SoundHound AI (NASDAQ:SOUN) Trading Down 0.7% – Time to Sell?

SoundHound AI, Inc. (NASDAQ:SOUN)’s share price traded down 0.7% during trading on Thursday . The stock traded as low as $7.55 and last traded at $7.71. 4,005,011 shares were traded during trading, a decline of 89% from the average session volume of 37,797,812 shares. The stock had previously closed at $7.76.

Analyst Ratings Changes

A number of research analysts have issued reports on SOUN shares. Cantor Fitzgerald raised SoundHound AI to a “hold” rating in a report on Monday, February 24th. Northland Securities increased their target price on shares of SoundHound AI from $6.00 to $8.00 and gave the stock a “market perform” rating in a research note on Tuesday, January 14th. DA Davidson reduced their price target on SoundHound AI from $13.00 to $10.00 and set a “buy” rating for the company in a report on Monday. Finally, HC Wainwright reissued a “buy” rating and issued a $26.00 price objective on shares of SoundHound AI in a report on Monday, March 3rd. Four investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $12.43.

SoundHound AI Stock Up 1.6 %

The stock has a market capitalization of $3.15 billion, a price-to-earnings ratio of -21.82 and a beta of 2.73. 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 business’s 50-day moving average is $9.68 and its two-hundred day moving average is $10.82.

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

Insider Transactions at SoundHound AI

In related news, insider James Ming Hom sold 51,196 shares of the company’s stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $10.25, for a total value of $524,759.00. Following the completion of the sale, the insider now directly owns 638,456 shares of the company’s stock, valued at $6,544,174. This represents a 7.42 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Diana Sroka sold 3,402 shares of the stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $10.08, for a total transaction of $34,292.16. Following the sale, the director now owns 138,850 shares of the company’s stock, valued at $1,399,608. This trade represents a 2.39 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 500,565 shares of company stock valued at $4,999,726. 12.28% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On SoundHound AI

A number of institutional investors have recently added to or reduced their stakes in the business. Blue Trust Inc. grew 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 valued at $25,000 after acquiring an additional 830 shares during the last quarter. Sound Income Strategies LLC boosted its stake in SoundHound AI by 2,542.0% in the 4th quarter. Sound Income Strategies LLC now owns 1,321 shares of the company’s stock worth $26,000 after buying an additional 1,271 shares during the last quarter. Orion Capital Management LLC acquired a new position in SoundHound AI in the fourth quarter valued at $30,000. Future Financial Wealth Managment LLC acquired a new position in shares of SoundHound AI in the 4th quarter valued at about $40,000. Finally, Compagnie Lombard Odier SCmA purchased a new position in SoundHound AI in the fourth quarter valued at 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.