SoundHound AI (NASDAQ:SOUN) Shares Down 2.1% – Time to Sell?

SoundHound AI, Inc. (NASDAQ:SOUN)’s stock price traded down 2.1% on Monday . The company traded as low as $20.04 and last traded at $20.19. 42,269,539 shares traded hands during trading, a decline of 26% from the average session volume of 57,485,031 shares. The stock had previously closed at $20.62.

Analysts Set New Price Targets

Several analysts have recently issued reports on SOUN shares. HC Wainwright boosted their price target on shares of SoundHound AI from $8.00 to $26.00 and gave the company a “buy” rating in a research report on Monday, December 23rd. DA Davidson reaffirmed a “buy” rating and issued a $9.50 price target on shares of SoundHound AI in a report on Monday, September 30th. 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. Wedbush raised their target price 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, LADENBURG THALM/SH SH reissued a “neutral” rating and issued a $7.00 price target on shares of SoundHound AI in a report on Wednesday, November 13th. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $12.07.

SoundHound AI Stock Down 3.3 %

The stock has a market capitalization of $7.37 billion, a P/E ratio of -55.36 and a beta of 3.03. The stock has a 50 day moving average price of $12.20 and a 200-day moving average price of $7.40. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.58 and a quick ratio of 2.58.

SoundHound AI (NASDAQ:SOUN) last issued its earnings results on Tuesday, November 12th. The company reported ($0.06) EPS for the quarter, topping the consensus estimate of ($0.07) by $0.01. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. The company had revenue of $25.10 million for the quarter, compared to the consensus estimate of $23.02 million. During the same period in the previous year, the firm earned ($0.09) earnings per share. The firm’s revenue for the quarter was up 88.7% on a year-over-year basis. As a group, research analysts expect that SoundHound AI, Inc. will post -0.38 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CFO Nitesh Sharan sold 57,761 shares of the firm’s stock in a transaction dated Friday, December 20th. The stock was sold at an average price of $20.30, for a total value of $1,172,548.30. Following the transaction, the chief financial officer now owns 1,502,650 shares of the company’s stock, valued at $30,503,795. This trade represents a 3.70 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Keyvan Mohajer sold 465,394 shares of SoundHound AI stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $15.04, for a total value of $6,999,525.76. Following the completion of the sale, the chief executive officer now directly owns 2,299,148 shares in the company, valued at $34,579,185.92. This trade represents a 16.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 2,782,918 shares of company stock worth $45,391,343. 12.28% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On SoundHound AI

Several large investors have recently added to or reduced their stakes in SOUN. Silverleafe Capital Partners LLC bought a new position in shares of SoundHound AI during the 4th quarter valued at approximately $377,000. Franklin Resources Inc. bought a new position in SoundHound AI during the third quarter valued at $177,000. Sanctuary Advisors LLC raised its stake in shares of SoundHound AI by 13.8% in the third quarter. Sanctuary Advisors LLC now owns 29,976 shares of the company’s stock valued at $140,000 after acquiring an additional 3,642 shares during the period. Geode Capital Management LLC lifted its holdings in shares of SoundHound AI by 9.1% in the 3rd quarter. Geode Capital Management LLC now owns 7,193,599 shares of the company’s stock worth $33,529,000 after acquiring an additional 602,311 shares during the last quarter. Finally, MML Investors Services LLC bought a new position in SoundHound AI during the 3rd quarter valued at about $86,000. 19.28% of the stock is owned by institutional investors.

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.