SoundHound AI (NASDAQ:SOUN) Trading Down 28.1% – Should You Sell?

SoundHound AI, Inc. (NASDAQ:SOUN) shares dropped 28.1% during trading on Monday . The stock traded as low as $10.40 and last traded at $10.97. Approximately 176,466,981 shares were traded during mid-day trading, an increase of 244% from the average daily volume of 51,269,032 shares. The stock had previously closed at $15.25.

Wall Street Analysts Forecast Growth

SOUN has been the topic of several research reports. LADENBURG THALM/SH SH reaffirmed a “neutral” rating and issued a $7.00 price objective on shares of SoundHound AI in a research report on Wednesday, November 13th. Barclays reaffirmed a “neutral” rating and issued a $7.00 price objective on shares of SoundHound AI in a research report on Wednesday, November 13th. Northland Securities boosted their price objective on shares of SoundHound AI from $6.00 to $8.00 and gave the company a “market perform” rating in a research report on Tuesday, January 14th. Wedbush boosted their price objective on shares of SoundHound AI from $10.00 to $22.00 and gave the company an “outperform” rating in a research report on Monday, December 16th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $26.00 price objective on shares of SoundHound AI in a research report on Monday, January 13th. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $12.36.

SoundHound AI Stock Down 3.2 %

The company has a market capitalization of $4.35 billion, a price-to-earnings ratio of -30.75 and a beta of 2.56. The firm’s 50 day moving average price is $16.48 and its two-hundred day moving average price is $9.65. The company has a current ratio of 2.58, a quick ratio of 2.58 and a debt-to-equity ratio of 0.13.

Insider Transactions at SoundHound AI

In related news, Director Lawrence Marcus sold 20,000 shares of the company’s stock in a transaction dated Monday, December 23rd. The shares were sold at an average price of $20.47, for a total value of $409,400.00. Following the transaction, the director now owns 108,117 shares in the company, valued at approximately $2,213,154.99. This represents a 15.61 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Majid Emami sold 94,067 shares of the company’s stock in a transaction dated Monday, December 2nd. The shares were sold at an average price of $9.05, for a total transaction of $851,306.35. Following the completion of the transaction, the vice president now owns 735,685 shares in the company, valued at approximately $6,657,949.25. This trade represents a 11.34 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 2,782,918 shares of company stock worth $45,391,343 in the last ninety days. Insiders own 12.28% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. grew its stake in SoundHound AI by 35.6% in the 4th quarter. Vanguard Group Inc. now owns 32,031,662 shares of the company’s stock valued at $635,508,000 after buying an additional 8,402,881 shares during the last quarter. Geode Capital Management LLC grew its stake in SoundHound AI by 4.4% in the 4th quarter. Geode Capital Management LLC now owns 7,509,496 shares of the company’s stock valued at $149,024,000 after buying an additional 315,897 shares during the last quarter. State Street Corp grew its position in shares of SoundHound AI by 0.6% during the 3rd quarter. State Street Corp now owns 7,197,414 shares of the company’s stock worth $33,540,000 after purchasing an additional 42,869 shares in the last quarter. Northern Trust Corp grew its position in shares of SoundHound AI by 10.0% during the 4th quarter. Northern Trust Corp now owns 2,906,245 shares of the company’s stock worth $57,660,000 after purchasing an additional 264,382 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its position in shares of SoundHound AI by 5.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,725,693 shares of the company’s stock worth $54,078,000 after purchasing an additional 143,487 shares in the last quarter. 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.