Shares of SoundHound AI, Inc. (NASDAQ:SOUN – Get Free Report) fell 2.4% during trading on Thursday. The stock traded as low as $4.44 and last traded at $4.50. Approximately 10,954,915 shares changed hands during mid-day trading, a decline of 59% from the average session volume of 26,718,189 shares. The stock had previously closed at $4.61.
Wall Street Analyst Weigh In
Several research firms have weighed in on SOUN. Yorkville Ives started coverage on SoundHound AI in a report on Monday, October 5th. They set an “in-line” rating and a $6.50 target price on the stock. Wall Street Zen downgraded SoundHound AI from a “sell” rating to a “strong sell” rating in a research note on Saturday, September 26th. Piper Sandler decreased their price target on SoundHound AI from $7.00 to $6.00 and set a “neutral” rating for the company in a research note on Tuesday, September 22nd. Weiss Ratings raised SoundHound AI from a “sell (e+)” rating to a “sell (d-)” rating in a report on Thursday, October 15th. Finally, DA Davidson cut their price objective on SoundHound AI from $12.00 to $10.00 and set a “buy” rating on the stock in a research note on Thursday, August 6th. One equities research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, SoundHound AI currently has an average rating of “Moderate Buy” and an average target price of $11.50.
Get Our Latest Analysis on SOUN
SoundHound AI Price Performance
The firm has a market capitalization of $2.00 billion, a price-to-earnings ratio of -11.87 and a beta of 2.73. The business has a 50 day moving average of $6.18 and a 200 day moving average of $6.92.
SoundHound AI (NASDAQ:SOUN – Get Free Report) last issued its earnings results on Wednesday, August 5th. The company reported ($0.02) EPS for the quarter, beating the consensus estimate of ($0.13) by $0.11. SoundHound AI had a negative net margin of 67.45% and a negative return on equity of 30.22%. The company had revenue of $61.90 million for the quarter, compared to the consensus estimate of $52.38 million. During the same quarter in the previous year, the company earned ($0.19) EPS. The firm’s revenue for the quarter was up 45.0% compared to the same quarter last year. On average, sell-side analysts forecast that SoundHound AI, Inc. will post -0.32 EPS for the current fiscal year.
Insider Buying and Selling at SoundHound AI
In other news, COO Michael Zagorsek sold 71,113 shares of the stock in a transaction on Tuesday, September 15th. The stock was sold at an average price of $6.33, for a total value of $450,145.29. Following the transaction, the chief operating officer owned 2,600,231 shares of the company’s stock, valued at $16,459,462.23. This represents a 2.66% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Keyvan Mohajer sold 137,290 shares of SoundHound AI stock in a transaction that occurred on Tuesday, September 15th. The stock was sold at an average price of $6.33, for a total transaction of $869,045.70. Following the transaction, the chief executive officer directly owned 3,684,947 shares in the company, valued at $23,325,714.51. The trade was a 3.59% decrease in their position. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders have sold 288,758 shares of company stock valued at $1,828,598. 8.84% of the stock is currently owned by company insiders.
Institutional Investors Weigh In On SoundHound AI
Hedge funds and other institutional investors have recently bought and sold shares of the company. Swiss National Bank grew its holdings in SoundHound AI by 3.7% during the first quarter. Swiss National Bank now owns 767,100 shares of the company’s stock worth $5,270,000 after purchasing an additional 27,300 shares during the period. California State Teachers Retirement System increased its holdings in shares of SoundHound AI by 25.0% during the 1st quarter. California State Teachers Retirement System now owns 440,023 shares of the company’s stock worth $3,023,000 after acquiring an additional 87,998 shares during the last quarter. Rockefeller Capital Management L.P. increased its holdings in shares of SoundHound AI by 3.5% during the 4th quarter. Rockefeller Capital Management L.P. now owns 179,327 shares of the company’s stock worth $1,788,000 after acquiring an additional 6,096 shares during the last quarter. AXQ Capital LP raised its stake in SoundHound AI by 395.6% in the 2nd quarter. AXQ Capital LP now owns 254,744 shares of the company’s stock valued at $1,648,000 after acquiring an additional 203,345 shares during the period. Finally, SG Americas Securities LLC bought a new stake in SoundHound AI in the 1st quarter valued at $1,606,000. Institutional investors and hedge funds own 19.28% of the company’s stock.
About SoundHound AI
SoundHound AI, Inc develops voice artificial intelligence and conversational intelligence technologies. Its platform is designed to enable people to interact with devices, applications and services using natural language, with capabilities including speech recognition, language understanding and conversational response generation.
The company’s offerings include the Houndify platform, which businesses can use to create branded voice assistants and conversational interfaces. SoundHound AI also provides voice-enabled solutions for industries such as automotive, restaurants and customer service, allowing users to access information, control functions, place orders and engage with businesses through voice interactions.
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