SoundHound AI (NASDAQ:SOUN) Shares Down 1.5% – Here’s What Happened

SoundHound AI, Inc. (NASDAQ:SOUN)’s share price dropped 1.5% on Tuesday . The company traded as low as $9.94 and last traded at $10.12. Approximately 10,509,258 shares were traded during trading, a decline of 72% from the average daily volume of 37,768,236 shares. The stock had previously closed at $10.27.

Wall Street Analyst Weigh In

Several research analysts have issued reports on the company. HC Wainwright dropped their target price on SoundHound AI from $26.00 to $18.00 and set a “buy” rating on the stock in a research report on Monday, May 12th. DA Davidson lowered their price objective on SoundHound AI from $13.00 to $10.00 and set a “buy” rating on the stock in a research report on Monday, April 14th. Cantor Fitzgerald upgraded shares of SoundHound AI to a “hold” rating in a research note on Monday, February 24th. Finally, Wedbush dropped their price target on shares of SoundHound AI from $22.00 to $15.00 and set an “outperform” rating for the company in a research report on Friday, May 9th. Four equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $10.29.

SoundHound AI Stock Down 2.9%

The company has a quick ratio of 2.58, a current ratio of 2.58 and a debt-to-equity ratio of 0.13. The firm has a market capitalization of $4.01 billion, a PE ratio of -27.58 and a beta of 2.71. The business has a 50-day moving average price of $9.10 and a 200-day moving average price of $11.61.

SoundHound AI (NASDAQ:SOUN) last issued its earnings results on Thursday, May 8th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.09) by $0.03. SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. The company had revenue of $29.13 million during the quarter, compared to analysts’ expectations of $30.38 million. During the same period in the prior year, the business earned ($0.07) EPS. The firm’s quarterly revenue was up 151.2% on a year-over-year basis. Equities research analysts forecast that SoundHound AI, Inc. will post -0.38 earnings per share for the current fiscal year.

Insider Activity at SoundHound AI

In other news, CTO Timothy Stonehocker sold 3,333 shares of the stock in a transaction on Monday, March 24th. The stock was sold at an average price of $10.08, for a total transaction of $33,596.64. Following the completion of the transaction, the chief technology officer now directly owns 765,534 shares in the company, valued at approximately $7,716,582.72. This represents a 0.43% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Nitesh Sharan sold 48,639 shares of the stock in a transaction dated Thursday, March 20th. The stock was sold at an average price of $9.90, for a total transaction of $481,526.10. Following the transaction, the chief financial officer now directly owns 1,454,011 shares of the company’s stock, valued at approximately $14,394,708.90. This trade represents a 3.24% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 548,537 shares of company stock valued at $5,567,760. 12.28% of the stock is owned by company insiders.

Institutional Trading of SoundHound AI

Institutional investors and hedge funds have recently made changes to their positions in the company. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in SoundHound AI by 10.1% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 692,170 shares of the company’s stock valued at $5,620,000 after buying an additional 63,398 shares during the last quarter. Goldman Sachs Group Inc. boosted its stake in SoundHound AI by 69.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 2,639,689 shares of the company’s stock worth $21,434,000 after purchasing an additional 1,085,473 shares during the period. PharVision Advisers LLC acquired a new position in SoundHound AI in the first quarter valued at $116,000. NewEdge Advisors LLC boosted its stake in shares of SoundHound AI by 12.9% during the first quarter. NewEdge Advisors LLC now owns 41,030 shares of the company’s stock worth $333,000 after buying an additional 4,692 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in SoundHound AI by 84.2% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 4,973,728 shares of the company’s stock valued at $40,390,000 after acquiring an additional 2,274,105 shares during the period. 19.28% of the stock is owned by hedge funds and other 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.