SoundHound AI (NASDAQ:SOUN) Shares Down 9.9% – Here’s What Happened

SoundHound AI, Inc. (NASDAQ:SOUN) shares fell 9.9% during trading on Monday . The stock traded as low as $9.08 and last traded at $9.29. 23,625,596 shares traded hands during trading, a decline of 58% from the average session volume of 56,112,227 shares. The stock had previously closed at $10.31.

Wall Street Analyst Weigh In

Several research firms have commented on SOUN. LADENBURG THALM/SH SH reaffirmed a “neutral” rating and set a $7.00 price objective on shares of SoundHound AI in a research note on Wednesday, November 13th. Cantor Fitzgerald raised SoundHound AI to a “hold” rating in a research note on Monday. HC Wainwright reaffirmed a “buy” rating and set a $26.00 price objective on shares of SoundHound AI in a research note on Monday, January 13th. Wedbush increased their target price on SoundHound AI from $10.00 to $22.00 and gave the stock an “outperform” rating in a research note on Monday, December 16th. Finally, Barclays restated a “neutral” rating and issued a $7.00 price target on shares of SoundHound AI in a report on Wednesday, November 13th. Four investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $12.36.

SoundHound AI Trading Up 7.5 %

The business has a fifty day moving average of $15.83 and a two-hundred day moving average of $9.85. The firm has a market cap of $3.76 billion, a price-to-earnings ratio of -26.58 and a beta of 2.56. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.58 and a current ratio of 2.58.

Insider Buying and Selling at SoundHound AI

In other SoundHound AI news, VP Majid Emami sold 94,067 shares of the stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $9.05, for a total transaction of $851,306.35. Following the sale, the vice president now owns 735,685 shares in the company, valued at approximately $6,657,949.25. This represents a 11.34 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Michael Zagorsek sold 277,813 shares of the stock in a transaction on Wednesday, December 18th. The shares were sold at an average price of $21.25, for a total value of $5,903,526.25. Following the sale, the chief operating officer now owns 1,473,322 shares in the company, valued at approximately $31,308,092.50. This trade represents a 15.86 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 2,722,918 shares of company stock worth $44,935,943. 12.28% of the stock is owned by insiders.

Institutional Investors Weigh In On SoundHound AI

Several hedge funds have recently made changes to their positions in the business. B. Riley Wealth Advisors Inc. acquired a new stake in shares of SoundHound AI during the fourth quarter worth $544,000. United Advisor Group LLC purchased a new position in SoundHound AI in the fourth quarter valued at about $379,000. Mackenzie Financial Corp raised its position in SoundHound AI by 14.5% in the fourth quarter. Mackenzie Financial Corp now owns 20,831 shares of the company’s stock valued at $413,000 after purchasing an additional 2,643 shares during the period. Sunbelt Securities Inc. boosted its holdings in SoundHound AI by 153.1% in the fourth quarter. Sunbelt Securities Inc. now owns 4,555 shares of the company’s stock valued at $90,000 after purchasing an additional 2,755 shares during the last quarter. Finally, Fourth Dimension Wealth LLC acquired a new position in shares of SoundHound AI in the 4th quarter valued at approximately $88,000. Institutional investors and hedge funds own 19.28% of the company’s stock.

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.