SoundHound AI (NASDAQ:SOUN) Stock Price Down 2.4% – What’s Next?

SoundHound AI, Inc. (NASDAQ:SOUN) traded down 2.4% during trading on Wednesday . The stock traded as low as $15.82 and last traded at $16.13. 32,074,810 shares traded hands during mid-day trading, a decline of 53% from the average session volume of 67,568,859 shares. The stock had previously closed at $16.52.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on SOUN shares. Wedbush lifted their target price on shares of SoundHound AI from $10.00 to $22.00 and gave the company an “outperform” rating in a research note on Monday, December 16th. LADENBURG THALM/SH SH reiterated a “neutral” rating and set a $7.00 target price on shares of SoundHound AI in a report on Wednesday, November 13th. DA Davidson restated a “buy” rating and issued a $9.50 target price on shares of SoundHound AI in a research note on Monday, September 30th. HC Wainwright reaffirmed a “buy” rating and issued a $26.00 price target on shares of SoundHound AI in a research note on Monday, January 13th. Finally, Northland Securities raised their price objective on SoundHound AI from $6.00 to $8.00 and gave the company a “market perform” rating in a research report on Tuesday, January 14th. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, SoundHound AI has a consensus rating of “Moderate Buy” and an average target price of $12.36.

SoundHound AI Trading Down 3.4 %

The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.58 and a current ratio of 2.58. The stock has a 50-day moving average of $14.72 and a two-hundred day moving average of $8.44. The company has a market cap of $5.86 billion, a P/E ratio of -44.00 and a beta of 2.63.

SoundHound AI (NASDAQ:SOUN) last issued its quarterly earnings results on Tuesday, November 12th. The company reported ($0.06) earnings per share for the quarter, beating the consensus estimate of ($0.07) by $0.01. The firm had revenue of $25.10 million during the quarter, compared to the consensus estimate of $23.02 million. SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. The company’s revenue was up 88.7% on a year-over-year basis. During the same period last year, the company earned ($0.09) earnings per share. On average, equities research analysts predict that SoundHound AI, Inc. will post -0.38 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Lawrence Marcus sold 30,000 shares of the business’s stock in a transaction on Thursday, November 21st. The stock was sold at an average price of $7.15, for a total value of $214,500.00. Following the completion of the transaction, the director now owns 178,117 shares in the company, valued at $1,273,536.55. The trade was a 14.41 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, VP Majid Emami sold 94,067 shares of the company’s stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $9.05, for a total value of $851,306.35. Following the transaction, the vice president now directly owns 735,685 shares in the company, valued at approximately $6,657,949.25. The trade was a 11.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 2,782,918 shares of company stock valued at $45,391,343. Insiders own 12.28% of the company’s stock.

Institutional Trading of SoundHound AI

A number of large investors have recently made changes to their positions in the stock. Sound Income Strategies LLC boosted its holdings in 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 purchasing an additional 1,271 shares during the last quarter. NBC Securities Inc. lifted its holdings in shares of SoundHound AI by 97.8% during the 3rd quarter. NBC Securities Inc. now owns 7,720 shares of the company’s stock valued at $35,000 after buying an additional 3,818 shares during the period. Amalgamated Bank boosted its stake in shares of SoundHound AI by 108.0% in the 2nd quarter. Amalgamated Bank now owns 9,819 shares of the company’s stock worth $39,000 after buying an additional 5,099 shares during the last quarter. Future Financial Wealth Managment LLC bought a new stake in shares of SoundHound AI in the fourth quarter worth $40,000. Finally, Farther Finance Advisors LLC increased its position in SoundHound AI by 298.5% during the third quarter. Farther Finance Advisors LLC now owns 8,966 shares of the company’s stock valued at $42,000 after acquiring an additional 6,716 shares during the last quarter. 19.28% of the stock is currently owned by institutional investors.

SoundHound AI Company Profile

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.