SoundHound AI (NASDAQ:SOUN) Trading Down 3.3% – Should You Sell?

Shares of SoundHound AI, Inc. (NASDAQ:SOUN) traded down 3.3% on Thursday . The stock traded as low as $10.47 and last traded at $10.71. 14,736,568 shares were traded during trading, a decline of 74% from the average session volume of 57,118,906 shares. The stock had previously closed at $11.07.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the company. Northland Securities boosted their target price on SoundHound AI from $6.00 to $8.00 and gave the stock a “market perform” rating in a research note on Tuesday, January 14th. HC Wainwright reaffirmed a “buy” rating and set a $26.00 price target on shares of SoundHound AI in a research report on Monday, January 13th. LADENBURG THALM/SH SH reaffirmed a “neutral” rating and set a $7.00 price target on shares of SoundHound AI in a research report on Wednesday, November 13th. Wedbush lifted their price target on SoundHound AI from $10.00 to $22.00 and gave the stock an “outperform” rating in a research report on Monday, December 16th. Finally, Barclays reaffirmed a “neutral” rating and set a $7.00 price target on shares of SoundHound AI in a research report on Wednesday, November 13th. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $12.36.

SoundHound AI Stock Performance

The company has a quick ratio of 2.58, a current ratio of 2.58 and a debt-to-equity ratio of 0.13. The firm has a market cap of $4.31 billion, a price-to-earnings ratio of -30.43 and a beta of 2.56. The stock has a fifty day moving average price of $16.43 and a 200-day moving average price of $9.66.

Insider Activity at SoundHound AI

In related news, CEO Keyvan Mohajer sold 465,394 shares of SoundHound AI stock in a transaction that occurred on Monday, December 9th. The stock was sold at an average price of $15.04, for a total value of $6,999,525.76. Following the sale, the chief executive officer now directly owns 2,299,148 shares in the company, valued at $34,579,185.92. The trade was a 16.83 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CTO Timothy Stonehocker sold 34,407 shares of the business’s 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 sale, the chief technology officer now owns 796,581 shares in the company, valued at approximately $16,170,594.30. The trade was a 4.14 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 2,752,918 shares of company stock worth $45,176,843 over the last three months. 12.28% of the stock is currently owned by corporate insiders.

Institutional Trading of SoundHound AI

Institutional investors have recently bought and sold shares of the company. Blue Trust Inc. boosted its position in SoundHound AI by 197.6% during the fourth quarter. Blue Trust Inc. now owns 1,250 shares of the company’s stock worth $25,000 after purchasing an additional 830 shares in the last quarter. Sound Income Strategies LLC lifted 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 valued at $26,000 after acquiring an additional 1,271 shares in the last quarter. Orion Capital Management LLC purchased a new stake in shares of SoundHound AI in the fourth quarter valued at $30,000. Future Financial Wealth Managment LLC purchased a new stake in shares of SoundHound AI in the fourth quarter valued at $40,000. Finally, Compagnie Lombard Odier SCmA purchased a new stake in shares of SoundHound AI in the fourth quarter valued at $40,000. 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.