SoundHound AI (NASDAQ:SOUN) Trading Down 4.7%

SoundHound AI, Inc. (NASDAQ:SOUN) shares traded down 4.7% on Wednesday . The company traded as low as $4.05 and last traded at $4.09. 19,039,566 shares traded hands during mid-day trading, an increase of 20% from the average session volume of 15,910,755 shares. The stock had previously closed at $4.29.

Wall Street Analysts Forecast Growth

SOUN has been the subject of several recent research reports. Northland Securities reiterated a “market perform” rating on shares of SoundHound AI in a report on Wednesday, February 28th. Cantor Fitzgerald upgraded SoundHound AI from an “underweight” rating to a “neutral” rating and set a $4.90 price objective for the company in a research note on Thursday, April 11th. DA Davidson increased their target price on SoundHound AI from $7.50 to $9.50 and gave the stock a “buy” rating in a research note on Friday, March 15th. Wedbush reiterated an “outperform” rating and issued a $9.00 price target on shares of SoundHound AI in a research note on Friday, May 10th. Finally, HC Wainwright reissued a “buy” rating and set a $7.00 price objective on shares of SoundHound AI in a research report on Monday, May 13th. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $6.88.

SoundHound AI Stock Performance

The company has a quick ratio of 8.84, a current ratio of 8.84 and a debt-to-equity ratio of 0.56. The stock has a market capitalization of $1.33 billion, a P/E ratio of -10.53 and a beta of 2.87. The business has a fifty day moving average price of $4.65 and a 200-day moving average price of $3.99.

SoundHound AI (NASDAQ:SOUN) last posted 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. SoundHound AI had a negative net margin of 183.49% and a negative return on equity of 163.00%. The business had revenue of $11.59 million for the quarter, compared to analysts’ expectations of $10.10 million. During the same quarter in the prior year, the business earned ($0.12) EPS. The business’s revenue for the quarter was up 72.9% compared to the same quarter last year. On average, sell-side analysts expect that SoundHound AI, Inc. will post -0.33 EPS for the current year.

Insider Buying and Selling at SoundHound AI

In related news, CTO Timothy Stonehocker sold 104,000 shares of the firm’s stock in a transaction that occurred on Wednesday, June 5th. The shares were sold at an average price of $5.00, for a total value of $520,000.00. Following the transaction, the chief technology officer now owns 883,570 shares of the company’s stock, valued at $4,417,850. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, CTO Timothy Stonehocker sold 104,000 shares of SoundHound AI stock in a transaction dated Wednesday, June 5th. The stock was sold at an average price of $5.00, for a total transaction of $520,000.00. Following the transaction, the chief technology officer now directly owns 883,570 shares of the company’s stock, valued at approximately $4,417,850. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Lawrence Marcus sold 50,000 shares of the company’s stock in a transaction that occurred on Monday, June 10th. The stock was sold at an average price of $4.81, for a total transaction of $240,500.00. Following the completion of the transaction, the director now owns 208,117 shares of the company’s stock, valued at $1,001,042.77. The disclosure for this sale can be found here. Company insiders own 21.30% of the company’s stock.

Institutional Investors Weigh In On SoundHound AI

Several institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. lifted its stake in SoundHound AI by 16.1% in the 1st quarter. Vanguard Group Inc. now owns 16,070,453 shares of the company’s stock worth $94,655,000 after purchasing an additional 2,226,471 shares in the last quarter. Intrinsic Edge Capital Management LLC lifted its position in shares of SoundHound AI by 47.7% in the fourth quarter. Intrinsic Edge Capital Management LLC now owns 4,848,211 shares of the company’s stock worth $10,278,000 after buying an additional 1,566,238 shares in the last quarter. Baupost Group LLC MA purchased a new stake in shares of SoundHound AI in the first quarter worth about $6,659,000. Janus Henderson Group PLC boosted its stake in SoundHound AI by 563.0% during the first quarter. Janus Henderson Group PLC now owns 482,731 shares of the company’s stock valued at $2,843,000 after buying an additional 409,917 shares during the last quarter. Finally, Swiss National Bank grew its holdings in SoundHound AI by 13.9% during the 4th quarter. Swiss National Bank now owns 400,500 shares of the company’s stock valued at $849,000 after buying an additional 49,000 shares in 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.