SoundHound AI (NASDAQ:SOUN) Stock Price Down 1.1% – Here’s Why

by · The Markets Daily

SoundHound AI, Inc. (NASDAQ:SOUN – Get Free Report) traded down 1.1% during mid-day trading on Wednesday . The company traded as low as $10.97 and last traded at $10.99. 21,486,440 shares were traded during mid-day trading, a decline of 51% from the average session volume of 43,920,266 shares. The stock had previously closed at $11.11.

Analysts Set New Price Targets

SOUN has been the subject of a number of analyst reports. Weiss Ratings reissued a “sell (d-)” rating on shares of SoundHound AI in a research note on Tuesday, October 14th. Piper Sandler lifted their price objective on SoundHound AI from $12.00 to $15.00 and gave the stock a “neutral” rating in a research report on Friday, November 7th. HC Wainwright upped their target price on SoundHound AI from $18.00 to $26.00 and gave the company a “buy” rating in a research report on Thursday, October 16th. Cantor Fitzgerald raised SoundHound AI from a “neutral” rating to an “overweight” rating and raised their target price for the stock from $13.00 to $15.00 in a research note on Friday, December 12th. Finally, Wedbush reissued an “outperform” rating and issued a $16.00 price target on shares of SoundHound AI in a research note on Thursday, September 11th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, SoundHound AI currently has a consensus rating of “Moderate Buy” and a consensus target price of $17.07.

Read Our Latest Analysis on SOUN

SoundHound AI Stock Performance

The company has a market capitalization of $4.62 billion, a price-to-earnings ratio of -13.08 and a beta of 2.63. The company has a 50 day moving average price of $14.75 and a 200 day moving average price of $13.41.

SoundHound AI (NASDAQ:SOUN – Get Free Report) last announced its quarterly earnings results on Thursday, November 6th. The company reported ($0.03) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.09) by $0.06. The business had revenue of $42.05 million for the quarter, compared to analyst estimates of $40.48 million. SoundHound AI had a negative return on equity of 93.64% and a negative net margin of 211.16%.The company’s quarterly revenue was up 67.6% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.04) earnings per share. Research analysts forecast that SoundHound AI, Inc. will post -0.38 EPS for the current year.

Insiders Place Their Bets

In other SoundHound AI news, CTO Timothy Stonehocker sold 70,524 shares of the business’s stock in a transaction on Wednesday, October 8th. The shares were sold at an average price of $20.00, for a total transaction of $1,410,480.00. Following the completion of the sale, the chief technology officer owned 606,525 shares in the company, valued at approximately $12,130,500. The trade was a 10.42% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Nitesh Sharan sold 60,376 shares of the company’s stock in a transaction on Tuesday, October 14th. The stock was sold at an average price of $21.21, for a total transaction of $1,280,574.96. Following the transaction, the chief financial officer owned 1,765,928 shares in the company, valued at approximately $37,455,332.88. The trade was a 3.31% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 787,260 shares of company stock worth $13,973,056 in the last quarter. Insiders own 9.17% of the company’s stock.

Hedge Funds Weigh In On SoundHound AI

Large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. lifted its holdings in SoundHound AI by 16.4% during the third quarter. Vanguard Group Inc. now owns 43,457,569 shares of the company’s stock valued at $698,798,000 after purchasing an additional 6,132,648 shares during the last quarter. Geode Capital Management LLC grew its stake in SoundHound AI by 8.3% in the 2nd quarter. Geode Capital Management LLC now owns 8,830,144 shares of the company’s stock valued at $94,759,000 after buying an additional 679,436 shares in the last quarter. State Street Corp raised its holdings in SoundHound AI by 9.1% during the 2nd quarter. State Street Corp now owns 8,476,348 shares of the company’s stock valued at $90,951,000 after acquiring an additional 708,369 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of SoundHound AI by 13.4% in the third quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 5,697,346 shares of the company’s stock valued at $91,604,000 after purchasing an additional 672,714 shares in the last quarter. Finally, Northern Trust Corp raised its stake in shares of SoundHound AI by 1.2% during the 3rd quarter. Northern Trust Corp now owns 3,181,651 shares of the company’s stock valued at $51,161,000 after purchasing an additional 38,966 shares during the period. Institutional investors own 19.28% of the company’s stock.

SoundHound AI Company Profile

(Get Free Report)

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.

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