SoundHound AI (NASDAQ:SOUN) Shares Down 4.9% – Here’s What Happened

SoundHound AI, Inc. (NASDAQ:SOUN) shares were down 4.9% on Tuesday . The stock traded as low as $6.15 and last traded at $6.15. 18,453,212 shares traded hands during mid-day trading, a decline of 35% from the average daily volume of 28,357,842 shares. The stock had previously closed at $6.47.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the stock. DA Davidson reduced their target price on shares of SoundHound AI from $12.00 to $10.00 and set a “buy” rating on the stock in a research note on Thursday, August 6th. Weiss Ratings restated a “sell (e+)” rating on shares of SoundHound AI in a report on Friday, September 11th. Piper Sandler reduced their target price 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. Finally, Wall Street Zen raised shares of SoundHound AI from a “strong sell” rating to a “sell” rating in a research report on Sunday. One investment analyst has rated the stock with a Strong Buy rating, three have issued a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $13.00.

SoundHound AI Stock Up 1.8%

The business’s 50 day moving average is $6.70 and its 200 day moving average is $7.24. The company has a market cap of $2.68 billion, a P/E ratio of -15.91 and a beta of 2.66.

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. California State Teachers Retirement System raised its stake in SoundHound AI by 25.0% in the 1st quarter. California State Teachers Retirement System now owns 440,023 shares of the company’s stock worth $3,023,000 after acquiring an additional 87,998 shares during the last quarter. Geode Capital Management LLC grew 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 valued at $91,543,000 after purchasing an additional 273,097 shares during the last quarter. Havemeyer Place LP acquired a new position in shares of SoundHound AI in the fourth quarter valued at about $956,000. Themes Management Co LLC raised its stake in shares of SoundHound AI by 86.5% in the first quarter. Themes Management Co LLC now owns 191,444 shares of the company’s stock worth $1,315,000 after purchasing an additional 88,820 shares during the last quarter. Finally, SG Americas Securities LLC acquired a new stake in shares of SoundHound AI during the first quarter worth about $1,606,000. Hedge funds and other institutional investors own 19.28% of the company’s stock.

SoundHound AI Company Profile

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.