $1,746,000 after acquiring an additional 209,154 shares during the last quarter. Finally, Concurrent Investment Advisors LLC purchased a new stake in SoundHound AI during the first quarter valued at $199,000. 19.28% of the stock is owned by institutional investors.

SoundHound AI Company Profile

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.