SoundHound AI (NASDAQ:SOUN) Stock Price Down 2.9% – Here’s What Happened

Shares of SoundHound AI, Inc. (NASDAQ:SOUN) were down 2.9% on Thursday . The company traded as low as $11.25 and last traded at $11.29. Approximately 52,458,454 shares were traded during trading, an increase of 15% from the average daily volume of 45,572,676 shares. The stock had previously closed at $11.63.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the stock. Piper Sandler boosted their price objective on shares of SoundHound AI from $12.00 to $15.00 and gave the stock a “neutral” rating in a research report on Friday, November 7th. Northland Capmk raised shares of SoundHound AI from a “hold” rating to a “strong-buy” rating in a research report on Friday, August 8th. HC Wainwright upped their price objective on shares of SoundHound AI from $18.00 to $26.00 and gave the company a “buy” rating in a research note on Thursday, October 16th. Wedbush reaffirmed an “outperform” rating and set a $16.00 price objective on shares of SoundHound AI in a report on Thursday, September 11th. Finally, DA Davidson reissued a “buy” rating and issued a $17.00 target price on shares of SoundHound AI in a report on Tuesday. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $17.42.

SoundHound AI Stock Performance

The company has a market capitalization of $4.60 billion, a PE ratio of -13.44 and a beta of 2.60. The company’s 50-day simple moving average is $16.45 and its 200-day simple moving average is $13.16.

SoundHound AI (NASDAQ:SOUN) last announced its earnings results on Thursday, November 6th. The company reported ($0.03) earnings per share for the quarter, topping the consensus estimate of ($0.09) by $0.06. SoundHound AI had a negative net margin of 211.16% and a negative return on equity of 93.64%. The business had revenue of $42.05 million during the quarter, compared to the consensus estimate of $40.48 million. During the same quarter in the prior year, the firm earned ($0.04) earnings per share. The business’s quarterly revenue was up 67.6% compared to the same quarter last year. SoundHound AI has set its FY 2025 guidance at EPS. Analysts expect that SoundHound AI, Inc. will post -0.38 EPS for the current year.

Insider Buying and Selling

In other news, VP Majid Emami sold 42,119 shares of the business’s stock in a transaction that occurred on Monday, September 22nd. The stock was sold at an average price of $16.00, for a total value of $673,904.00. Following the transaction, the vice president owned 685,538 shares of the company’s stock, valued at approximately $10,968,608. The trade was a 5.79% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CTO Timothy Stonehocker sold 70,524 shares of the stock in a transaction on Wednesday, October 8th. The stock was sold at an average price of $20.00, for a total value of $1,410,480.00. Following the sale, the chief technology officer directly owned 606,525 shares of the company’s stock, valued at approximately $12,130,500. This represents a 10.42% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 787,260 shares of company stock worth $13,973,056. 9.17% of the stock is currently owned by insiders.

Institutional Trading of SoundHound AI

Hedge funds have recently made changes to their positions in the company. Bank of New York Mellon Corp raised its holdings in SoundHound AI by 5.6% during the first quarter. Bank of New York Mellon Corp now owns 919,854 shares of the company’s stock worth $7,469,000 after purchasing an additional 49,011 shares in the last quarter. CWM LLC boosted its holdings in SoundHound AI by 60.6% in the 1st quarter. CWM LLC now owns 21,458 shares of the company’s stock valued at $174,000 after purchasing an additional 8,098 shares in the last quarter. Victory Capital Management Inc. increased its position in SoundHound AI by 308.4% during the 1st quarter. Victory Capital Management Inc. now owns 163,713 shares of the company’s stock worth $1,329,000 after purchasing an additional 123,623 shares during the period. Kestra Private Wealth Services LLC raised its stake in shares of SoundHound AI by 27.5% during the 1st quarter. Kestra Private Wealth Services LLC now owns 16,975 shares of the company’s stock worth $138,000 after buying an additional 3,665 shares in the last quarter. Finally, PFG Advisors purchased a new position in shares of SoundHound AI during the 1st quarter worth approximately $106,000. Institutional investors and hedge funds own 19.28% of the company’s stock.

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.