SoundHound AI (NASDAQ:SOUN) Shares Gap Down to $4.62

Shares of SoundHound AI, Inc. (NASDAQ:SOUN) gapped down before the market opened on Monday . The stock had previously closed at $4.62, but opened at $3.95. SoundHound AI shares last traded at $4.29, with a volume of 10,177,777 shares trading hands.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on SOUN shares. Cantor Fitzgerald raised SoundHound AI from an “underweight” rating to a “neutral” rating and set a $4.90 price objective on the stock in a research note on Thursday, April 11th. Wedbush restated an “outperform” rating and issued a $9.00 target price on shares of SoundHound AI in a research report on Friday, May 10th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $7.00 target price on shares of SoundHound AI in a report on Monday, July 29th. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $6.88.

SoundHound AI Trading Down 3.6 %

The company has a current ratio of 8.84, a quick ratio of 8.84 and a debt-to-equity ratio of 0.56. The stock has a market cap of $1.42 billion, a PE ratio of -11.71 and a beta of 2.77. The business has a 50 day moving average of $4.62 and a 200-day moving average of $4.62.

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

Insider Activity at SoundHound AI

In other SoundHound AI news, CEO Keyvan Mohajer sold 67,994 shares of the business’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 $274,695.76. Following the sale, the chief executive officer now directly owns 1,069,837 shares of the company’s stock, valued at $4,322,141.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other SoundHound AI news, CFO Nitesh Sharan sold 22,384 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 $90,431.36. Following the transaction, the chief financial officer now directly owns 728,633 shares of the company’s stock, valued at $2,943,677.32. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Keyvan Mohajer sold 67,994 shares of the company’s stock in a transaction that occurred on Thursday, June 20th. The stock was sold at an average price of $4.04, for a total value of $274,695.76. Following the completion of the sale, the chief executive officer now owns 1,069,837 shares in the company, valued at approximately $4,322,141.48. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 625,728 shares of company stock valued at $3,011,476. Corporate insiders own 21.30% of the company’s stock.

Hedge Funds Weigh In On SoundHound AI

Hedge funds and other institutional investors have recently bought and sold shares of the company. Hexagon Capital Partners LLC purchased a new position in SoundHound AI during the 1st quarter valued at about $29,000. DecisionPoint Financial LLC bought a new stake in SoundHound AI during the first quarter valued at about $40,000. Kings Path Partners LLC bought a new position in shares of SoundHound AI during the 2nd quarter worth approximately $28,000. International Assets Investment Management LLC acquired a new position in SoundHound AI during the 2nd quarter worth $31,000. Finally, Newbridge Financial Services Group Inc. acquired a new stake in shares of SoundHound AI in the 1st quarter valued at approximately $55,000. 19.28% of the stock is currently 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.