SoundHound AI (NASDAQ:SOUN) Shares Down 13.5% – Here’s What Happened

by · The Markets Daily

SoundHound AI, Inc. (NASDAQ:SOUN – Get Free Report)’s stock price was down 13.5% on Friday . The company traded as low as $6.75 and last traded at $7.18. Approximately 14,886,107 shares were traded during mid-day trading, a decline of 61% from the average daily volume of 37,988,922 shares. The stock had previously closed at $8.30.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. DA Davidson upped their price objective on shares of SoundHound AI from $9.50 to $13.00 and gave the stock a “buy” rating in a research report on Friday, February 28th. HC Wainwright restated a “buy” rating and issued a $26.00 price objective on shares of SoundHound AI in a research report on Monday, March 3rd. Wedbush boosted their target price on SoundHound AI from $10.00 to $22.00 and gave the stock an “outperform” rating in a research report on Monday, December 16th. Cantor Fitzgerald raised SoundHound AI to a “hold” rating in a report on Monday, February 24th. Finally, Northland Securities upped their price objective on SoundHound AI from $6.00 to $8.00 and gave the stock a “market perform” rating in a report on Tuesday, January 14th. Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, SoundHound AI presently has a consensus rating of “Hold” and an average price target of $12.86.

Check Out Our Latest Stock Analysis on SoundHound AI

SoundHound AI Stock Down 12.0 %

The firm has a 50 day moving average of $11.20 and a two-hundred day moving average of $10.63. The company has a current ratio of 2.58, a quick ratio of 2.58 and a debt-to-equity ratio of 0.13. The stock has a market capitalization of $2.91 billion, a PE ratio of -20.29 and a beta of 2.62.

SoundHound AI (NASDAQ:SOUN – Get Free Report) last released its quarterly earnings results on Thursday, February 27th. The company reported ($0.69) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.11) by ($0.58). The firm had revenue of $34.54 million for the quarter, compared to analyst estimates of $33.70 million. SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. Equities research analysts anticipate that SoundHound AI, Inc. will post -0.38 earnings per share for the current year.

Insider Transactions at SoundHound AI

In related news, COO Michael Zagorsek sold 52,001 shares of the company’s stock in a transaction that occurred on Thursday, March 20th. The shares were sold at an average price of $9.90, for a total transaction of $514,809.90. Following the transaction, the chief operating officer now owns 1,360,525 shares of the company’s stock, valued at approximately $13,469,197.50. This represents a 3.68 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Keyvan Mohajer sold 118,605 shares of SoundHound AI stock in a transaction that occurred on Thursday, March 20th. The stock was sold at an average price of $9.90, for a total transaction of $1,174,189.50. Following the completion of the sale, the chief executive officer now directly owns 1,903,061 shares of the company’s stock, valued at $18,840,303.90. The trade was a 5.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 500,565 shares of company stock valued at $4,999,726 in the last ninety days. Corporate insiders own 12.28% of the company’s stock.

Institutional Investors Weigh In On SoundHound AI

Several hedge funds have recently made changes to their positions in SOUN. Blue Trust Inc. boosted its stake in SoundHound AI by 197.6% in the 4th quarter. Blue Trust Inc. now owns 1,250 shares of the company’s stock worth $25,000 after buying an additional 830 shares during the last quarter. Sound Income Strategies LLC boosted its position in shares of SoundHound AI by 2,542.0% in the fourth quarter. Sound Income Strategies LLC now owns 1,321 shares of the company’s stock worth $26,000 after acquiring an additional 1,271 shares during the last quarter. Orion Capital Management LLC purchased a new stake in SoundHound AI in the fourth quarter valued at approximately $30,000. Future Financial Wealth Managment LLC acquired a new position in SoundHound AI during the fourth quarter worth approximately $40,000. Finally, Compagnie Lombard Odier SCmA purchased a new position in SoundHound AI during the fourth quarter worth approximately $40,000. Institutional investors and hedge funds own 19.28% of the company’s stock.

About SoundHound AI

(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.

Featured Stories