SoundHound AI (NASDAQ:SOUN) Trading Down 3.6% – What’s Next?

SoundHound AI, Inc. (NASDAQ:SOUN) fell 3.6% on Wednesday . The stock traded as low as $5.83 and last traded at $5.93. Approximately 29,422,973 shares traded hands during trading, an increase of 4% from the average daily volume of 28,365,691 shares. The stock had previously closed at $6.15.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on SOUN shares. Weiss Ratings reissued a “sell (e+)” rating on shares of SoundHound AI in a report on Friday. Piper Sandler reduced their price objective on SoundHound AI from $8.00 to $7.00 and set a “neutral” rating on the stock in a research note on Thursday, August 6th. Wall Street Zen raised SoundHound AI from a “strong sell” rating to a “sell” rating in a research note on Sunday. Finally, DA Davidson dropped their target price on shares of SoundHound AI from $12.00 to $10.00 and set a “buy” rating for the company in a report on Thursday, August 6th. One investment analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $13.00.

SoundHound AI Trading Down 3.6%

The company has a market capitalization of $2.63 billion, a P/E ratio of -15.60 and a beta of 2.66. The stock has a 50 day moving average price of $6.72 and a 200 day moving average price of $7.26.

SoundHound AI (NASDAQ:SOUN) last issued its quarterly earnings data on Wednesday, August 5th. The company reported ($0.02) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.11. The business had revenue of $61.90 million for the quarter, compared to analyst estimates of $52.38 million. SoundHound AI had a negative return on equity of 30.22% and a negative net margin of 67.45%.SoundHound AI’s quarterly revenue was up 45.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted ($0.19) EPS. On average, research analysts predict that SoundHound AI, Inc. will post -0.33 EPS for the current year.

Institutional Investors Weigh In On SoundHound AI

Hedge funds have recently added to or reduced their stakes in the business. Geode Capital Management LLC raised its stake in SoundHound AI by 3.1% during the 4th quarter. Geode Capital Management LLC now owns 9,180,321 shares of the company’s stock worth $91,543,000 after buying an additional 273,097 shares during the period. SG Americas Securities LLC bought a new position in SoundHound AI in the first quarter worth approximately $1,606,000. AXQ Capital LP grew its stake in SoundHound AI by 395.6% in the second quarter. AXQ Capital LP now owns 254,744 shares of the company’s stock valued at $1,648,000 after acquiring an additional 203,345 shares during the period. Corient Private Wealth LP grew its stake in SoundHound AI by 777.2% in the second quarter. Corient Private Wealth LP now owns 176,764 shares of the company’s stock valued at $1,144,000 after acquiring an additional 156,612 shares during the period. Finally, Themes Management Co LLC bought a new stake in shares of SoundHound AI during the fourth quarter valued at approximately $1,023,000. 19.28% of the stock is currently owned by institutional investors and hedge funds.

About SoundHound AI

SoundHound AI, Inc develops conversational artificial intelligence and voice-enabled technologies. Its platform is designed to let users interact with devices, applications and services through natural-language speech, supporting functions such as information retrieval, question answering and task completion.

The company’s offerings include the Houndify conversational AI platform, which businesses can use to build branded voice assistants, as well as SoundHound Chat AI, an in-car and consumer-oriented voice assistant that combines conversational capabilities with access to information and services.