SoundHound AI (NASDAQ:SOUN) Stock Price Down 27.7% – Here’s What Happened

Shares of SoundHound AI, Inc. (NASDAQ:SOUN) fell 27.7% during trading on Friday . The stock traded as low as $10.40 and last traded at $11.03. 97,948,779 shares were traded during mid-day trading, an increase of 76% from the average session volume of 55,575,215 shares. The stock had previously closed at $15.25.

Wall Street Analysts Forecast Growth

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

SoundHound AI Stock Performance

The stock has a market cap of $4.31 billion, a P/E ratio of -30.47 and a beta of 2.56. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.58 and a quick ratio of 2.58. The stock has a 50-day simple moving average of $16.62 and a 200-day simple moving average of $9.53.

Insider Buying and Selling

In related news, VP Majid Emami sold 94,067 shares of the business’s stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $9.05, for a total transaction of $851,306.35. Following the sale, the vice president now owns 735,685 shares in the company, valued at $6,657,949.25. The trade was a 11.34 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Keyvan Mohajer sold 156,288 shares of the stock in a transaction dated Tuesday, December 24th. The shares were sold at an average price of $20.20, for a total value of $3,157,017.60. Following the completion of the transaction, the chief executive officer now owns 2,021,666 shares of the company’s stock, valued at $40,837,653.20. This represents a 7.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 2,782,918 shares of company stock worth $45,391,343 in the last three months. 12.28% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On SoundHound AI

A number of institutional investors have recently added to or reduced their stakes in SOUN. Blue Trust Inc. lifted its holdings in shares of SoundHound AI by 197.6% during the fourth quarter. Blue Trust Inc. now owns 1,250 shares of the company’s stock worth $25,000 after purchasing an additional 830 shares during the period. Sound Income Strategies LLC raised its position in SoundHound AI by 2,542.0% during the 4th 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 SoundHound AI by 97.8% during the 3rd quarter. NBC Securities Inc. now owns 7,720 shares of the company’s stock worth $35,000 after buying an additional 3,818 shares during the period. Future Financial Wealth Managment LLC bought a new stake in shares of SoundHound AI in the 4th quarter valued at about $40,000. Finally, Compagnie Lombard Odier SCmA bought a new position in shares of SoundHound AI during the fourth quarter worth about $40,000. 19.28% of the stock is owned by institutional investors.

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.