SoundHound AI (NASDAQ:SOUN) Shares Down 2.3%

SoundHound AI, Inc. (NASDAQ:SOUN)’s stock price was down 2.3% during mid-day trading on Monday . The company traded as low as $4.72 and last traded at $4.74. Approximately 2,894,058 shares were traded during mid-day trading, a decline of 92% from the average daily volume of 36,767,289 shares. The stock had previously closed at $4.85.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on SOUN shares. Northland Securities upped their target price on shares of SoundHound AI from $5.50 to $6.00 and gave the company a “market perform” rating in a report on Friday, August 9th. Cantor Fitzgerald upgraded SoundHound AI from a “neutral” rating to an “overweight” rating and raised their price target for the stock from $5.00 to $7.00 in a research report on Friday, August 9th. HC Wainwright restated a “buy” rating and set a $7.00 target price on shares of SoundHound AI in a research note on Monday, August 12th. Finally, Wedbush reissued an “outperform” rating and issued a $9.00 price objective on shares of SoundHound AI in a research note on Friday, August 9th. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $7.08.

SoundHound AI Stock Performance

The firm has a market cap of $1.57 billion, a P/E ratio of -12.47 and a beta of 2.74. The firm has a 50 day simple moving average of $4.90 and a 200 day simple moving average of $5.01.

SoundHound AI (NASDAQ:SOUN) last announced its quarterly earnings data on Thursday, August 8th. The company reported ($0.11) EPS for the quarter, missing the consensus estimate of ($0.09) by ($0.02). The firm had revenue of $13.46 million for the quarter, compared to the consensus estimate of $13.09 million. SoundHound AI had a negative net margin of 195.65% and a negative return on equity of 93.28%. SoundHound AI’s revenue for the quarter was up 53.8% compared to the same quarter last year. During the same quarter last year, the company posted ($0.10) earnings per share. Sell-side analysts predict that SoundHound AI, Inc. will post -0.36 EPS for the current fiscal year.

Insider Buying and Selling

In other news, Director Lawrence Marcus sold 50,000 shares of SoundHound AI stock in a transaction that occurred on Tuesday, August 20th. The shares were sold at an average price of $5.02, for a total transaction of $251,000.00. Following the completion of the transaction, the director now directly owns 74,038 shares in the company, valued at $371,670.76. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In other SoundHound AI news, Director Lawrence Marcus sold 50,000 shares of the firm’s stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $5.02, for a total value of $251,000.00. Following the transaction, the director now directly owns 74,038 shares of the company’s stock, valued at $371,670.76. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CTO Timothy Stonehocker sold 208,000 shares of the stock in a transaction that occurred on Thursday, July 11th. The stock was sold at an average price of $5.75, for a total transaction of $1,196,000.00. Following the completion of the transaction, the chief technology officer now owns 659,531 shares in the company, valued at $3,792,303.25. The disclosure for this sale can be found here. Insiders sold a total of 521,728 shares of company stock valued at $2,501,976 over the last three months. Corporate insiders own 21.30% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Independent Advisor Alliance bought a new stake in SoundHound AI in the fourth quarter worth about $28,000. Kings Path Partners LLC purchased a new stake in shares of SoundHound AI during the second quarter worth about $28,000. Hexagon Capital Partners LLC purchased a new stake in SoundHound AI in the first quarter valued at approximately $29,000. International Assets Investment Management LLC purchased a new stake in SoundHound AI in the second quarter valued at approximately $31,000. Finally, HighPoint Advisor Group LLC purchased a new stake in SoundHound AI in the fourth quarter valued at approximately $37,000. Institutional investors own 19.28% of the company’s stock.

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.