SoundHound AI (NASDAQ:SOUN) Trading Down 6.3% – Here’s Why

Shares of SoundHound AI, Inc. (NASDAQ:SOUN) traded down 6.3% during trading on Thursday . The company traded as low as $7.34 and last traded at $7.46. 25,096,397 shares changed hands during trading, a decline of 8% from the average session volume of 27,373,816 shares. The stock had previously closed at $7.96.

Wall Street Analysts Forecast Growth

SOUN has been the topic of a number of research reports. Zacks Research raised shares of SoundHound AI from a “strong sell” rating to a “hold” rating in a research report on Monday. Weiss Ratings reissued a “sell (d-)” rating on shares of SoundHound AI in a research report on Friday, January 9th. LADENBURG THALM/SH SH raised SoundHound AI to a “strong-buy” rating in a report on Thursday, December 18th. DA Davidson set a $14.00 price objective on SoundHound AI in a research report on Thursday, January 8th. Finally, Piper Sandler lowered their price objective on SoundHound AI from $15.00 to $11.00 and set a “neutral” rating on the stock in a research report on Monday, January 5th. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $16.07.

SoundHound AI Price Performance

The business’s 50 day simple moving average is $10.50 and its 200 day simple moving average is $13.23. The stock has a market cap of $3.13 billion, a P/E ratio of -8.88 and a beta of 2.64.

Insider Buying and Selling at SoundHound AI

In other SoundHound AI news, COO Michael Zagorsek sold 73,406 shares of SoundHound AI stock in a transaction on Monday, December 22nd. The stock was sold at an average price of $11.28, for a total transaction of $828,019.68. Following the completion of the transaction, the chief operating officer directly owned 1,787,459 shares of the company’s stock, valued at approximately $20,162,537.52. This trade represents a 3.94% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Majid Emami sold 42,600 shares of the business’s stock in a transaction on Monday, December 22nd. The shares were sold at an average price of $11.28, for a total transaction of $480,528.00. Following the completion of the sale, the senior vice president owned 565,586 shares in the company, valued at $6,379,810.08. This represents a 7.00% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 460,922 shares of company stock worth $5,199,073 over the last three months. 9.17% of the stock is currently owned by insiders.

Hedge Funds Weigh In On SoundHound AI

Institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its stake in SoundHound AI by 4.4% during the fourth quarter. Vanguard Group Inc. now owns 45,367,437 shares of the company’s stock worth $452,313,000 after buying an additional 1,909,868 shares during the last quarter. Geode Capital Management LLC boosted its stake in SoundHound AI by 3.1% in the fourth quarter. Geode Capital Management LLC now owns 9,180,321 shares of the company’s stock worth $91,543,000 after purchasing an additional 273,097 shares in the last quarter. State Street Corp increased its stake in shares of SoundHound AI by 9.1% in the second quarter. State Street Corp now owns 8,476,348 shares of the company’s stock valued at $90,951,000 after buying an additional 708,369 shares in the last quarter. UBS Group AG raised its holdings in shares of SoundHound AI by 77.6% in the fourth quarter. UBS Group AG now owns 6,124,283 shares of the company’s stock valued at $61,059,000 after buying an additional 2,676,707 shares during the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in SoundHound AI by 13.4% during the 3rd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 5,697,346 shares of the company’s stock worth $91,604,000 after buying an additional 672,714 shares in the last quarter. 19.28% of the stock is owned by institutional investors.

About SoundHound AI

SoundHound AI, Inc is a voice AI and conversational intelligence company specializing in speech recognition, natural language understanding and sound identification technologies. Founded in 2005 and headquartered in Santa Clara, California, the company initially gained recognition with its music discovery app before pivoting to enterprise-grade voice AI solutions. Over the years, SoundHound AI has built a comprehensive platform that enables developers and businesses to embed conversational intelligence into a wide range of products and services.

The company’s core offering is the Houndify voice AI platform, which provides customizable speech-to-meaning technology, domain-specific natural language understanding and text-to-speech capabilities.