SoundHound AI (NASDAQ:SOUN) Shares Down 2.3%

SoundHound AI, Inc. (NASDAQ:SOUN)’s share price fell 2.3% on Monday . The company traded as low as $4.72 and last traded at $4.74. 2,894,058 shares traded hands during mid-day trading, a decline of 92% from the average session volume of 36,767,289 shares. The stock had previously closed at $4.85.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on SOUN. Cantor Fitzgerald raised SoundHound AI from a “neutral” rating to an “overweight” rating and raised their price objective for the stock from $5.00 to $7.00 in a research report on Friday, August 9th. Wedbush reissued an “outperform” rating and issued a $9.00 price objective on shares of SoundHound AI in a research report on Friday, August 9th. Northland Securities raised their price objective on SoundHound AI from $5.50 to $6.00 and gave the stock a “market perform” rating in a research report on Friday, August 9th. Finally, HC Wainwright reaffirmed a “buy” rating and set a $7.00 price target on shares of SoundHound AI in a research report on Wednesday. One analyst has rated the stock with a hold rating and five have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $7.08.

SoundHound AI Stock Performance

The stock has a 50 day simple moving average of $4.92 and a two-hundred day simple moving average of $4.99. The firm has a market cap of $1.60 billion, a PE ratio of -12.76 and a beta of 2.74.

SoundHound AI (NASDAQ:SOUN) last announced its quarterly earnings results on Thursday, August 8th. The company reported ($0.11) earnings per share for the quarter, missing the consensus estimate of ($0.09) by ($0.02). SoundHound AI had a negative net margin of 195.65% and a negative return on equity of 93.28%. The business had revenue of $13.46 million during the quarter, compared to analysts’ expectations of $13.09 million. During the same quarter in the prior year, the firm earned ($0.10) EPS. SoundHound AI’s revenue for the quarter was up 53.8% on a year-over-year basis. Equities research analysts forecast that SoundHound AI, Inc. will post -0.36 earnings per share for the current year.

Insider Activity at SoundHound AI

In related news, CEO Keyvan Mohajer sold 67,994 shares of SoundHound AI stock in a transaction dated Thursday, June 20th. The stock was sold at an average price of $4.04, for a total value of $274,695.76. Following the completion of the transaction, the chief executive officer now owns 1,069,837 shares in the company, valued at approximately $4,322,141.48. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, CTO Timothy Stonehocker sold 16,039 shares of SoundHound AI stock in a transaction dated Thursday, June 20th. The stock was sold at an average price of $4.04, for a total value of $64,797.56. Following the sale, the chief technology officer now directly owns 867,531 shares in the company, valued at approximately $3,504,825.24. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Keyvan Mohajer sold 67,994 shares of SoundHound AI stock in a transaction dated Thursday, June 20th. The stock was sold at an average price of $4.04, for a total value of $274,695.76. Following the completion of the sale, the chief executive officer now owns 1,069,837 shares in the company, valued at $4,322,141.48. The disclosure for this sale can be found here. Insiders sold a total of 521,728 shares of company stock worth $2,501,976 in the last 90 days. Corporate insiders own 21.30% of the company’s stock.

Institutional Investors Weigh In On SoundHound AI

Several institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. boosted its holdings 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 buying an additional 2,226,471 shares during the last quarter. Intrinsic Edge Capital Management LLC boosted its holdings in SoundHound AI by 47.7% in the 4th 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 during the last quarter. Baupost Group LLC MA acquired a new position in shares of SoundHound AI during the 1st quarter worth approximately $6,659,000. Bank of New York Mellon Corp boosted its holdings in shares of SoundHound AI by 92.7% during the 2nd quarter. Bank of New York Mellon Corp now owns 997,543 shares of the company’s stock worth $3,940,000 after purchasing an additional 479,912 shares during the last quarter. Finally, Janus Henderson Group PLC boosted its holdings in shares of SoundHound AI by 563.0% during the 1st quarter. Janus Henderson Group PLC now owns 482,731 shares of the company’s stock worth $2,843,000 after purchasing an additional 409,917 shares during the last quarter. 19.28% of the stock is currently owned by institutional investors and hedge funds.

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.