SoundHound AI (NASDAQ:SOUN) Shares Gap Down to $4.62

SoundHound AI, Inc. (NASDAQ:SOUN) shares gapped down before the market opened on Monday . The stock had previously closed at $4.62, but opened at $3.95. SoundHound AI shares last traded at $4.29, with a volume of 10,177,777 shares changing hands.

Analysts Set New Price Targets

Several brokerages have weighed in on SOUN. Cantor Fitzgerald upgraded SoundHound AI from an “underweight” rating to a “neutral” rating and set a $4.90 target price on the stock in a research note on Thursday, April 11th. HC Wainwright restated a “buy” rating and set a $7.00 price objective on shares of SoundHound AI in a research report on Monday, July 29th. Finally, Wedbush reaffirmed an “outperform” rating and issued a $9.00 target price on shares of SoundHound AI in a report on Friday, May 10th. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $6.88.

SoundHound AI Price Performance

The company has a debt-to-equity ratio of 0.56, a current ratio of 8.84 and a quick ratio of 8.84. The stock has a market cap of $1.42 billion, a price-to-earnings ratio of -11.71 and a beta of 2.77. The company’s 50 day moving average is $4.62 and its 200 day moving average is $4.62.

SoundHound AI (NASDAQ:SOUN) last issued its earnings results on Thursday, May 9th. The company reported ($0.07) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.02. The business had revenue of $11.59 million during the quarter, compared to analysts’ expectations of $10.10 million. SoundHound AI had a negative return on equity of 163.00% and a negative net margin of 183.49%. The company’s revenue for the quarter was up 72.9% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.12) EPS. Research analysts forecast that SoundHound AI, Inc. will post -0.3 earnings per share for the current fiscal year.

Insider Activity at SoundHound AI

In other SoundHound AI news, CTO Timothy Stonehocker sold 208,000 shares of the company’s stock in a transaction on Thursday, July 11th. The stock was sold at an average price of $5.75, for a total value of $1,196,000.00. Following the transaction, the chief technology officer now owns 659,531 shares of the company’s stock, valued at $3,792,303.25. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, CTO Timothy Stonehocker sold 208,000 shares of the business’s stock in a transaction on Thursday, July 11th. The shares were sold at an average price of $5.75, for a total transaction of $1,196,000.00. Following the transaction, the chief technology officer now directly owns 659,531 shares in the company, valued at approximately $3,792,303.25. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Keyvan Mohajer sold 116,504 shares of the firm’s stock in a transaction that occurred on Monday, June 24th. The shares were sold at an average price of $3.95, for a total transaction of $460,190.80. Following the transaction, the chief executive officer now directly owns 953,333 shares in the company, valued at approximately $3,765,665.35. The disclosure for this sale can be found here. Insiders have sold a total of 625,728 shares of company stock worth $3,011,476 in the last three months. 21.30% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Vanguard Group Inc. raised its stake in SoundHound AI by 18.6% during the 3rd quarter. Vanguard Group Inc. now owns 13,166,989 shares of the company’s stock worth $26,466,000 after buying an additional 2,064,340 shares during the period. SG Americas Securities LLC raised its holdings in shares of SoundHound AI by 40.2% during the 4th quarter. SG Americas Securities LLC now owns 38,243 shares of the company’s stock worth $81,000 after buying an additional 10,957 shares in the last quarter. Arizona State Retirement System grew its stake in shares of SoundHound AI by 24.8% during the fourth quarter. Arizona State Retirement System now owns 56,809 shares of the company’s stock worth $120,000 after buying an additional 11,283 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in SoundHound AI by 102.1% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 45,840 shares of the company’s stock worth $97,000 after acquiring an additional 23,163 shares during the last quarter. Finally, Prosperity Wealth Management Inc. boosted its holdings in SoundHound AI by 18.5% in the fourth quarter. Prosperity Wealth Management Inc. now owns 50,600 shares of the company’s stock valued at $107,000 after acquiring an additional 7,900 shares during the last quarter. 19.28% of the stock is owned by institutional investors and hedge funds.

SoundHound AI Company Profile

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.