SoundHound AI (NASDAQ:SOUN) Stock Price Down 6% – Time to Sell?

SoundHound AI, Inc. (NASDAQ:SOUN) shares fell 6% on Thursday . The stock traded as low as $7.86 and last traded at $8.14. 7,619,615 shares were traded during trading, a decline of 80% from the average session volume of 37,973,272 shares. The stock had previously closed at $8.66.

Wall Street Analyst Weigh In

A number of brokerages have commented on SOUN. Wedbush upped their price target on shares of SoundHound AI from $10.00 to $22.00 and gave the company an “outperform” rating in a research report on Monday, December 16th. Northland Securities raised 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. DA Davidson boosted their price target on SoundHound AI from $9.50 to $13.00 and gave the company a “buy” rating in a research note on Friday, February 28th. HC Wainwright reaffirmed a “buy” rating and set a $26.00 price objective on shares of SoundHound AI in a research report on Monday, March 3rd. 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 issued a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $12.86.

SoundHound AI Trading Down 4.2 %

The firm has a market cap of $3.31 billion, a price-to-earnings ratio of -23.06 and a beta of 2.62. The firm’s 50-day moving average is $11.36 and its 200-day moving average is $10.65. The company has a current ratio of 2.58, a quick ratio of 2.58 and a debt-to-equity ratio of 0.13.

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

Insider Buying and Selling

In other SoundHound AI news, Director Diana Sroka sold 3,402 shares of SoundHound AI stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $10.08, for a total transaction of $34,292.16. Following the transaction, 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider James Ming Hom sold 28,388 shares of the business’s stock in a transaction that occurred on Thursday, March 20th. The stock was sold at an average price of $9.90, for a total value of $281,041.20. Following the completion of the transaction, the insider now owns 689,652 shares in the company, valued at $6,827,554.80. The trade was a 3.95 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 500,565 shares of company stock worth $4,999,726. 12.28% of the stock is owned by corporate insiders.

Institutional Trading of SoundHound AI

A number of large investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its stake in shares of SoundHound AI by 35.6% during the 4th quarter. Vanguard Group Inc. now owns 32,031,662 shares of the company’s stock worth $635,508,000 after purchasing an additional 8,402,881 shares during the last quarter. Rockefeller Capital Management L.P. bought a new stake in shares of SoundHound AI in the fourth quarter valued at $41,595,000. Invesco Ltd. lifted its position in shares of SoundHound AI by 1,386.2% during the 4th quarter. Invesco Ltd. now owns 1,382,371 shares of the company’s stock valued at $27,426,000 after buying an additional 1,289,360 shares during the last quarter. Driehaus Capital Management LLC purchased a new stake in SoundHound AI in the 4th quarter worth about $16,421,000. Finally, Capital Fund Management S.A. purchased a new stake in SoundHound AI during the fourth quarter valued at about $16,092,000. 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.