SoundHound AI (NASDAQ:SOUN) Shares Down 1.4%

SoundHound AI, Inc. (NASDAQ:SOUN)’s stock price was down 1.4% during trading on Tuesday . The company traded as low as $4.80 and last traded at $4.81. Approximately 4,777,069 shares traded hands during mid-day trading, a decline of 87% from the average daily volume of 36,019,184 shares. The stock had previously closed at $4.88.

Analysts Set New Price Targets

SOUN has been the topic of several research analyst reports. Northland Securities upped their price objective on shares of SoundHound AI from $5.50 to $6.00 and gave the stock a “market perform” rating in a research note on Friday, August 9th. Wedbush reaffirmed an “outperform” rating and set a $9.00 price target on shares of SoundHound AI in a report on Friday, August 9th. HC Wainwright reissued a “buy” rating and issued a $7.00 price objective on shares of SoundHound AI in a research note on Wednesday, September 18th. Finally, Cantor Fitzgerald upgraded SoundHound AI from a “neutral” rating to an “overweight” rating and increased their target price for the stock from $5.00 to $7.00 in a report on Friday, August 9th. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to MarketBeat, SoundHound AI has a consensus rating of “Moderate Buy” and an average target price of $7.08.

SoundHound AI Trading Up 1.0 %

The company has a market capitalization of $1.62 billion, a price-to-earnings ratio of -12.66 and a beta of 2.74. The company has a 50 day moving average price of $4.87 and a 200 day moving average price of $4.98.

SoundHound AI (NASDAQ:SOUN) last announced its quarterly earnings data 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). The firm had revenue of $13.46 million for the quarter, compared to the consensus estimate of $13.09 million. SoundHound AI had a negative return on equity of 93.28% and a negative net margin of 195.65%. The business’s revenue for the quarter was up 53.8% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.10) earnings per share. Equities analysts predict that SoundHound AI, Inc. will post -0.36 earnings per share for the current year.

Insiders Place Their Bets

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

Hedge Funds Weigh In On SoundHound AI

Hedge funds and other institutional investors have recently made changes to their positions in the company. Swiss National Bank lifted its holdings in SoundHound AI by 13.9% during the fourth quarter. Swiss National Bank now owns 400,500 shares of the company’s stock worth $849,000 after acquiring an additional 49,000 shares in the last quarter. Soviero Asset Management LP acquired a new stake in SoundHound AI during the 4th quarter worth approximately $106,000. Intrinsic Edge Capital Management LLC raised 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. Quadrature Capital Ltd lifted its stake in SoundHound AI by 67.1% in the fourth quarter. Quadrature Capital Ltd now owns 381,557 shares of the company’s stock valued at $807,000 after buying an additional 153,273 shares in the last quarter. Finally, HighPoint Advisor Group LLC acquired a new position in shares of SoundHound AI in the fourth quarter valued at approximately $37,000. 19.28% of the stock is owned by institutional investors.

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.