SoundHound AI (NASDAQ:SOUN) Shares Down 1.3% – Time to Sell?

Shares of SoundHound AI, Inc. (NASDAQ:SOUN) were down 1.3% during mid-day trading on Thursday . The stock traded as low as $13.84 and last traded at $13.81. Approximately 11,974,969 shares were traded during trading, a decline of 81% from the average daily volume of 61,566,496 shares. The stock had previously closed at $13.99.

Analysts Set New Price Targets

Several analysts have recently weighed in on SOUN shares. Northland Securities raised their price objective on shares of SoundHound AI from $6.00 to $8.00 and gave the stock a “market perform” rating in a report on Tuesday, January 14th. HC Wainwright reiterated a “buy” rating and issued a $26.00 price objective on shares of SoundHound AI in a research report on Monday, January 13th. Wedbush raised their price target on SoundHound AI from $10.00 to $22.00 and gave the company an “outperform” rating in a report on Monday, December 16th. LADENBURG THALM/SH SH reissued a “neutral” rating and set a $7.00 price objective on shares of SoundHound AI in a report on Wednesday, November 13th. Finally, Barclays reaffirmed a “neutral” rating and issued a $7.00 target price on shares of SoundHound AI in a research note on Wednesday, November 13th. Three 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, SoundHound AI has a consensus rating of “Moderate Buy” and a consensus target price of $12.36.

SoundHound AI Trading Up 0.1 %

The company has a debt-to-equity ratio of 0.13, a current ratio of 2.58 and a quick ratio of 2.58. The firm has a fifty day simple moving average of $15.37 and a 200-day simple moving average of $8.73. The firm has a market cap of $5.18 billion, a P/E ratio of -38.86 and a beta of 2.63.

SoundHound AI (NASDAQ:SOUN) last announced its earnings results on Tuesday, November 12th. The company reported ($0.06) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.07) by $0.01. The firm had revenue of $25.10 million for the quarter, compared to the consensus estimate of $23.02 million. SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. The company’s revenue was up 88.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned ($0.09) EPS. On average, equities research analysts expect that SoundHound AI, Inc. will post -0.38 earnings per share for the current year.

Insider Transactions at SoundHound AI

In related news, Director Eric R. Ball sold 30,000 shares of SoundHound AI stock in a transaction on Monday, November 25th. The shares were sold at an average price of $8.03, for a total value of $240,900.00. Following the sale, the director now owns 110,907 shares in the company, valued at $890,583.21. The trade was a 21.29 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CTO Timothy Stonehocker sold 34,407 shares of the stock in a transaction on Friday, December 20th. The stock was sold at an average price of $20.30, for a total value of $698,462.10. Following the completion of the transaction, the chief technology officer now owns 796,581 shares of the company’s stock, valued at approximately $16,170,594.30. This trade represents a 4.14 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 2,782,918 shares of company stock valued at $45,391,343. 12.28% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On SoundHound AI

Hedge funds have recently added to or reduced their stakes in the stock. State Street Corp grew its holdings in SoundHound AI by 0.6% during the third quarter. State Street Corp now owns 7,197,414 shares of the company’s stock valued at $33,540,000 after purchasing an additional 42,869 shares during the period. Geode Capital Management LLC grew its holdings in shares of SoundHound AI by 9.1% in the third quarter. Geode Capital Management LLC now owns 7,193,599 shares of the company’s stock valued at $33,529,000 after purchasing an additional 602,311 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of SoundHound AI by 7.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,582,206 shares of the company’s stock valued at $12,033,000 after acquiring an additional 189,109 shares during the last quarter. Carnegie Investment Counsel lifted its holdings in shares of SoundHound AI by 9.1% in the 4th quarter. Carnegie Investment Counsel now owns 982,050 shares of the company’s stock worth $19,484,000 after acquiring an additional 82,300 shares during the last quarter. Finally, Oriental Harbor Investment Fund bought a new stake in SoundHound AI in the fourth quarter worth about $8,964,000. 19.28% of the stock is currently owned by hedge funds and other institutional investors.

About SoundHound AI

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.