SoundHound AI (NASDAQ:SOUN) Shares Down 2.6%

SoundHound AI, Inc. (NASDAQ:SOUN)’s share price traded down 2.6% during mid-day trading on Thursday . The stock traded as low as $4.94 and last traded at $4.96. 4,742,831 shares traded hands during mid-day trading, a decline of 88% from the average session volume of 40,346,016 shares. The stock had previously closed at $5.09.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the stock. HC Wainwright restated a “buy” rating and issued a $7.00 target price on shares of SoundHound AI in a report on Monday. Cantor Fitzgerald raised shares of SoundHound AI from an “underweight” rating to a “neutral” rating and set a $4.90 price target on the stock in a research note on Thursday, April 11th. Finally, Wedbush reissued an “outperform” rating and issued a $9.00 price objective on shares of SoundHound AI in a research note on Friday, May 10th. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $6.88.

SoundHound AI Price Performance

The company has a market cap of $1.53 billion, a PE ratio of -13.05 and a beta of 2.76. The business’s 50 day moving average price is $4.67 and its 200-day moving average price is $4.53. The company has a quick ratio of 8.84, a current ratio of 8.84 and a debt-to-equity ratio of 0.56.

SoundHound AI (NASDAQ:SOUN) last released its quarterly earnings results on Thursday, May 9th. The company reported ($0.07) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.02. SoundHound AI had a negative net margin of 183.49% and a negative return on equity of 163.00%. The business had revenue of $11.59 million during the quarter, compared to the consensus estimate of $10.10 million. During the same quarter last year, the company earned ($0.12) earnings per share. The business’s quarterly revenue was up 72.9% compared to the same quarter last year. As a group, analysts forecast that SoundHound AI, Inc. will post -0.3 earnings per share for the current year.

Insiders Place Their Bets

In other SoundHound AI news, insider James Ming Hom sold 16,716 shares of SoundHound AI stock in a transaction on Thursday, June 20th. The shares were sold at an average price of $4.04, for a total value of $67,532.64. Following the completion of the transaction, the insider now owns 486,989 shares of the company’s stock, valued at $1,967,435.56. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other SoundHound AI news, insider James Ming Hom sold 16,716 shares of the firm’s stock in a transaction on Thursday, June 20th. The stock was sold at an average price of $4.04, for a total value of $67,532.64. Following the sale, the insider now directly owns 486,989 shares in the company, valued at $1,967,435.56. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CTO Timothy Stonehocker sold 208,000 shares of SoundHound AI stock in a transaction dated Thursday, July 11th. The shares were sold at an average price of $5.75, for a total transaction of $1,196,000.00. Following the sale, the chief technology officer now owns 659,531 shares in the company, valued at $3,792,303.25. The disclosure for this sale can be found here. Insiders sold a total of 625,728 shares of company stock valued at $3,011,476 over the last 90 days. 21.30% of the stock is owned by company insiders.

Hedge Funds Weigh In On SoundHound AI

Several institutional investors and hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. grew its holdings in SoundHound AI by 16.1% during the first quarter. Vanguard Group Inc. now owns 16,070,453 shares of the company’s stock valued at $94,655,000 after purchasing an additional 2,226,471 shares during the last quarter. Intrinsic Edge Capital Management LLC boosted its stake in SoundHound AI by 47.7% during the fourth quarter. Intrinsic Edge Capital Management LLC now owns 4,848,211 shares of the company’s stock worth $10,278,000 after buying an additional 1,566,238 shares in the last quarter. Baupost Group LLC MA acquired a new stake in SoundHound AI during the first quarter worth $6,659,000. Bank of New York Mellon Corp lifted its holdings in shares of SoundHound AI by 92.7% during the second quarter. Bank of New York Mellon Corp now owns 997,543 shares of the company’s stock valued at $3,940,000 after acquiring an additional 479,912 shares during the period. Finally, Janus Henderson Group PLC raised its holdings in shares of SoundHound AI by 563.0% in the first quarter. Janus Henderson Group PLC now owns 482,731 shares of the company’s stock valued at $2,843,000 after buying an additional 409,917 shares during the last quarter. Hedge funds and other institutional investors own 19.28% of the company’s stock.

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.