SoundHound AI (NASDAQ:SOUN) Stock Price Down 3.3% – Time to Sell?

SoundHound AI, Inc. (NASDAQ:SOUN)’s share price fell 3.3% on Thursday . The stock traded as low as $10.47 and last traded at $10.71. 14,736,568 shares traded hands during mid-day trading, a decline of 74% from the average session volume of 57,118,906 shares. The stock had previously closed at $11.07.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on SOUN. Northland Securities lifted their price target 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. Barclays reiterated a “neutral” rating and set a $7.00 price objective on shares of SoundHound AI in a research note on Wednesday, November 13th. LADENBURG THALM/SH SH reiterated a “neutral” rating and set a $7.00 price objective on shares of SoundHound AI in a research note on Wednesday, November 13th. Wedbush boosted their price objective on SoundHound AI from $10.00 to $22.00 and gave the stock an “outperform” rating in a research note on Monday, December 16th. Finally, HC Wainwright reiterated a “buy” rating and set a $26.00 price objective on shares of SoundHound AI in a research note on Monday, January 13th. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $12.36.

SoundHound AI Stock Down 5.5 %

The stock has a market capitalization of $4.05 billion, a price-to-earnings ratio of -28.64 and a beta of 2.56. The business has a fifty day moving average of $16.24 and a 200 day moving average of $9.71. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.58 and a quick ratio of 2.58.

Insiders Place Their Bets

In other SoundHound AI news, CEO Keyvan Mohajer sold 156,288 shares of the company’s stock in a transaction on Tuesday, December 24th. The stock was sold at an average price of $20.20, for a total transaction of $3,157,017.60. Following the transaction, the chief executive officer now directly owns 2,021,666 shares in the company, valued at $40,837,653.20. This represents a 7.18 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Michael Zagorsek sold 277,813 shares of the company’s stock in a transaction on Wednesday, December 18th. The stock was sold at an average price of $21.25, for a total value of $5,903,526.25. Following the transaction, the chief operating officer now owns 1,473,322 shares in the company, valued at $31,308,092.50. This trade represents a 15.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 2,752,918 shares of company stock worth $45,176,843 over the last ninety days. Corporate insiders own 12.28% of the company’s stock.

Institutional Trading of SoundHound AI

A number of large investors have recently modified their holdings of SOUN. Blue Trust Inc. increased its position in shares of 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 acquiring an additional 830 shares during the period. Sound Income Strategies LLC increased its holdings in 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 buying an additional 1,271 shares during the last quarter. Orion Capital Management LLC purchased a new position in SoundHound AI in the fourth quarter valued at $30,000. Future Financial Wealth Managment LLC purchased a new position in SoundHound AI in the fourth quarter valued at $40,000. Finally, Compagnie Lombard Odier SCmA purchased a new position in SoundHound AI in the fourth quarter valued at $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.