SoundHound AI (NASDAQ:SOUN) Shares Down 9.9% – Here’s What Happened

SoundHound AI, Inc. (NASDAQ:SOUN) shares dropped 9.9% during trading on Monday . The stock traded as low as $9.08 and last traded at $9.29. Approximately 23,625,596 shares were traded during mid-day trading, a decline of 58% from the average daily volume of 56,112,227 shares. The stock had previously closed at $10.31.

Analysts Set New Price Targets

SOUN has been the subject of several recent research reports. Northland Securities boosted their target price on shares of SoundHound AI from $6.00 to $8.00 and gave the company a “market perform” rating in a research note on Tuesday, January 14th. Barclays restated a “neutral” rating and issued a $7.00 target price on shares of SoundHound AI in a research report on Wednesday, November 13th. Wedbush upped their target price on shares of SoundHound AI from $10.00 to $22.00 and gave the stock an “outperform” rating in a research report on Monday, December 16th. LADENBURG THALM/SH SH reaffirmed a “neutral” rating and issued a $7.00 price target on shares of SoundHound AI in a research note on Wednesday, November 13th. Finally, Cantor Fitzgerald upgraded shares of SoundHound AI to a “hold” rating in a report on Monday. Four research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $12.36.

SoundHound AI Trading Up 7.5 %

The business has a fifty day moving average of $15.83 and a 200-day moving average of $9.85. The stock has a market capitalization of $3.76 billion, a price-to-earnings ratio of -26.58 and a beta of 2.56. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.58 and a quick ratio of 2.58.

Insider Buying and Selling

In related news, CEO Keyvan Mohajer sold 156,288 shares of SoundHound AI stock in a transaction dated Tuesday, December 24th. The stock was sold at an average price of $20.20, for a total transaction of $3,157,017.60. Following the transaction, the chief executive officer now directly owns 2,021,666 shares of the company’s stock, valued at $40,837,653.20. The trade was a 7.18 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Michael Zagorsek sold 277,813 shares of SoundHound AI stock in a transaction dated Wednesday, December 18th. The stock was sold at an average price of $21.25, for a total value of $5,903,526.25. Following the completion of the transaction, the chief operating officer now directly owns 1,473,322 shares in the company, valued at $31,308,092.50. This represents a 15.86 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 2,722,918 shares of company stock valued at $44,935,943 over the last three months. Company insiders own 12.28% of the company’s stock.

Hedge Funds Weigh In On SoundHound AI

Institutional investors have recently bought and sold shares of the stock. Blue Trust Inc. increased its stake in SoundHound AI by 197.6% in the 4th quarter. Blue Trust Inc. now owns 1,250 shares of the company’s stock worth $25,000 after purchasing an additional 830 shares in the last quarter. Sound Income Strategies LLC grew its position in SoundHound AI by 2,542.0% in the fourth quarter. Sound Income Strategies LLC now owns 1,321 shares of the company’s stock worth $26,000 after acquiring an additional 1,271 shares in the last quarter. Orion Capital Management LLC bought a new stake in SoundHound AI in the fourth quarter worth approximately $30,000. Future Financial Wealth Managment LLC bought a new stake in SoundHound AI in the fourth quarter worth approximately $40,000. Finally, Compagnie Lombard Odier SCmA bought a new stake in shares of SoundHound AI during the 4th quarter worth $40,000. Hedge funds and other institutional investors own 19.28% of the company’s stock.

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.