SoundHound AI (NASDAQ:SOUN) Stock Price Down 0.2% – Should You Sell?

SoundHound AI, Inc. (NASDAQ:SOUN)’s stock price dropped 0.2% during trading on Friday . The company traded as low as $10.82 and last traded at $10.88. Approximately 11,449,184 shares changed hands during trading, a decline of 80% from the average daily volume of 56,432,527 shares. The stock had previously closed at $10.91.

Wall Street Analysts Forecast Growth

SOUN has been the topic of a number of analyst reports. HC Wainwright restated a “buy” rating and set a $26.00 target price on shares of SoundHound AI in a research report on Monday, January 13th. Barclays reaffirmed a “neutral” rating and issued a $7.00 price target on shares of SoundHound AI in a research note on Wednesday, November 13th. Northland Securities raised 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. Wedbush raised their target price on shares of SoundHound AI from $10.00 to $22.00 and gave the stock an “outperform” rating in a research note on Monday, December 16th. Finally, LADENBURG THALM/SH SH reissued a “neutral” rating and issued a $7.00 target price on shares of SoundHound AI in a research note on Wednesday, November 13th. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, SoundHound AI presently has an average rating of “Moderate Buy” and an average target price of $12.36.

SoundHound AI Trading Down 5.3 %

The stock has a market cap of $4.07 billion, a PE ratio of -28.71 and a beta of 2.56. 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 company’s 50-day moving average price is $16.38 and its 200 day moving average price is $9.67.

Insider Activity at SoundHound AI

In other SoundHound AI news, VP Majid Emami sold 37,459 shares of the company’s stock in a transaction dated Friday, December 20th. The shares were sold at an average price of $20.30, for a total transaction of $760,417.70. Following the transaction, the vice president now directly owns 698,226 shares in the company, valued at approximately $14,173,987.80. This represents a 5.09 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Keyvan Mohajer sold 465,394 shares of the company’s stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $15.04, for a total transaction of $6,999,525.76. Following the transaction, the chief executive officer now 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 disclosure for this sale can be found here. In the last quarter, insiders sold 2,752,918 shares of company stock worth $45,176,843. Insiders own 12.28% of the company’s stock.

Institutional Trading of SoundHound AI

Several large investors have recently modified their holdings of the business. Vanguard Group Inc. grew its position in shares of SoundHound AI by 35.6% in the fourth quarter. Vanguard Group Inc. now owns 32,031,662 shares of the company’s stock valued at $635,508,000 after purchasing an additional 8,402,881 shares during the last quarter. Geode Capital Management LLC grew its position in shares of SoundHound AI by 4.4% in the fourth quarter. Geode Capital Management LLC now owns 7,509,496 shares of the company’s stock valued at $149,024,000 after purchasing an additional 315,897 shares during the last quarter. State Street Corp grew its position in shares of SoundHound AI by 0.6% in the third quarter. State Street Corp now owns 7,197,414 shares of the company’s stock valued at $33,540,000 after purchasing an additional 42,869 shares during the last quarter. Northern Trust Corp grew its position in shares of SoundHound AI by 10.0% in the fourth quarter. Northern Trust Corp now owns 2,906,245 shares of the company’s stock valued at $57,660,000 after purchasing an additional 264,382 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew its position in shares of SoundHound AI by 5.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,725,693 shares of the company’s stock valued at $54,078,000 after purchasing an additional 143,487 shares during the last quarter. 19.28% of the stock is currently owned by institutional investors and hedge funds.

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.