SoundHound AI (NASDAQ:SOUN) Stock Price Down 1.3%

SoundHound AI, Inc. (NASDAQ:SOUN)’s stock price dropped 1.3% during mid-day trading on Tuesday . The company traded as low as $4.52 and last traded at $4.56. Approximately 3,232,087 shares changed hands during mid-day trading, a decline of 91% from the average daily volume of 37,392,852 shares. The stock had previously closed at $4.62.

Wall Street Analysts Forecast Growth

SOUN has been the topic of a number of recent analyst reports. Northland Securities lifted their target price on SoundHound AI from $5.50 to $6.00 and gave the stock a “market perform” rating in a research note on Friday, August 9th. HC Wainwright reiterated a “buy” rating and issued a $7.00 target price on shares of SoundHound AI in a research note on Monday, August 12th. Wedbush restated an “outperform” rating and set a $9.00 price target on shares of SoundHound AI in a research note on Friday, August 9th. Finally, Cantor Fitzgerald upgraded SoundHound AI from a “neutral” rating to an “overweight” rating and upped their price objective for the company from $5.00 to $7.00 in a research note on Friday, August 9th. One analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, SoundHound AI currently has a consensus rating of “Moderate Buy” and an average price target of $7.08.

SoundHound AI Price Performance

The firm’s 50 day moving average price is $4.87 and its two-hundred day moving average price is $5.04. The stock has a market cap of $1.60 billion, a PE ratio of -12.74 and a beta of 2.75.

SoundHound AI (NASDAQ:SOUN) last posted its quarterly earnings results on Thursday, August 8th. The company reported ($0.11) EPS for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.02). SoundHound AI had a negative return on equity of 93.28% and a negative net margin of 195.65%. The company had revenue of $13.46 million during the quarter, compared to the consensus estimate of $13.09 million. During the same period in the previous year, the business earned ($0.10) earnings per share. SoundHound AI’s revenue was up 53.8% on a year-over-year basis. Analysts anticipate that SoundHound AI, Inc. will post -0.36 earnings per share for the current year.

Insider Transactions at SoundHound AI

In related news, insider James Ming Hom sold 16,716 shares of the 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 owns 486,989 shares in the company, valued at $1,967,435.56. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, insider James Ming Hom sold 16,716 shares of the company’s 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 directly owns 486,989 shares in the company, valued at $1,967,435.56. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CTO Timothy Stonehocker sold 16,039 shares of the business’s stock in a transaction dated Thursday, June 20th. The shares were sold at an average price of $4.04, for a total value of $64,797.56. Following the completion of the sale, the chief technology officer now directly owns 867,531 shares of the company’s stock, valued at approximately $3,504,825.24. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 521,728 shares of company stock valued at $2,501,976. 21.30% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On SoundHound AI

Several hedge funds have recently made changes to their positions in the business. Newbridge Financial Services Group Inc. boosted its position in shares of SoundHound AI by 24.7% during the second quarter. Newbridge Financial Services Group Inc. now owns 11,720 shares of the company’s stock valued at $46,000 after purchasing an additional 2,320 shares in the last quarter. Sanctuary Advisors LLC purchased a new position in SoundHound AI during the 2nd quarter valued at about $104,000. Truist Financial Corp increased its stake in shares of SoundHound AI by 432.9% during the second quarter. Truist Financial Corp now owns 96,729 shares of the company’s stock valued at $382,000 after purchasing an additional 125,785 shares in the last quarter. B. Riley Wealth Advisors Inc. purchased a new stake in shares of SoundHound AI in the 2nd quarter worth approximately $113,000. Finally, Algert Global LLC purchased a new position in SoundHound AI during the second quarter valued at $103,000. 19.28% of the stock is owned by hedge funds and other institutional investors.

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.