SoundHound AI (NASDAQ:SOUN) Trading Down 1.8%

SoundHound AI, Inc. (NASDAQ:SOUN) shares dropped 1.8% on Monday . The stock traded as low as $4.87 and last traded at $4.88. Approximately 3,367,287 shares were traded during mid-day trading, a decline of 91% from the average daily volume of 36,166,414 shares. The stock had previously closed at $4.97.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on the stock. Cantor Fitzgerald upgraded shares of SoundHound AI from a “neutral” rating to an “overweight” rating and upped their target price for the stock from $5.00 to $7.00 in a research report on Friday, August 9th. HC Wainwright reiterated a “buy” rating and issued a $7.00 price objective on shares of SoundHound AI in a research report on Wednesday, September 18th. Northland Securities boosted their target price 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, Wedbush reiterated an “outperform” rating and issued a $9.00 price objective on shares of SoundHound AI in a research report on Friday, August 9th. One equities research 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 currently has a consensus rating of “Moderate Buy” and an average price target of $7.08.

SoundHound AI Stock Down 0.8 %

The stock has a market cap of $1.62 billion, a P/E ratio of -12.84 and a beta of 2.74. The stock has a fifty day simple moving average of $4.89 and a 200-day simple moving average of $4.98.

SoundHound AI (NASDAQ:SOUN) last issued its quarterly earnings data on Thursday, August 8th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.02). The firm had revenue of $13.46 million for the quarter, compared to analyst estimates of $13.09 million. SoundHound AI had a negative net margin of 195.65% and a negative return on equity of 93.28%. The firm’s revenue for the quarter was up 53.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.10) EPS. Sell-side analysts anticipate that SoundHound AI, Inc. will post -0.36 earnings per share for the current year.

Insiders Place Their Bets

In other news, CTO Timothy Stonehocker sold 208,000 shares of the company’s stock in a transaction that occurred on Thursday, July 11th. The shares were sold at an average price of $5.75, for a total value of $1,196,000.00. Following the completion of the transaction, the chief technology officer now owns 659,531 shares in the company, valued at $3,792,303.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, CTO Timothy Stonehocker sold 208,000 shares of SoundHound AI stock in a transaction dated Thursday, July 11th. The shares were sold at an average price of $5.75, for a total value of $1,196,000.00. Following the completion of the transaction, the chief technology officer now owns 659,531 shares of the company’s stock, valued at approximately $3,792,303.25. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Lawrence Marcus sold 50,000 shares of SoundHound AI stock in a transaction dated Tuesday, August 20th. The stock was sold at an average price of $5.02, for a total value of $251,000.00. Following the transaction, the director now owns 74,038 shares of the company’s stock, valued at approximately $371,670.76. The disclosure for this sale can be found here. Corporate insiders own 21.30% of the company’s stock.

Institutional Investors Weigh In On SoundHound AI

Several hedge funds have recently added to or reduced their stakes in the business. Ameritas Investment Partners Inc. grew its holdings in SoundHound AI by 17.3% in the 1st quarter. Ameritas Investment Partners Inc. now owns 13,561 shares of the company’s stock valued at $80,000 after buying an additional 2,000 shares in the last quarter. Genesee Capital Advisors LLC increased its position in SoundHound AI by 11.4% during the second quarter. Genesee Capital Advisors LLC now owns 19,468 shares of the company’s stock worth $77,000 after acquiring an additional 2,000 shares during the period. Signaturefd LLC boosted its holdings in SoundHound AI by 27.3% in the 2nd quarter. Signaturefd LLC now owns 10,255 shares of the company’s stock valued at $41,000 after purchasing an additional 2,200 shares during the period. Newbridge Financial Services Group Inc. grew its position in shares of SoundHound AI by 24.7% during the 2nd quarter. Newbridge Financial Services Group Inc. now owns 11,720 shares of the company’s stock worth $46,000 after purchasing an additional 2,320 shares in the last quarter. Finally, Sequoia Financial Advisors LLC increased its holdings in shares of SoundHound AI by 13.7% during the second quarter. Sequoia Financial Advisors LLC now owns 20,683 shares of the company’s stock worth $82,000 after purchasing an additional 2,500 shares during the period. Institutional investors and hedge funds own 19.28% of the company’s stock.

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.