SoundHound AI (NASDAQ:SOUN) Shares Down 2.8%

SoundHound AI, Inc. (NASDAQ:SOUN)’s stock price dropped 2.8% during mid-day trading on Friday . The company traded as low as $4.85 and last traded at $4.87. Approximately 4,280,164 shares traded hands during mid-day trading, a decline of 88% from the average daily volume of 36,278,750 shares. The stock had previously closed at $5.01.

Wall Street Analyst Weigh In

SOUN has been the subject of a number of research analyst reports. HC Wainwright reissued a “buy” rating and issued a $7.00 target price on shares of SoundHound AI in a research note on Wednesday. Cantor Fitzgerald upgraded SoundHound AI from a “neutral” rating to an “overweight” rating and boosted their price target for the company from $5.00 to $7.00 in a report on Friday, August 9th. Wedbush restated an “outperform” rating and issued a $9.00 price target on shares of SoundHound AI in a report on Friday, August 9th. Finally, Northland Securities boosted their price target on SoundHound AI from $5.50 to $6.00 and gave the company a “market perform” rating in a report on Friday, August 9th. One analyst has rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $7.08.

SoundHound AI Stock Down 2.0 %

The firm has a 50 day simple moving average of $4.92 and a 200-day simple moving average of $4.99. The stock has a market cap of $1.62 billion, a P/E ratio of -12.82 and a beta of 2.74.

SoundHound AI (NASDAQ:SOUN) last released its quarterly earnings data on Thursday, August 8th. The company reported ($0.11) earnings per share (EPS) 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 the consensus estimate of $13.09 million. During the same quarter in the prior year, the company earned ($0.10) EPS. SoundHound AI’s quarterly revenue was up 53.8% on a year-over-year basis. On average, equities analysts anticipate that SoundHound AI, Inc. will post -0.36 earnings per share for the current year.

Insider Activity

In related news, CTO Timothy Stonehocker sold 208,000 shares of the stock in a transaction that occurred on Thursday, July 11th. The stock was sold at an average price of $5.75, for a total transaction of $1,196,000.00. Following the sale, the chief technology officer now owns 659,531 shares of the company’s stock, valued at $3,792,303.25. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, CTO Timothy Stonehocker sold 208,000 shares of SoundHound AI stock in a transaction on Thursday, July 11th. The stock was sold at an average price of $5.75, for a total value of $1,196,000.00. Following the transaction, the chief technology officer now owns 659,531 shares in the company, valued at approximately $3,792,303.25. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Keyvan Mohajer sold 116,504 shares of SoundHound AI stock in a transaction on Monday, June 24th. The shares were sold at an average price of $3.95, for a total value of $460,190.80. Following the completion of the transaction, the chief executive officer now owns 953,333 shares in the company, valued at approximately $3,765,665.35. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 374,504 shares of company stock valued at $1,907,191. 21.30% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its holdings in SoundHound AI by 16.1% during 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 period. Intrinsic Edge Capital Management LLC lifted its holdings in SoundHound AI by 47.7% during 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 period. Baupost Group LLC MA acquired a new position in SoundHound AI during the 1st quarter worth about $6,659,000. Bank of New York Mellon Corp lifted its holdings in 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 buying an additional 479,912 shares during the period. Finally, Janus Henderson Group PLC lifted its holdings in 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 buying an additional 409,917 shares during the period. 19.28% of the stock is 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.