SoundHound AI (NASDAQ:SOUN) Trading Down 1.4% – What’s Next?

SoundHound AI, Inc. (NASDAQ:SOUN)’s stock price dropped 1.4% on Wednesday . The company traded as low as $6.44 and last traded at $6.48. Approximately 24,945,938 shares were traded during mid-day trading, a decline of 13% from the average daily volume of 28,551,607 shares. The stock had previously closed at $6.57.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on SOUN shares. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of SoundHound AI in a report on Monday, June 15th. DA Davidson cut their price objective on shares of SoundHound AI from $12.00 to $10.00 and set a “buy” rating for the company in a research report on Thursday, August 6th. Piper Sandler lowered their target price on shares of 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 downgraded shares of SoundHound AI from a “sell” rating to a “strong sell” rating in a report on Saturday. One research analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, SoundHound AI has an average rating of “Moderate Buy” and an average target price of $13.60.

SoundHound AI Trading Down 1.4%

The business’s 50-day simple moving average is $6.76 and its 200 day simple moving average is $7.32. The firm has a market cap of $2.88 billion, a PE ratio of -17.05 and a beta of 2.66.

SoundHound AI (NASDAQ:SOUN) last issued its quarterly earnings results on Wednesday, August 5th. The company reported ($0.02) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.13) by $0.11. The business had revenue of $61.90 million for the quarter, compared to analyst estimates of $52.38 million. SoundHound AI had a negative return on equity of 30.22% and a negative net margin of 67.45%.The company’s revenue was up 45.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.19) earnings per share. Analysts expect that SoundHound AI, Inc. will post -0.33 earnings per share for the current year.

Insider Activity at SoundHound AI

In related news, SVP Majid Emami sold 28,843 shares of the business’s stock in a transaction dated Monday, June 15th. The shares were sold at an average price of $7.46, for a total transaction of $215,168.78. Following the transaction, the senior vice president directly owned 472,983 shares in the company, valued at approximately $3,528,453.18. The trade was a 5.75% decrease in their ownership of the stock. The transaction was disclosed in a legal filing 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, insider James Hom sold 28,843 shares of the firm’s stock in a transaction dated Monday, June 15th. The stock was sold at an average price of $7.46, for a total transaction of $215,168.78. Following the sale, the insider owned 743,521 shares of the company’s stock, valued at approximately $5,546,666.66. The trade was a 3.73% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 269,365 shares of company stock worth $2,009,047 in the last quarter. Corporate insiders own 8.84% of the company’s stock.

Institutional Trading of SoundHound AI

A number of large investors have recently made changes to their positions in the company. EP Wealth Advisors LLC increased its holdings in shares of SoundHound AI by 5.3% in the second quarter. EP Wealth Advisors LLC now owns 14,100 shares of the company’s stock valued at $151,000 after purchasing an additional 706 shares during the period. Newbridge Financial Services Group Inc. increased 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 purchasing an additional 830 shares in the last quarter. Parallel Advisors LLC raised its stake in shares of SoundHound AI by 42.8% during the 3rd quarter. Parallel Advisors LLC now owns 3,204 shares of the company’s stock worth $52,000 after buying an additional 960 shares during the last quarter. Northwestern Mutual Wealth Management Co. grew its position in shares of SoundHound AI by 83.1% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 2,336 shares of the company’s stock valued at $25,000 after purchasing an additional 1,060 shares during the last quarter. Finally, Integrated Wealth Concepts LLC increased its position in SoundHound AI by 8.9% during the first quarter. Integrated Wealth Concepts LLC now owns 14,676 shares of the company’s stock worth $119,000 after buying an additional 1,201 shares in the last quarter. 19.28% of the stock is owned by institutional investors and hedge funds.

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.