SoundHound AI (NASDAQ:SOUN) Shares Gap Down to $5.00

SoundHound AI, Inc. (NASDAQ:SOUN)’s stock price gapped down prior to trading on Tuesday . The stock had previously closed at $5.00, but opened at $4.84. SoundHound AI shares last traded at $4.91, with a volume of 3,993,269 shares traded.

Analysts Set New Price Targets

SOUN has been the topic of several recent analyst reports. DA Davidson boosted their price target on SoundHound AI from $7.50 to $9.50 and gave the stock a “buy” rating in a research note on Friday, March 15th. Cantor Fitzgerald reiterated an “underweight” rating and issued a $4.90 price target (down previously from $5.80) on shares of SoundHound AI in a research note on Wednesday, March 20th. LADENBURG THALM/SH SH initiated coverage on SoundHound AI in a research note on Tuesday, January 30th. They issued a “buy” rating and a $4.00 price target on the stock. HC Wainwright boosted their price target on SoundHound AI from $5.00 to $7.00 and gave the stock a “buy” rating in a research note on Monday, March 4th. Finally, Northland Securities reiterated a “market perform” rating on shares of SoundHound AI in a research note on Wednesday, February 28th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and four have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $6.88.

SoundHound AI Stock Performance

The company has a debt-to-equity ratio of 6.03, a current ratio of 4.69 and a quick ratio of 4.69. The stock has a market capitalization of $1.39 billion, a P/E ratio of -11.56 and a beta of 2.75. The company has a fifty day moving average of $5.05 and a two-hundred day moving average of $3.04.

SoundHound AI (NASDAQ:SOUN) last announced its quarterly earnings data on Thursday, February 29th. The company reported ($0.06) earnings per share for the quarter, missing the consensus estimate of ($0.05) by ($0.01). The firm had revenue of $17.10 million during the quarter, compared to the consensus estimate of $17.75 million. SoundHound AI had a negative net margin of 188.57% and a negative return on equity of 1,955.68%. The firm’s quarterly revenue was up 80.0% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.15) earnings per share. On average, equities analysts anticipate that SoundHound AI, Inc. will post -0.3 EPS for the current year.

Insider Activity

In other news, Director Eric R. Ball sold 40,000 shares of the company’s stock in a transaction that occurred on Thursday, March 14th. The stock was sold at an average price of $9.55, for a total transaction of $382,000.00. Following the completion of the transaction, the director now directly owns 450,250 shares of the company’s stock, valued at $4,299,887.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CEO Keyvan Mohajer sold 107,927 shares of the company’s stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $3.70, for a total transaction of $399,329.90. Following the completion of the transaction, the chief executive officer now directly owns 1,218,712 shares of the company’s stock, valued at $4,509,234.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Eric R. Ball sold 40,000 shares of the company’s stock in a transaction that occurred on Thursday, March 14th. The shares were sold at an average price of $9.55, for a total value of $382,000.00. Following the transaction, the director now directly owns 450,250 shares of the company’s stock, valued at $4,299,887.50. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 410,714 shares of company stock valued at $2,598,723. 21.30% of the stock is currently owned by insiders.

Hedge Funds Weigh In On SoundHound AI

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Bank of America Corp DE grew its holdings in SoundHound AI by 1,238.7% in the 4th quarter. Bank of America Corp DE now owns 14,726 shares of the company’s stock worth $26,000 after buying an additional 13,626 shares in the last quarter. Independent Advisor Alliance bought a new position in SoundHound AI in the 4th quarter worth approximately $28,000. Two Sigma Securities LLC bought a new position in SoundHound AI in the 1st quarter worth approximately $28,000. IAM Advisory LLC bought a new position in SoundHound AI in the 4th quarter worth approximately $29,000. Finally, Cambridge Investment Research Advisors Inc. bought a new position in SoundHound AI in the 4th quarter worth approximately $32,000. 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.