SoundHound AI (NASDAQ:SOUN) Shares Down 0.1% on Analyst Downgrade

SoundHound AI, Inc. (NASDAQ:SOUN) fell 0.1% on Tuesday after DA Davidson lowered their price target on the stock from $13.00 to $10.00. DA Davidson currently has a buy rating on the stock. SoundHound AI traded as low as $8.09 and last traded at $8.14. 3,471,735 shares were traded during trading, a decline of 91% from the average session volume of 37,859,434 shares. The stock had previously closed at $8.15.

A number of other analysts also recently weighed in on SOUN. HC Wainwright reaffirmed a “buy” rating and issued a $26.00 target price on shares of SoundHound AI in a research report on Monday, March 3rd. Northland Securities raised their target price on shares of SoundHound AI from $6.00 to $8.00 and gave the company a “market perform” rating in a research note on Tuesday, January 14th. Cantor Fitzgerald upgraded SoundHound AI to a “hold” rating in a research note on Monday, February 24th. Finally, Wedbush boosted their target price on SoundHound AI from $10.00 to $22.00 and gave the stock an “outperform” rating in a report on Monday, December 16th. Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $12.43.

Insider Buying and Selling

In other SoundHound AI news, CEO Keyvan Mohajer sold 118,605 shares of the business’s stock in a transaction on Thursday, March 20th. The shares were 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 in the company, valued at approximately $18,840,303.90. The trade was a 5.87 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Majid Emami sold 28,392 shares of the firm’s stock in a transaction dated Thursday, March 20th. The stock was sold at an average price of $9.90, for a total value of $281,080.80. Following the completion of the transaction, the vice president now directly owns 669,834 shares in the company, valued at $6,631,356.60. The trade was a 4.07 % 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 worth $4,999,726 in the last three months. Insiders own 12.28% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. Blue Trust Inc. increased its stake in shares of 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 purchasing an additional 830 shares in the last quarter. Sound Income Strategies LLC increased its position 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 buying an additional 1,271 shares in the last quarter. Orion Capital Management LLC purchased a new stake in SoundHound AI in the fourth quarter worth about $30,000. Future Financial Wealth Managment LLC bought a new position in shares of SoundHound AI during the 4th quarter valued at approximately $40,000. Finally, Compagnie Lombard Odier SCmA purchased a new stake in SoundHound AI in the 4th quarter worth approximately $40,000. 19.28% of the stock is currently owned by institutional investors.

SoundHound AI Stock Performance

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 company has a market cap of $3.28 billion, a P/E ratio of -22.86 and a beta of 2.73. The business’s 50 day simple moving average is $9.84 and its 200 day simple moving average is $10.84.

SoundHound AI (NASDAQ:SOUN) last released its earnings results on Thursday, February 27th. The company reported ($0.69) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.58). SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. The firm had revenue of $34.54 million for the quarter, compared to analysts’ expectations of $33.70 million. Sell-side analysts predict that SoundHound AI, Inc. will post -0.38 earnings per share for the current fiscal year.

About SoundHound AI

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.