SoundHound AI (NASDAQ:SOUN) Shares Down 3.9% – Time to Sell?

SoundHound AI, Inc. (NASDAQ:SOUN) traded down 3.9% during mid-day trading on Wednesday . The company traded as low as $9.65 and last traded at $9.80. 6,843,322 shares changed hands during mid-day trading, a decline of 82% from the average session volume of 38,332,225 shares. The stock had previously closed at $10.20.

Wall Street Analyst Weigh In

SOUN has been the subject of several research reports. DA Davidson increased their price objective on shares of SoundHound AI from $9.50 to $13.00 and gave the company a “buy” rating in a report on Friday, February 28th. HC Wainwright restated a “buy” rating and set a $26.00 price target on shares of SoundHound AI in a report on Monday, March 3rd. Wedbush lifted 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. Northland Securities raised their target price on shares of SoundHound AI from $6.00 to $8.00 and gave the company a “market perform” rating in a report on Tuesday, January 14th. Finally, Cantor Fitzgerald upgraded shares of SoundHound AI to a “hold” rating in a research report on Monday, February 24th. Four equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $12.86.

SoundHound AI Trading Down 5.1 %

The stock has a market cap of $3.81 billion, a PE ratio of -26.88 and a beta of 2.62. 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 stock has a fifty day moving average price of $12.09 and a 200 day moving average price of $10.52.

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

Insider Buying and Selling

In other SoundHound AI news, Director Diana Sroka sold 3,402 shares of the stock in a transaction on Monday, March 24th. The stock was sold at an average price of $10.08, for a total value of $34,292.16. Following the sale, the director now owns 138,850 shares in the company, valued at $1,399,608. This trade represents a 2.39 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider James Ming Hom sold 51,196 shares of the business’s stock in a transaction on Monday, March 24th. The shares were sold at an average price of $10.25, for a total transaction of $524,759.00. Following 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 ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 500,565 shares of company stock valued at $4,999,726. Company insiders own 12.28% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the stock. Kieckhefer Group LLC bought a new position in SoundHound AI in the 4th quarter worth about $3,432,000. Charles Schwab Investment Management Inc. grew its stake in SoundHound AI by 7.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 2,582,206 shares of the company’s stock worth $12,033,000 after purchasing an additional 189,109 shares in the last quarter. Oriental Harbor Investment Fund bought a new position in SoundHound AI in the fourth quarter worth approximately $8,964,000. Geode Capital Management LLC increased its holdings in SoundHound AI by 9.1% during the 3rd quarter. Geode Capital Management LLC now owns 7,193,599 shares of the company’s stock worth $33,529,000 after purchasing an additional 602,311 shares during the period. Finally, Wealth Effects LLC bought a new stake in SoundHound AI during the 4th quarter valued at $357,000. Hedge funds and other institutional investors 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.