SoundHound AI (NASDAQ:SOUN) Trading Down 1.7%

Shares of SoundHound AI, Inc. (NASDAQ:SOUN) traded down 1.7% during trading on Wednesday . The stock traded as low as $4.16 and last traded at $4.17. 5,831,139 shares traded hands during trading, a decline of 89% from the average session volume of 50,985,934 shares. The stock had previously closed at $4.24.

Analysts Set New Price Targets

Several analysts have commented on the stock. DA Davidson raised their target price on shares of SoundHound AI from $7.50 to $9.50 and gave the stock a “buy” rating in a report on Friday, March 15th. HC Wainwright raised their price target on shares of SoundHound AI from $5.00 to $7.00 and gave the stock a “buy” rating in a research note on Monday, March 4th. Cantor Fitzgerald raised shares of SoundHound AI from an “underweight” rating to a “neutral” rating and set a $4.90 price target for the company in a research note on Thursday, April 11th. Northland Securities reaffirmed a “market perform” rating on shares of SoundHound AI in a research note on Wednesday, February 28th. Finally, Wedbush raised their price target on shares of SoundHound AI from $5.00 to $9.00 and gave the stock an “outperform” rating in a research note on Friday, March 1st. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $6.88.

SoundHound AI Stock Up 4.2 %

The company has a debt-to-equity ratio of 6.03, a current ratio of 4.69 and a quick ratio of 4.69. The firm’s 50 day moving average is $5.51 and its two-hundred day moving average is $3.27. The firm has a market capitalization of $1.37 billion, a P/E ratio of -10.69 and a beta of 2.75.

SoundHound AI (NASDAQ:SOUN) last announced its quarterly earnings results on Thursday, February 29th. The company reported ($0.06) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.05) by ($0.01). SoundHound AI had a negative net margin of 188.57% and a negative return on equity of 1,955.68%. The business had revenue of $17.10 million for the quarter, compared to analyst estimates of $17.75 million. During the same period in the prior year, the business earned ($0.15) EPS. The company’s revenue for the quarter was up 80.0% compared to the same quarter last year. Research analysts predict that SoundHound AI, Inc. will post -0.3 EPS for the current year.

Insider Buying and Selling at SoundHound AI

In other news, Director Eric R. Ball sold 50,000 shares of SoundHound AI stock in a transaction on Monday, February 26th. The stock was sold at an average price of $5.00, for a total transaction of $250,000.00. Following the completion of the sale, the director now owns 530,250 shares of the company’s stock, valued at $2,651,250. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, CEO Keyvan Mohajer sold 107,927 shares of the business’s stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $3.70, for a total value of $399,329.90. Following the completion of the transaction, the chief executive officer now owns 1,218,712 shares of the company’s stock, valued at $4,509,234.40. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Eric R. Ball sold 50,000 shares of the business’s stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $5.00, for a total value of $250,000.00. Following the completion of the transaction, the director now directly owns 530,250 shares of the company’s stock, valued at approximately $2,651,250. The disclosure for this sale can be found here. Insiders sold 405,057 shares of company stock valued at $2,587,804 in the last quarter. 21.30% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Sequoia Financial Advisors LLC acquired a new position in SoundHound AI during the first quarter worth about $107,000. DecisionPoint Financial LLC acquired a new position in SoundHound AI during the first quarter worth about $40,000. Fortis Group Advisors LLC acquired a new position in SoundHound AI during the first quarter worth about $115,000. Commonwealth Equity Services LLC raised its stake in SoundHound AI by 239.7% during the first quarter. Commonwealth Equity Services LLC now owns 296,428 shares of the company’s stock worth $1,746,000 after acquiring an additional 209,154 shares in the last quarter. Finally, Principal Financial Group Inc. raised its stake in SoundHound AI by 16.5% during the first quarter. Principal Financial Group Inc. now owns 18,560 shares of the company’s stock worth $109,000 after acquiring an additional 2,629 shares in the last quarter. 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.