SoundHound AI (NASDAQ:SOUN) Stock Price Down 15.4% – Here’s What Happened

SoundHound AI, Inc. (NASDAQ:SOUN) dropped 15.4% during trading on Wednesday . The company traded as low as $15.01 and last traded at $15.22. Approximately 42,472,343 shares were traded during trading, a decline of 36% from the average daily volume of 66,522,203 shares. The stock had previously closed at $17.98.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on SOUN shares. Wedbush boosted their price objective on SoundHound AI from $10.00 to $22.00 and gave the company an “outperform” rating in a research note on Monday, December 16th. LADENBURG THALM/SH SH reiterated a “neutral” rating and set a $7.00 price objective on shares of SoundHound AI in a research report on Wednesday, November 13th. DA Davidson restated a “buy” rating and set a $9.50 target price on shares of SoundHound AI in a report on Monday, September 30th. Barclays restated a “neutral” rating and set a $7.00 target price on shares of SoundHound AI in a report on Wednesday, November 13th. Finally, HC Wainwright increased their target price on SoundHound AI from $8.00 to $26.00 and gave the company a “buy” rating in a report on Monday, December 23rd. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, SoundHound AI presently has an average rating of “Moderate Buy” and a consensus target price of $12.07.

SoundHound AI Trading Down 6.2 %

The company has a current ratio of 2.58, a quick ratio of 2.58 and a debt-to-equity ratio of 0.13. The firm has a fifty day simple moving average of $13.29 and a two-hundred day simple moving average of $7.79. The firm has a market cap of $5.21 billion, a PE ratio of -39.14 and a beta of 2.63.

SoundHound AI (NASDAQ:SOUN) last announced its earnings results on Tuesday, November 12th. The company reported ($0.06) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.07) by $0.01. SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. The firm had revenue of $25.10 million during the quarter, compared to analyst estimates of $23.02 million. During the same quarter in the prior year, the company earned ($0.09) EPS. The business’s revenue was up 88.7% compared to the same quarter last year. Equities analysts forecast that SoundHound AI, Inc. will post -0.38 EPS for the current year.

Insider Activity at SoundHound AI

In other SoundHound AI news, insider James Ming Hom sold 53,891 shares of SoundHound AI stock in a transaction on Wednesday, December 4th. The stock was sold at an average price of $10.00, for a total value of $538,910.00. Following the completion of the sale, the insider now owns 813,193 shares of the company’s stock, valued at approximately $8,131,930. This trade represents a 6.22 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, VP Majid Emami sold 94,067 shares of SoundHound AI stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $9.05, for a total value of $851,306.35. Following the completion of the sale, the vice president now directly owns 735,685 shares of the company’s stock, valued at approximately $6,657,949.25. The trade was a 11.34 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 2,782,918 shares of company stock valued at $45,391,343 in the last 90 days. Corporate insiders own 12.28% of the company’s stock.

Hedge Funds Weigh In On SoundHound AI

A number of institutional investors and hedge funds have recently modified their holdings of SOUN. NBC Securities Inc. grew its holdings in shares of SoundHound AI by 97.8% in the third quarter. NBC Securities Inc. now owns 7,720 shares of the company’s stock worth $35,000 after acquiring an additional 3,818 shares during the period. Amalgamated Bank grew its holdings in shares of SoundHound AI by 108.0% in the second quarter. Amalgamated Bank now owns 9,819 shares of the company’s stock worth $39,000 after acquiring an additional 5,099 shares during the period. Farther Finance Advisors LLC grew its holdings in shares of SoundHound AI by 298.5% in the third quarter. Farther Finance Advisors LLC now owns 8,966 shares of the company’s stock worth $42,000 after acquiring an additional 6,716 shares during the period. Sei Investments Co. bought a new stake in shares of SoundHound AI in the second quarter worth $43,000. Finally, Newbridge Financial Services Group Inc. grew its holdings in shares of SoundHound AI by 24.7% in the second quarter. Newbridge Financial Services Group Inc. now owns 11,720 shares of the company’s stock worth $46,000 after acquiring an additional 2,320 shares during the period. 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.