SoundHound AI (NASDAQ:SOUN) Stock Price Down 13.5% – Time to Sell?

SoundHound AI, Inc. (NASDAQ:SOUN)’s share price traded down 13.5% during mid-day trading on Friday . The company traded as low as $6.75 and last traded at $7.18. 14,886,107 shares were traded during trading, a decline of 61% from the average session volume of 37,988,922 shares. The stock had previously closed at $8.30.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on the stock. Cantor Fitzgerald upgraded shares of SoundHound AI to a “hold” rating in a research report on Monday, February 24th. Northland Securities raised their price target on SoundHound AI from $6.00 to $8.00 and gave the company a “market perform” rating in a report on Tuesday, January 14th. Wedbush upped their price objective on SoundHound AI from $10.00 to $22.00 and gave the stock an “outperform” rating in a report on Monday, December 16th. DA Davidson raised their target price on SoundHound AI from $9.50 to $13.00 and gave the company a “buy” rating in a report on Friday, February 28th. Finally, HC Wainwright restated a “buy” rating and set a $26.00 target price on shares of SoundHound AI in a research report on Monday, March 3rd. Four analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $12.86.

SoundHound AI Trading Down 11.8 %

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 business has a 50-day moving average price of $11.03 and a two-hundred day moving average price of $10.69. The firm has a market cap of $2.92 billion, a PE ratio of -20.33 and a beta of 2.73.

SoundHound AI (NASDAQ:SOUN) last posted its earnings results on Thursday, February 27th. The company reported ($0.69) earnings per share for the quarter, missing the consensus estimate of ($0.11) by ($0.58). The business had revenue of $34.54 million for the quarter, compared to analysts’ expectations of $33.70 million. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. Analysts forecast that SoundHound AI, Inc. will post -0.38 EPS for the current year.

Insider Buying and Selling at SoundHound AI

In related news, CEO Keyvan Mohajer sold 138,895 shares of the firm’s stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $10.08, for a total transaction of $1,400,061.60. Following the sale, the chief executive officer now owns 1,764,166 shares in the company, valued at approximately $17,782,793.28. This trade represents a 7.30 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider James Ming Hom sold 28,388 shares of the business’s stock in a transaction on Thursday, March 20th. The shares were sold at an average price of $9.90, for a total value of $281,041.20. Following the completion of the transaction, the insider now owns 689,652 shares of the company’s stock, valued at $6,827,554.80. This trade represents a 3.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 500,565 shares of company stock worth $4,999,726. 12.28% of the stock is owned by insiders.

Institutional Investors Weigh In On SoundHound AI

A number of hedge funds and other institutional investors have recently made changes to their positions in SOUN. Blue Trust Inc. boosted its stake in SoundHound AI by 197.6% in the 4th quarter. Blue Trust Inc. now owns 1,250 shares of the company’s stock worth $25,000 after buying an additional 830 shares during the last quarter. Sound Income Strategies LLC boosted its position in shares of SoundHound AI by 2,542.0% in the fourth quarter. Sound Income Strategies LLC now owns 1,321 shares of the company’s stock worth $26,000 after acquiring an additional 1,271 shares during the last quarter. Orion Capital Management LLC purchased a new stake in SoundHound AI in the fourth quarter valued at approximately $30,000. Future Financial Wealth Managment LLC acquired a new position in SoundHound AI during the fourth quarter worth approximately $40,000. Finally, Compagnie Lombard Odier SCmA acquired a new position in SoundHound AI during the fourth quarter worth approximately $40,000. Hedge funds and other institutional investors own 19.28% of the company’s stock.

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.