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

by · The Cerbat Gem

SoundHound AI, Inc. (NASDAQ:SOUN – Get Free Report) dropped 1.5% during trading on Thursday . The company traded as low as $11.52 and last traded at $12.03. Approximately 22,025,356 shares changed hands during trading, a decline of 50% from the average daily volume of 44,254,078 shares. The stock had previously closed at $12.21.

Analysts Set New Price Targets

SOUN has been the topic of a number of research reports. Wedbush reissued an “outperform” rating and issued a $16.00 price objective on shares of SoundHound AI in a research note on Thursday, September 11th. Piper Sandler increased their target price on shares of SoundHound AI from $12.00 to $15.00 and gave the stock a “neutral” rating in a research report on Friday, November 7th. HC Wainwright increased their price objective on SoundHound AI from $18.00 to $26.00 and gave the stock a “buy” rating in a report on Thursday, October 16th. Oppenheimer initiated coverage on SoundHound AI in a report on Thursday, September 11th. They issued a “market perform” rating for the company. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of SoundHound AI in a report on Tuesday, October 14th. One equities research analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, SoundHound AI currently has an average rating of “Moderate Buy” and an average target price of $17.42.

View Our Latest Report on SoundHound AI

SoundHound AI Stock Performance

The stock has a market capitalization of $5.05 billion, a P/E ratio of -14.32 and a beta of 2.63. The firm’s 50-day simple moving average is $15.28 and its 200 day simple moving average is $13.36.

SoundHound AI (NASDAQ:SOUN – Get Free Report) last posted its quarterly earnings results on Thursday, November 6th. The company reported ($0.03) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.09) by $0.06. SoundHound AI had a negative return on equity of 93.64% and a negative net margin of 211.16%.The business had revenue of $42.05 million for the quarter, compared to analysts’ expectations of $40.48 million. During the same quarter in the prior year, the business earned ($0.04) EPS. The firm’s revenue for the quarter was up 67.6% on a year-over-year basis. As a group, research analysts expect that SoundHound AI, Inc. will post -0.38 earnings per share for the current fiscal year.

Insider Activity at SoundHound AI

In other SoundHound AI news, CEO Keyvan Mohajer sold 118,654 shares of the firm’s stock in a transaction that occurred on Wednesday, October 8th. The stock was sold at an average price of $20.00, for a total value of $2,373,080.00. Following the completion of the sale, the chief executive officer owned 2,342,613 shares of the company’s stock, valued at approximately $46,852,260. This trade represents a 4.82% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, COO Michael Zagorsek sold 69,837 shares of the company’s stock in a transaction that occurred on Monday, September 22nd. The stock was sold at an average price of $16.00, for a total value of $1,117,392.00. Following the transaction, the chief operating officer directly owned 1,860,790 shares in the company, valued at $29,772,640. The trade was a 3.62% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders sold 787,260 shares of company stock valued at $13,973,056. Corporate insiders own 9.17% of the company’s stock.

Hedge Funds Weigh In On SoundHound AI

Several large investors have recently bought and sold shares of SOUN. Sound Income Strategies LLC raised its holdings in shares of SoundHound AI by 37.3% in the third quarter. Sound Income Strategies LLC now owns 2,116 shares of the company’s stock valued at $34,000 after purchasing an additional 575 shares during the last quarter. Investors Research Corp raised its holdings in shares of SoundHound AI by 62.4% in the 3rd quarter. Investors Research Corp now owns 1,822 shares of the company’s stock worth $29,000 after purchasing an additional 700 shares during the period. EP Wealth Advisors LLC grew its stake in shares of SoundHound AI by 5.3% during the 2nd quarter. EP Wealth Advisors LLC now owns 14,100 shares of the company’s stock worth $151,000 after acquiring an additional 706 shares during the period. Newbridge Financial Services Group Inc. raised its stake in SoundHound AI by 2.7% in the 3rd quarter. Newbridge Financial Services Group Inc. now owns 31,880 shares of the company’s stock valued at $513,000 after acquiring an additional 830 shares during the period. Finally, Insigneo Advisory Services LLC grew its stake in SoundHound AI by 7.4% in the 3rd quarter. Insigneo Advisory Services LLC now owns 12,416 shares of the company’s stock valued at $200,000 after buying an additional 858 shares in the last quarter. 19.28% of the stock is currently owned by institutional investors.

SoundHound AI Company Profile

(Get Free Report)

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.

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