SoundHound AI (NASDAQ:SOUN) Reaches New 12-Month Low – Here’s What Happened

SoundHound AI, Inc. (NASDAQ:SOUN) shares hit a new 52-week low on Wednesday . The company traded as low as $5.79 and last traded at $5.8250, with a volume of 25097742 shares. The stock had previously closed at $6.24.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the stock. DA Davidson reaffirmed a “buy” rating and set a $14.00 price objective on shares of SoundHound AI in a research note on Wednesday, April 22nd. Weiss Ratings restated a “sell (e+)” rating on shares of SoundHound AI in a report on Monday, June 15th. Finally, LADENBURG THALM/SH SH upgraded shares of SoundHound AI to a “strong-buy” rating in a research report on Wednesday, May 6th. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $14.93.

SoundHound AI Price Performance

The firm has a market cap of $2.66 billion, a PE ratio of -13.06 and a beta of 2.62. The business has a fifty day moving average price of $6.99 and a two-hundred day moving average price of $7.77.

SoundHound AI (NASDAQ:SOUN) last announced its quarterly earnings data on Thursday, May 7th. The company reported ($0.06) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.05) by ($0.01). SoundHound AI had a negative return on equity of 40.15% and a negative net margin of 91.84%.The business had revenue of $44.20 million during the quarter, compared to analysts’ expectations of $42.56 million. During the same period in the prior year, the company posted ($0.06) earnings per share. The firm’s revenue was up 51.7% on a year-over-year basis. As a group, sell-side analysts forecast that SoundHound AI, Inc. will post -0.45 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, insider James Ming Hom sold 28,843 shares of the firm’s 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 $215,168.78. Following the completion of the sale, the insider directly owned 743,521 shares in the company, valued at approximately $5,546,666.66. This trade represents a 3.73% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CEO Keyvan Mohajer sold 126,540 shares of the stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $7.46, for a total transaction of $943,988.40. Following the completion of the sale, the chief executive officer owned 1,947,237 shares of the company’s stock, valued at approximately $14,526,388.02. The trade was a 6.10% 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. Insiders sold 268,022 shares of company stock valued at $1,999,444 over the last ninety days. Insiders own 8.84% of the company’s stock.

Institutional Investors Weigh In On SoundHound AI

Several hedge funds have recently made changes to their positions in SOUN. Royal Bank of Canada lifted its position in shares of SoundHound AI by 71.3% in the 1st quarter. Royal Bank of Canada now owns 160,299 shares of the company’s stock worth $1,301,000 after acquiring an additional 66,714 shares during the period. Integrated Wealth Concepts LLC raised its stake in shares of SoundHound AI by 8.9% in the first quarter. Integrated Wealth Concepts LLC now owns 14,676 shares of the company’s stock valued at $119,000 after purchasing an additional 1,201 shares in the last quarter. NewEdge Advisors LLC lifted its position in SoundHound AI by 12.9% in the first quarter. NewEdge Advisors LLC now owns 41,030 shares of the company’s stock worth $333,000 after purchasing an additional 4,692 shares during the period. Goldman Sachs Group Inc. boosted its stake in SoundHound AI by 69.8% during the first quarter. Goldman Sachs Group Inc. now owns 2,639,689 shares of the company’s stock worth $21,434,000 after buying an additional 1,085,473 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in SoundHound AI by 10.1% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 692,170 shares of the company’s stock valued at $5,620,000 after buying an additional 63,398 shares during the period. Institutional investors own 19.28% of the company’s stock.

SoundHound AI Company Profile

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.