SoundHound AI (NASDAQ:SOUN) Stock Price Down 2.9% – Here’s What Happened

SoundHound AI, Inc. (NASDAQ:SOUN)’s share price dropped 2.9% on Thursday . The company traded as low as $13.37 and last traded at $13.49. Approximately 38,647,635 shares were traded during mid-day trading, a decline of 42% from the average daily volume of 66,238,711 shares. The stock had previously closed at $13.89.

Wall Street Analyst Weigh In

Several equities research analysts have commented on SOUN shares. Wedbush boosted their price target on shares of SoundHound AI from $10.00 to $22.00 and gave the stock an “outperform” rating in a research report on Monday, December 16th. HC Wainwright reiterated a “buy” rating and set a $26.00 target price on shares of SoundHound AI in a report on Monday, January 13th. DA Davidson restated a “buy” rating and issued a $9.50 price target on shares of SoundHound AI in a research note on Monday, September 30th. LADENBURG THALM/SH SH reiterated a “neutral” rating and set a $7.00 price objective on shares of SoundHound AI in a research note on Wednesday, November 13th. Finally, Barclays reissued a “neutral” rating and issued a $7.00 target price on shares of SoundHound AI in a research note on Wednesday, November 13th. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $12.36.

SoundHound AI Stock Performance

The firm has a market cap of $5.04 billion, a price-to-earnings ratio of -37.89 and a beta of 2.63. The company has a current ratio of 2.58, a quick ratio of 2.58 and a debt-to-equity ratio of 0.13. The stock’s 50 day moving average is $14.03 and its 200 day moving average is $8.12.

SoundHound AI (NASDAQ:SOUN) last posted its quarterly earnings data on Tuesday, November 12th. The company reported ($0.06) earnings per share for the quarter, topping the consensus estimate of ($0.07) by $0.01. SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. The firm had revenue of $25.10 million for the quarter, compared to analysts’ expectations of $23.02 million. During the same quarter last year, the business earned ($0.09) EPS. The company’s quarterly revenue was up 88.7% compared to the same quarter last year. Analysts anticipate that SoundHound AI, Inc. will post -0.38 earnings per share for the current year.

Insider Buying and Selling at SoundHound AI

In related news, COO Michael Zagorsek sold 277,813 shares of the stock in a transaction that occurred on Wednesday, December 18th. The shares were sold at an average price of $21.25, for a total value of $5,903,526.25. Following the completion of the transaction, the chief operating officer now owns 1,473,322 shares of the company’s stock, valued at $31,308,092.50. This represents a 15.86 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Lawrence Marcus sold 30,000 shares of the business’s stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $7.15, for a total transaction of $214,500.00. Following the sale, the director now directly owns 178,117 shares in the company, valued at approximately $1,273,536.55. The trade was a 14.41 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 2,782,918 shares of company stock valued at $45,391,343 in the last ninety days. 12.28% of the stock is currently owned by company insiders.

Institutional Trading of SoundHound AI

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Carnegie Investment Counsel acquired a new position in SoundHound AI during the 3rd quarter worth about $4,193,000. Geode Capital Management LLC lifted its stake in shares of SoundHound AI by 9.1% in the third quarter. Geode Capital Management LLC now owns 7,193,599 shares of the company’s stock worth $33,529,000 after acquiring an additional 602,311 shares during the period. Oriental Harbor Investment Fund bought a new stake in SoundHound AI in the fourth quarter valued at approximately $8,964,000. Shellback Capital LP acquired a new stake in SoundHound AI during the 2nd quarter valued at approximately $1,196,000. Finally, Squarepoint Ops LLC raised its holdings in SoundHound AI by 818.0% during the 2nd quarter. Squarepoint Ops LLC now owns 231,168 shares of the company’s stock worth $913,000 after purchasing an additional 205,985 shares during the last quarter. 19.28% of the stock is currently 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.