SoundHound AI (NASDAQ:SOUN) Trading Down 5.1% – Here’s What Happened

SoundHound AI, Inc. (NASDAQ:SOUN)’s stock price traded down 5.1% on Monday . The stock traded as low as $5.14 and last traded at $5.22. 17,038,760 shares changed hands during trading, a decline of 50% from the average session volume of 34,251,563 shares. The stock had previously closed at $5.50.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on the stock. Cantor Fitzgerald raised shares of SoundHound AI from a “neutral” rating to an “overweight” rating and boosted their price target for the company from $5.00 to $7.00 in a research report on Friday, August 9th. Wedbush reaffirmed an “outperform” rating and set a $9.00 price target on shares of SoundHound AI in a research note on Thursday, September 26th. HC Wainwright reiterated a “buy” rating and issued a $7.00 price objective on shares of SoundHound AI in a research note on Wednesday, September 18th. Northland Securities upped their target price on shares of SoundHound AI from $5.50 to $6.00 and gave the stock a “market perform” rating in a research report on Friday, August 9th. Finally, DA Davidson restated a “buy” rating and issued a $9.50 price target on shares of SoundHound AI in a report on Monday, September 30th. One analyst has rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $7.08.

SoundHound AI Price Performance

The firm has a market cap of $1.76 billion, a price-to-earnings ratio of -13.74 and a beta of 2.73. The business’s 50-day moving average price is $4.88 and its two-hundred day moving average price is $4.74.

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

Insider Buying and Selling

In other SoundHound AI news, CEO Keyvan Mohajer sold 63,544 shares of SoundHound AI stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $4.92, for a total value of $312,636.48. Following the transaction, the chief executive officer now owns 2,299,148 shares in the company, valued at $11,311,808.16. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other SoundHound AI news, insider James Ming Hom sold 21,024 shares of the company’s stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $4.88, for a total transaction of $102,597.12. Following the completion of the sale, the insider now directly owns 865,965 shares in the company, valued at $4,225,909.20. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Keyvan Mohajer sold 63,544 shares of SoundHound AI stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $4.92, for a total value of $312,636.48. Following the completion of the transaction, the chief executive officer now directly owns 2,299,148 shares in the company, valued at $11,311,808.16. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 327,275 shares of company stock valued at $1,606,644. Insiders own 21.30% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of SOUN. HighPoint Advisor Group LLC purchased a new stake in SoundHound AI during the fourth quarter worth approximately $37,000. Global Assets Advisory LLC acquired a new stake in SoundHound AI in the 1st quarter valued at $819,000. Sovereign Financial Group Inc. purchased a new position in SoundHound AI in the first quarter valued at about $163,000. Wealthcare Advisory Partners LLC acquired a new position in shares of SoundHound AI during the first quarter worth about $85,000. Finally, Hexagon Capital Partners LLC purchased a new stake in shares of SoundHound AI in the first quarter worth about $29,000. Hedge funds and other institutional investors 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.