SoundHound AI (NASDAQ:SOUN) Shares Down 0.1% on Analyst Downgrade

SoundHound AI, Inc. (NASDAQ:SOUN) traded down 0.1% on Tuesday after DA Davidson lowered their price target on the stock from $13.00 to $10.00. DA Davidson currently has a buy rating on the stock. SoundHound AI traded as low as $8.09 and last traded at $8.14. 3,471,735 shares traded hands during trading, a decline of 91% from the average session volume of 37,859,434 shares. The stock had previously closed at $8.15.

Several other research analysts have also issued reports on the stock. HC Wainwright reissued a “buy” rating and issued a $26.00 price target on shares of SoundHound AI in a research report on Monday, March 3rd. Wedbush raised their price target on SoundHound AI from $10.00 to $22.00 and gave the company an “outperform” rating in a report on Monday, December 16th. Northland Securities increased their price objective on shares of SoundHound AI from $6.00 to $8.00 and gave the stock a “market perform” rating in a report on Tuesday, January 14th. Finally, Cantor Fitzgerald raised SoundHound AI to a “hold” rating in a research note on Monday, February 24th. Four analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat, SoundHound AI currently has a consensus rating of “Hold” and a consensus target price of $12.43.

Insider Activity at SoundHound AI

In related news, insider James Ming Hom sold 51,196 shares of SoundHound AI stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $10.25, for a total transaction of $524,759.00. Following the sale, the insider now directly owns 638,456 shares in the company, valued at $6,544,174. This trade represents a 7.42 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Keyvan Mohajer sold 118,605 shares of the company’s stock in a transaction on Thursday, March 20th. The shares were sold at an average price of $9.90, for a total transaction of $1,174,189.50. Following the completion of the sale, the chief executive officer now directly owns 1,903,061 shares in the company, valued at approximately $18,840,303.90. This represents a 5.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 500,565 shares of company stock worth $4,999,726. Corporate insiders own 12.28% of the company’s stock.

Institutional Investors Weigh In On SoundHound AI

Hedge funds and other institutional investors have recently made changes to their positions in the business. Blue Trust Inc. lifted its position in shares of SoundHound AI by 197.6% during the fourth quarter. Blue Trust Inc. now owns 1,250 shares of the company’s stock valued at $25,000 after purchasing an additional 830 shares in the last quarter. Sound Income Strategies LLC increased its position in SoundHound AI by 2,542.0% in the fourth quarter. Sound Income Strategies LLC now owns 1,321 shares of the company’s stock worth $26,000 after buying an additional 1,271 shares during the last quarter. Orion Capital Management LLC purchased a new position in shares of SoundHound AI during the 4th quarter valued at $30,000. Future Financial Wealth Managment LLC purchased a new position in shares of SoundHound AI in the fourth quarter worth about $40,000. Finally, Compagnie Lombard Odier SCmA bought a new stake in SoundHound AI during the 4th quarter valued at $40,000. 19.28% of the stock is owned by institutional investors.

SoundHound AI Stock Down 5.7 %

The stock has a fifty day moving average price of $9.68 and a 200 day moving average price of $10.82. The stock has a market capitalization of $3.10 billion, a P/E ratio of -21.56 and a beta of 2.73. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.58 and a quick ratio of 2.58.

SoundHound AI (NASDAQ:SOUN) last released its quarterly earnings results on Thursday, February 27th. The company reported ($0.69) EPS for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.58). SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. The company had revenue of $34.54 million during the quarter, compared to analysts’ expectations of $33.70 million. On average, research analysts forecast that SoundHound AI, Inc. will post -0.38 earnings per share for the current year.

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.