SoundHound AI (NASDAQ:SOUN) Shares Down 1.5% – What’s Next?

SoundHound AI, Inc. (NASDAQ:SOUN) shares traded down 1.5% on Monday. The stock traded as low as $4.60 and last traded at $4.65. Approximately 12,124,652 shares traded hands during mid-day trading, a decline of 55% from the average session volume of 26,961,523 shares. The stock had previously closed at $4.72.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. Wall Street Zen lowered shares of SoundHound AI from a “sell” rating to a “strong sell” rating in a research note on Saturday, September 26th. DA Davidson decreased their price target on SoundHound AI from $12.00 to $10.00 and set a “buy” rating for the company in a research note on Thursday, August 6th. Yorkville Ives initiated coverage on SoundHound AI in a report on Monday, October 5th. They issued an “in-line” rating and a $6.50 price objective for the company. Piper Sandler lowered their price objective on SoundHound AI from $7.00 to $6.00 and set a “neutral” rating for the company in a report on Tuesday, September 22nd. Finally, Weiss Ratings upgraded SoundHound AI from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Thursday, October 15th. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $11.50.

SoundHound AI Stock Up 1.1%

The stock has a market capitalization of $2.09 billion, a P/E ratio of -12.37 and a beta of 2.73. The company has a 50 day moving average of $6.24 and a 200-day moving average of $6.94.

SoundHound AI (NASDAQ:SOUN) last released its earnings results on Wednesday, August 5th. The company reported ($0.02) earnings per share for the quarter, beating the consensus estimate of ($0.13) by $0.11. The firm had revenue of $61.90 million during the quarter, compared to analyst estimates of $52.38 million. SoundHound AI had a negative net margin of 67.45% and a negative return on equity of 30.22%. The firm’s revenue for the quarter was up 45.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.19) earnings per share. Equities analysts forecast that SoundHound AI, Inc. will post -0.32 EPS for the current fiscal year.

Insider Buying and Selling at SoundHound AI

In other news, CEO Keyvan Mohajer sold 137,290 shares of SoundHound AI stock in a transaction dated Tuesday, September 15th. The shares were sold at an average price of $6.33, for a total value of $869,045.70. Following the completion of the transaction, the chief executive officer directly owned 3,684,947 shares of the company’s stock, valued at approximately $23,325,714.51. The trade was a 3.59% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, SVP Majid Emami sold 38,730 shares of the business’s stock in a transaction dated Tuesday, September 15th. The shares were sold at an average price of $6.33, for a total transaction of $245,160.90. Following the sale, the senior vice president directly owned 834,253 shares of the company’s stock, valued at approximately $5,280,821.49. This represents a 4.44% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last 90 days, insiders sold 288,758 shares of company stock valued at $1,828,598. Corporate insiders own 8.84% of the company’s stock.

Hedge Funds Weigh In On SoundHound AI

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Genesee Capital Advisors LLC bought a new stake in SoundHound AI in the third quarter valued at $118,000. Abel Hall LLC bought a new position in shares of SoundHound AI during the third quarter worth about $70,000. Essex LLC grew its position in shares of SoundHound AI by 11.1% during the third quarter. Essex LLC now owns 31,700 shares of the company’s stock worth $191,000 after acquiring an additional 3,155 shares during the last quarter. Krilogy Financial LLC acquired a new stake in shares of SoundHound AI in the 3rd quarter worth about $62,000. Finally, NewEdge Advisors LLC increased its holdings in shares of SoundHound AI by 38.1% in the 2nd quarter. NewEdge Advisors LLC now owns 132,072 shares of the company’s stock worth $855,000 after acquiring an additional 36,415 shares during the period. 19.28% of the stock is currently owned by institutional investors and hedge funds.

SoundHound AI Company Profile

SoundHound AI, Inc develops voice artificial intelligence and conversational intelligence technologies. Its platform is designed to enable people to interact with devices, applications and services using natural language, with capabilities including speech recognition, language understanding and conversational response generation.

The company’s offerings include the Houndify platform, which businesses can use to create branded voice assistants and conversational interfaces. SoundHound AI also provides voice-enabled solutions for industries such as automotive, restaurants and customer service, allowing users to access information, control functions, place orders and engage with businesses through voice interactions.