SoundHound AI (NASDAQ:SOUN) Shares Gap Down to $3.97

SoundHound AI, Inc. (NASDAQ:SOUN)’s stock price gapped down prior to trading on Tuesday . The stock had previously closed at $3.97, but opened at $3.77. SoundHound AI shares last traded at $3.93, with a volume of 6,014,973 shares trading hands.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on SOUN shares. HC Wainwright boosted their target price on SoundHound AI from $5.00 to $7.00 and gave the company a “buy” rating in a report on Monday, March 4th. LADENBURG THALM/SH SH initiated coverage on SoundHound AI in a report on Tuesday, January 30th. They set a “buy” rating and a $4.00 price objective on the stock. DA Davidson upped their price objective on SoundHound AI from $7.50 to $9.50 and gave the stock a “buy” rating in a report on Friday, March 15th. Wedbush upped their price objective on SoundHound AI from $5.00 to $9.00 and gave the stock an “outperform” rating in a report on Friday, March 1st. Finally, Northland Securities reaffirmed a “market perform” rating on shares of SoundHound AI in a report on Wednesday, February 28th. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $6.88.

SoundHound AI Trading Down 2.5 %

The firm has a market cap of $1.22 billion, a PE ratio of -10.15 and a beta of 2.75. The company has a debt-to-equity ratio of 6.03, a current ratio of 4.69 and a quick ratio of 4.69. The business has a 50-day moving average price of $5.30 and a two-hundred day moving average price of $3.12.

SoundHound AI (NASDAQ:SOUN) last posted its earnings results on Thursday, February 29th. The company reported ($0.06) earnings per share for the quarter, missing the consensus estimate of ($0.05) by ($0.01). SoundHound AI had a negative net margin of 188.57% and a negative return on equity of 1,955.68%. The business had revenue of $17.10 million for the quarter, compared to analysts’ expectations of $17.75 million. During the same quarter last year, the business posted ($0.15) earnings per share. The business’s revenue was up 80.0% compared to the same quarter last year. Analysts forecast that SoundHound AI, Inc. will post -0.3 EPS for the current year.

Insider Buying and Selling

In related news, CEO Keyvan Mohajer sold 107,927 shares of the company’s stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $3.70, for a total value of $399,329.90. Following the sale, the chief executive officer now owns 1,218,712 shares of the company’s stock, valued at approximately $4,509,234.40. The transaction was disclosed in a filing with the SEC, which is available through this link. In other SoundHound AI news, Director Eric R. Ball sold 50,000 shares of the stock in a transaction on Monday, February 26th. The stock was sold at an average price of $5.00, for a total transaction of $250,000.00. Following the sale, the director now owns 530,250 shares in the company, valued at approximately $2,651,250. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Keyvan Mohajer sold 107,927 shares of the stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $3.70, for a total value of $399,329.90. Following the sale, the chief executive officer now owns 1,218,712 shares in the company, valued at approximately $4,509,234.40. The disclosure for this sale can be found here. Insiders sold 410,714 shares of company stock worth $2,598,723 in the last ninety days. Insiders own 21.30% of the company’s stock.

Institutional Investors Weigh In On SoundHound AI

Large investors have recently bought and sold shares of the stock. Royal Bank of Canada grew its holdings in SoundHound AI by 520.7% during the 2nd quarter. Royal Bank of Canada now owns 8,690 shares of the company’s stock valued at $40,000 after buying an additional 7,290 shares during the last quarter. Ballew Advisors Inc acquired a new stake in shares of SoundHound AI during the first quarter worth $59,000. Two Sigma Securities LLC acquired a new stake in shares of SoundHound AI during the first quarter worth $28,000. State of Wisconsin Investment Board acquired a new stake in shares of SoundHound AI during the second quarter worth $52,000. Finally, Ameritas Investment Partners Inc. acquired a new stake in shares of SoundHound AI during the second quarter worth $53,000. 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.