SoundHound AI (NASDAQ:SOUN) Trading Down 0.6%

SoundHound AI, Inc. (NASDAQ:SOUN)’s stock price fell 0.6% during trading on Wednesday . The company traded as low as $5.06 and last traded at $5.09. 6,564,585 shares traded hands during trading, a decline of 86% from the average session volume of 48,522,602 shares. The stock had previously closed at $5.12.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on SOUN. Cantor Fitzgerald upgraded SoundHound AI from an “underweight” rating to a “neutral” rating and set a $4.90 target price for the company in a report on Thursday, April 11th. Wedbush restated an “outperform” rating and issued a $9.00 target price on shares of SoundHound AI in a research note on Friday, May 10th. LADENBURG THALM/SH SH initiated coverage on shares of SoundHound AI in a research note on Tuesday, January 30th. They set a “buy” rating and a $4.00 price target for the company. Northland Securities restated a “market perform” rating on shares of SoundHound AI in a report on Wednesday, February 28th. Finally, HC Wainwright reiterated a “buy” rating and issued a $7.00 price target on shares of SoundHound AI in a research note on Monday, May 13th. Two analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, SoundHound AI presently has an average rating of “Moderate Buy” and a consensus price target of $6.88.

SoundHound AI Stock Down 0.2 %

The business’s 50-day moving average price is $5.19 and its 200 day moving average price is $3.64. The company has a debt-to-equity ratio of 0.56, a current ratio of 8.84 and a quick ratio of 8.84.

SoundHound AI (NASDAQ:SOUN) last issued its earnings results on Thursday, May 9th. The company reported ($0.07) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.09) by $0.02. The business had revenue of $11.59 million during the quarter, compared to the consensus estimate of $10.10 million. SoundHound AI had a negative net margin of 183.49% and a negative return on equity of 163.00%. SoundHound AI’s revenue was up 72.9% on a year-over-year basis. During the same period last year, the business posted ($0.12) EPS. On average, research analysts forecast that SoundHound AI, Inc. will post -0.32 earnings per share for the current fiscal year.

Insider Buying and Selling

In other SoundHound AI news, Director Eric R. Ball sold 40,000 shares of SoundHound AI stock in a transaction on Thursday, March 14th. The shares were 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 document filed with the SEC, which is available at the SEC website. In related news, Director Eric R. Ball sold 40,000 shares of SoundHound AI 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 sale, the director now directly owns 450,250 shares of the company’s stock, valued at approximately $4,299,887.50. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Lawrence Marcus sold 50,000 shares of the stock in a transaction on Tuesday, March 12th. The stock was sold at an average price of $7.00, for a total value of $350,000.00. Following the transaction, the director now owns 333,117 shares in the company, valued at approximately $2,331,819. The disclosure for this sale can be found here. In the last three months, insiders have sold 290,515 shares of company stock valued at $2,164,925. 21.30% of the stock is owned by insiders.

Hedge Funds Weigh In On SoundHound AI

Hedge funds and other institutional investors have recently modified their holdings of the business. Commonwealth Equity Services LLC boosted its stake in SoundHound AI by 30.0% in the third quarter. Commonwealth Equity Services LLC now owns 72,853 shares of the company’s stock valued at $146,000 after buying an additional 16,801 shares in the last quarter. Raymond James & Associates increased its stake in shares of SoundHound AI by 221.1% in the third quarter. Raymond James & Associates now owns 982,948 shares of the company’s stock valued at $1,976,000 after buying an additional 676,799 shares during the period. Bank of New York Mellon Corp grew its stake in shares of SoundHound AI by 9.4% in the third quarter. Bank of New York Mellon Corp now owns 514,311 shares of the company’s stock worth $1,034,000 after purchasing an additional 44,028 shares during the last quarter. Victory Capital Management Inc. increased its holdings in SoundHound AI by 45.0% in the third quarter. Victory Capital Management Inc. now owns 21,658 shares of the company’s stock valued at $44,000 after purchasing an additional 6,717 shares during the period. Finally, Swiss National Bank raised its position in SoundHound AI by 12.0% during the 3rd quarter. Swiss National Bank now owns 351,500 shares of the company’s stock worth $707,000 after purchasing an additional 37,700 shares during the last quarter. 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.