SoundHound AI (NASDAQ:SOUN) Stock Price Down 2.4% – Time to Sell?

Shares of SoundHound AI, Inc. (NASDAQ:SOUN) dropped 2.4% during mid-day trading on Monday . The company traded as low as $13.61 and last traded at $13.64. Approximately 64,572,802 shares were traded during mid-day trading, a decline of 24% from the average daily volume of 84,963,280 shares. The stock had previously closed at $13.97.

Analyst Ratings Changes

Several analysts have recently issued reports on SOUN shares. LADENBURG THALM/SH SH restated a “neutral” rating and issued a $7.00 price objective on shares of SoundHound AI in a research report on Wednesday, November 13th. Barclays restated a “neutral” rating and set a $7.00 target price on shares of SoundHound AI in a research report on Wednesday, November 13th. DA Davidson restated a “buy” rating and set a $9.50 price objective on shares of SoundHound AI in a report on Monday, September 30th. Northland Securities upped their target price on SoundHound AI from $6.00 to $8.00 and gave the company a “market perform” rating in a research note on Tuesday, January 14th. Finally, Wedbush raised their price target on SoundHound AI from $10.00 to $22.00 and gave the stock an “outperform” rating in a research note on Monday, December 16th. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $12.36.

SoundHound AI Trading Up 21.1 %

The firm has a market capitalization of $6.11 billion, a price-to-earnings ratio of -45.89 and a beta of 2.63. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.58 and a current ratio of 2.58. The business has a fifty day moving average price of $14.32 and a 200 day moving average price of $8.33.

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

Insider Buying and Selling

In other news, VP Majid Emami sold 94,067 shares of the firm’s stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $9.05, for a total transaction of $851,306.35. Following the completion of the sale, the vice president now directly owns 735,685 shares in the company, valued at $6,657,949.25. This trade represents a 11.34 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Eric R. Ball sold 30,000 shares of the business’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $8.03, for a total value of $240,900.00. Following the completion of the transaction, the director now owns 110,907 shares in the company, valued at approximately $890,583.21. This trade represents a 21.29 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 2,782,918 shares of company stock valued at $45,391,343. Company insiders own 12.28% of the company’s stock.

Institutional Investors Weigh In On SoundHound AI

A number of hedge funds have recently bought and sold shares of SOUN. Carnegie Investment Counsel purchased a new position in shares of SoundHound AI during the 3rd quarter valued at approximately $4,193,000. Geode Capital Management LLC raised its stake in SoundHound AI by 9.1% during the third quarter. Geode Capital Management LLC now owns 7,193,599 shares of the company’s stock valued at $33,529,000 after buying an additional 602,311 shares in the last quarter. Oriental Harbor Investment Fund acquired a new stake in shares of SoundHound AI during the 4th quarter valued at approximately $8,964,000. Shellback Capital LP bought a new position in SoundHound AI during the second quarter worth $1,196,000. Finally, Squarepoint Ops LLC boosted its holdings in SoundHound AI by 818.0% in the second quarter. Squarepoint Ops LLC now owns 231,168 shares of the company’s stock worth $913,000 after purchasing an additional 205,985 shares during the period. Institutional investors and hedge funds 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.