SoundHound AI (NASDAQ:SOUN) Trading Down 0.3% – Here’s What Happened

SoundHound AI, Inc. (NASDAQ:SOUN)’s share price was down 0.3% during mid-day trading on Wednesday . The company traded as low as $6.45 and last traded at $6.49. Approximately 9,931,296 shares were traded during mid-day trading, a decline of 71% from the average daily volume of 34,498,480 shares. The stock had previously closed at $6.51.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the stock. HC Wainwright increased their target price on shares of SoundHound AI from $7.00 to $8.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. Cantor Fitzgerald upgraded shares of SoundHound AI from a “neutral” rating to an “overweight” rating and lifted their price objective for the company from $5.00 to $7.00 in a research note on Friday, August 9th. Barclays restated a “neutral” rating and set a $7.00 target price on shares of SoundHound AI in a research report on Wednesday, November 13th. Wedbush reiterated an “outperform” rating and issued a $9.00 price target on shares of SoundHound AI in a research report on Thursday, September 26th. Finally, DA Davidson reissued a “buy” rating and set a $9.50 price objective on shares of SoundHound AI in a report on Monday, September 30th. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $7.64.

SoundHound AI Stock Up 8.1 %

The company has a market cap of $2.50 billion, a P/E ratio of -19.33 and a beta of 2.71. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.58 and a quick ratio of 2.58. The company has a 50 day moving average of $5.44 and a 200-day moving average of $5.01.

SoundHound AI (NASDAQ:SOUN) last issued its quarterly earnings results on Tuesday, November 12th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.07) by $0.01. The firm had revenue of $25.10 million during the quarter, compared to the consensus estimate of $23.02 million. SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. The company’s revenue for the quarter was up 88.7% on a year-over-year basis. During the same quarter last year, the company posted ($0.09) EPS. On average, equities analysts predict that SoundHound AI, Inc. will post -0.37 earnings per share for the current year.

Insider Transactions at SoundHound AI

In other SoundHound AI news, CEO Keyvan Mohajer sold 63,544 shares of the stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $4.92, for a total transaction of $312,636.48. Following the transaction, the chief executive officer now directly owns 2,299,148 shares in the company, valued at $11,311,808.16. This trade represents a 2.69 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Michael Zagorsek sold 42,001 shares of SoundHound AI stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $4.88, for a total transaction of $204,964.88. Following the transaction, the chief operating officer now directly owns 1,473,322 shares in the company, valued at $7,189,811.36. This trade represents a 2.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 277,275 shares of company stock valued at $1,355,644 in the last quarter. Insiders own 12.28% of the company’s stock.

Hedge Funds Weigh In On SoundHound AI

Institutional investors and hedge funds have recently made changes to their positions in the business. Oppenheimer & Co. Inc. grew its stake in shares of SoundHound AI by 11.0% during the third quarter. Oppenheimer & Co. Inc. now owns 19,000 shares of the company’s stock valued at $89,000 after buying an additional 1,887 shares during the last quarter. Integrated Wealth Concepts LLC grew its position in SoundHound AI by 13.0% during the 3rd quarter. Integrated Wealth Concepts LLC now owns 17,150 shares of the company’s stock worth $80,000 after acquiring an additional 1,975 shares during the last quarter. Ameritas Investment Partners Inc. increased its stake in SoundHound AI by 17.3% in the 1st quarter. Ameritas Investment Partners Inc. now owns 13,561 shares of the company’s stock worth $80,000 after purchasing an additional 2,000 shares during the period. Genesee Capital Advisors LLC lifted its position in SoundHound AI by 11.4% in the second quarter. Genesee Capital Advisors LLC now owns 19,468 shares of the company’s stock valued at $77,000 after purchasing an additional 2,000 shares during the last quarter. Finally, Signaturefd LLC boosted its stake in shares of SoundHound AI by 19.5% during the third quarter. Signaturefd LLC now owns 12,255 shares of the company’s stock valued at $57,000 after purchasing an additional 2,000 shares during the period. 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.