SoundHound AI (NASDAQ:SOUN) Stock Price Down 2.5% – What’s Next?

SoundHound AI, Inc. (NASDAQ:SOUN)’s stock price fell 2.5% during mid-day trading on Tuesday . The stock traded as low as $6.47 and last traded at $6.57. 39,221,797 shares were traded during mid-day trading, an increase of 37% from the average daily volume of 28,559,805 shares. The stock had previously closed at $6.74.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on SOUN shares. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of SoundHound AI in a research note on Monday, June 15th. Wall Street Zen lowered SoundHound AI from a “sell” rating to a “strong sell” rating in a research report on Saturday. DA Davidson lowered their price objective on SoundHound AI from $12.00 to $10.00 and set a “buy” rating for the company in a research report on Thursday, August 6th. Finally, Piper Sandler cut their target price on shares of SoundHound AI from $8.00 to $7.00 and set a “neutral” rating on the stock in a research note on Thursday, August 6th. One equities research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $13.60.

SoundHound AI Trading Down 2.5%

The firm has a market cap of $2.92 billion, a PE ratio of -17.29 and a beta of 2.66. The business has a fifty day moving average price of $6.76 and a 200 day moving average price of $7.33.

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

Insider Buying and Selling

In other SoundHound AI news, CTO Timothy Stonehocker sold 18,802 shares of the company’s stock in a transaction dated Monday, June 15th. The shares were sold at an average price of $7.46, for a total value of $140,262.92. Following the sale, the chief technology officer owned 502,290 shares of the company’s stock, valued at $3,747,083.40. This represents a 3.61% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO Michael Zagorsek sold 64,994 shares of the stock in a transaction that occurred on Monday, June 15th. The shares were sold at an average price of $7.46, for a total transaction of $484,855.24. Following the completion of the sale, the chief operating officer owned 1,669,497 shares in the company, valued at $12,454,447.62. This represents a 3.75% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold a total of 269,365 shares of company stock valued at $2,009,047 in the last quarter. Corporate insiders own 8.84% of the company’s stock.

Hedge Funds Weigh In On SoundHound AI

A number of institutional investors have recently made changes to their positions in the stock. Geode Capital Management LLC increased its position 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 purchasing an additional 273,097 shares in the last quarter. Morgan Stanley lifted its stake in shares of SoundHound AI by 48.1% during the fourth quarter. Morgan Stanley now owns 8,987,522 shares of the company’s stock valued at $89,606,000 after buying an additional 2,917,280 shares during the period. State Street Corp boosted its position in SoundHound AI by 0.9% during the fourth quarter. State Street Corp now owns 8,691,235 shares of the company’s stock worth $86,652,000 after acquiring an additional 80,908 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in SoundHound AI by 13.4% in 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 acquiring an additional 672,714 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its stake in shares of SoundHound AI by 2.5% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 3,364,998 shares of the company’s stock worth $33,549,000 after purchasing an additional 82,428 shares during the period. 19.28% of the stock is owned by institutional investors and hedge funds.

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.