SoundHound AI, Inc. (NASDAQ:SOUN – Get Free Report)’s stock price dropped 4.4% on Tuesday . The stock traded as low as $8.81 and last traded at $8.8450. Approximately 33,880,114 shares traded hands during trading, an increase of 19% from the average daily volume of 28,356,812 shares. The stock had previously closed at $9.25.
Wall Street Analysts Forecast Growth
A number of equities research analysts have commented on SOUN shares. HC Wainwright decreased their price objective on SoundHound AI from $26.00 to $20.00 and set a “buy” rating for the company in a research report on Monday, March 2nd. DA Davidson reiterated a “buy” rating and issued a $14.00 target price on shares of SoundHound AI in a report on Wednesday, April 22nd. Zacks Research raised shares of SoundHound AI from a “strong sell” rating to a “hold” rating in a research report on Monday, February 9th. LADENBURG THALM/SH SH upgraded shares of SoundHound AI to a “strong-buy” rating in a report on Wednesday, May 6th. Finally, Piper Sandler reaffirmed a “neutral” rating and set a $9.00 price objective (down from $11.00) on shares of SoundHound AI in a research report on Friday, February 27th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $14.93.
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SoundHound AI Price Performance
SoundHound AI (NASDAQ:SOUN – Get Free Report) last posted its quarterly earnings results on Thursday, May 7th. The company reported ($0.06) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.01). SoundHound AI had a negative return on equity of 40.15% and a negative net margin of 91.84%.The firm had revenue of $44.20 million for the quarter, compared to analysts’ expectations of $42.56 million. During the same period last year, the business earned ($0.06) earnings per share. The firm’s revenue for the quarter was up 51.7% on a year-over-year basis. As a group, sell-side analysts forecast that SoundHound AI, Inc. will post -0.43 earnings per share for the current fiscal year.
Insider Buying and Selling
In other news, SVP Majid Emami sold 31,019 shares of the firm’s stock in a transaction on Friday, March 20th. The shares were sold at an average price of $6.79, for a total transaction of $210,619.01. Following the transaction, the senior vice president owned 501,826 shares in the company, valued at approximately $3,407,398.54. This trade represents a 5.82% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider James Ming Hom sold 31,019 shares of SoundHound AI stock in a transaction on Friday, March 20th. The shares were sold at an average price of $6.79, for a total transaction of $210,619.01. Following the completion of the sale, the insider directly owned 772,364 shares of the company’s stock, valued at approximately $5,244,351.56. The trade was a 3.86% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 307,973 shares of company stock valued at $2,091,110. 8.84% of the stock is owned by company insiders.
Hedge Funds Weigh In On SoundHound AI
Hedge funds have recently bought and sold shares of the business. Hollencrest Capital Management boosted its stake in shares of SoundHound AI by 197.5% during the 1st quarter. Hollencrest Capital Management now owns 3,615 shares of the company’s stock worth $25,000 after acquiring an additional 2,400 shares in the last quarter. Northwestern Mutual Wealth Management Co. raised its stake in shares of SoundHound AI by 83.1% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 2,336 shares of the company’s stock valued at $25,000 after acquiring an additional 1,060 shares in the last quarter. Dogwood Wealth Management LLC raised its stake in shares of SoundHound AI by 152.1% in the 4th quarter. Dogwood Wealth Management LLC now owns 2,559 shares of the company’s stock valued at $26,000 after acquiring an additional 1,544 shares in the last quarter. Danske Bank A S acquired a new stake in SoundHound AI in the 3rd quarter worth approximately $26,000. Finally, SHP Wealth Management acquired a new stake in SoundHound AI in the 4th quarter worth approximately $27,000. 19.28% of the stock is owned by institutional investors and hedge funds.
About SoundHound AI
SoundHound AI, Inc is a voice AI and conversational intelligence company specializing in speech recognition, natural language understanding and sound identification technologies. Founded in 2005 and headquartered in Santa Clara, California, the company initially gained recognition with its music discovery app before pivoting to enterprise-grade voice AI solutions. Over the years, SoundHound AI has built a comprehensive platform that enables developers and businesses to embed conversational intelligence into a wide range of products and services.
The company’s core offering is the Houndify voice AI platform, which provides customizable speech-to-meaning technology, domain-specific natural language understanding and text-to-speech capabilities.
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