SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report)'s share price traded down 2.7% during mid-day trading on Tuesday . The stock traded as low as $4.61 and last traded at $4.64. 4,603,966 shares traded hands during trading, a decline of 90% from the average session volume of 44,868,945 shares. The stock had previously closed at $4.77.
Analyst Upgrades and Downgrades
SOUN has been the subject of a number of research reports. Cantor Fitzgerald upgraded shares of SoundHound AI from an "underweight" rating to a "neutral" rating and set a $4.90 target price for the company in a research report on Thursday, April 11th. DA Davidson lifted their price objective on SoundHound AI from $7.50 to $9.50 and gave the stock a "buy" rating in a research note on Friday, March 15th. Northland Securities restated a "market perform" rating on shares of SoundHound AI in a research report on Wednesday, February 28th. HC Wainwright reissued a "buy" rating and issued a $7.00 price objective on shares of SoundHound AI in a research note on Monday, May 13th. Finally, Wedbush restated an "outperform" rating and set a $9.00 target price on shares of SoundHound AI in a research report on Friday, May 10th. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $6.88.
Check Out Our Latest Analysis on SOUN
SoundHound AI Stock Performance
The stock has a market capitalization of $1.53 billion, a PE ratio of -12.24 and a beta of 2.87. The business's 50 day moving average is $4.72 and its 200 day moving average is $3.92. The company has a current ratio of 8.84, a quick ratio of 8.84 and a debt-to-equity ratio of 0.56.
SoundHound AI (NASDAQ:SOUN - Get Free Report) last announced its quarterly earnings data on Thursday, May 9th. The company reported ($0.07) EPS for the quarter, beating the consensus estimate of ($0.09) by $0.02. The company had revenue of $11.59 million for the quarter, compared to the consensus estimate of $10.10 million. SoundHound AI had a negative return on equity of 163.00% and a negative net margin of 183.49%. SoundHound AI's quarterly revenue was up 72.9% on a year-over-year basis. During the same quarter in the prior year, the company posted ($0.12) EPS. On average, equities research analysts predict that SoundHound AI, Inc. will post -0.33 earnings per share for the current fiscal year.
Insider Activity at SoundHound AI
In other SoundHound AI news, Director Eric R. Ball sold 40,000 shares of SoundHound AI stock in a transaction on Thursday, March 14th. The stock was sold at an average price of $9.55, for a total transaction of $382,000.00. Following the completion of the sale, the director now directly owns 450,250 shares of the company's stock, valued at approximately $4,299,887.50. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In related news, CTO Timothy Stonehocker sold 5,276 shares of the business's stock in a transaction that occurred on Thursday, March 21st. The shares were sold at an average price of $7.70, for a total value of $40,625.20. Following the completion of the transaction, the chief technology officer now owns 982,584 shares of the company's stock, valued at $7,565,896.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Eric R. Ball sold 40,000 shares of the business's stock in a transaction on Thursday, March 14th. The stock was sold at an average price of $9.55, for a total value of $382,000.00. Following the completion of the transaction, the director now directly owns 450,250 shares of the company's stock, valued at $4,299,887.50. The disclosure for this sale can be found here. Over the last quarter, insiders sold 294,136 shares of company stock worth $2,082,591. Company insiders own 21.30% of the company's stock.
Hedge Funds Weigh In On SoundHound AI
A number of large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its stake in shares of SoundHound AI by 16.1% during the first quarter. Vanguard Group Inc. now owns 16,070,453 shares of the company's stock worth $94,655,000 after acquiring an additional 2,226,471 shares during the last quarter. Intrinsic Edge Capital Management LLC lifted its position in SoundHound AI by 47.7% during the 4th quarter. Intrinsic Edge Capital Management LLC now owns 4,848,211 shares of the company's stock worth $10,278,000 after acquiring an additional 1,566,238 shares during the period. Baupost Group LLC MA purchased a new stake in SoundHound AI during the 1st quarter valued at about $6,659,000. Janus Henderson Group PLC raised its stake in shares of SoundHound AI by 563.0% in the first quarter. Janus Henderson Group PLC now owns 482,731 shares of the company's stock worth $2,843,000 after purchasing an additional 409,917 shares during the last quarter. Finally, Swiss National Bank lifted its holdings in shares of SoundHound AI by 13.9% during the fourth quarter. Swiss National Bank now owns 400,500 shares of the company's stock worth $849,000 after purchasing an additional 49,000 shares during the period. 19.28% of the stock is currently owned by institutional investors.
About SoundHound AI
(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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