SoundHound AI (NASDAQ:SOUN) Trading Down 1.3%

SoundHound AI, Inc. (NASDAQ:SOUN) traded down 1.3% on Friday . The company traded as low as $3.72 and last traded at $3.78. 5,302,538 shares were traded during mid-day trading, a decline of 90% from the average session volume of 53,413,871 shares. The stock had previously closed at $3.83.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on the company. DA Davidson upped their price objective on SoundHound AI from $7.50 to $9.50 and gave the stock a “buy” rating in a research note on Friday, March 15th. LADENBURG THALM/SH SH initiated coverage on SoundHound AI in a research report on Tuesday, January 30th. They issued a “buy” rating and a $4.00 target price on the stock. HC Wainwright boosted their target price on SoundHound AI from $5.00 to $7.00 and gave the stock a “buy” rating in a research report on Monday, March 4th. Wedbush upped their price objective on SoundHound AI from $5.00 to $9.00 and gave the company an “outperform” rating in a research report on Friday, March 1st. Finally, Northland Securities restated a “market perform” rating on shares of SoundHound AI in a research report on Wednesday, February 28th. Two research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, SoundHound AI has a consensus rating of “Moderate Buy” and an average target price of $6.88.

SoundHound AI Stock Performance

The company has a market cap of $1.10 billion, a P/E ratio of -9.10 and a beta of 2.75. The firm has a 50 day moving average of $5.37 and a 200-day moving average of $3.15. The company has a quick ratio of 4.69, a current ratio of 4.69 and a debt-to-equity ratio of 6.03.

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

Insider Buying and Selling at SoundHound AI

In other SoundHound AI news, CEO Keyvan Mohajer sold 107,927 shares of the stock in a transaction 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 sale, the chief executive officer now owns 1,218,712 shares of the company’s stock, valued at approximately $4,509,234.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, Director Eric R. Ball sold 50,000 shares of the stock in a transaction on Monday, February 26th. The stock was sold at an average price of $5.00, for a total transaction of $250,000.00. Following the completion of the sale, the director now owns 530,250 shares in the company, valued at approximately $2,651,250. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Keyvan Mohajer sold 107,927 shares of the stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $3.70, for a total value of $399,329.90. Following the sale, the chief executive officer now owns 1,218,712 shares of the company’s stock, valued at approximately $4,509,234.40. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 410,714 shares of company stock valued at $2,598,723. 21.30% of the stock is currently owned by corporate insiders.

Institutional Trading of SoundHound AI

Hedge funds and other institutional investors have recently made changes to their positions in the business. Bank of America Corp DE lifted its holdings in shares of SoundHound AI by 1,238.7% during the 4th quarter. Bank of America Corp DE now owns 14,726 shares of the company’s stock valued at $26,000 after purchasing an additional 13,626 shares during the last quarter. Independent Advisor Alliance acquired a new stake in shares of SoundHound AI during the 4th quarter valued at about $28,000. Two Sigma Securities LLC acquired a new stake in shares of SoundHound AI during the 1st quarter valued at about $28,000. IAM Advisory LLC acquired a new stake in shares of SoundHound AI during the 4th quarter valued at about $29,000. Finally, Hexagon Capital Partners LLC acquired a new stake in shares of SoundHound AI during the 1st quarter valued at 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.