SoundHound AI (NASDAQ:SOUN) Shares Down 1.5% – Should You Sell?

Shares of SoundHound AI, Inc. (NASDAQ:SOUN) were down 1.5% during mid-day trading on Tuesday . The company traded as low as $5.30 and last traded at $5.31. Approximately 4,234,233 shares traded hands during trading, a decline of 88% from the average daily volume of 34,187,785 shares. The stock had previously closed at $5.39.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on SOUN shares. HC Wainwright reissued a “buy” rating and set a $7.00 target price on shares of SoundHound AI in a report on Wednesday, September 18th. Cantor Fitzgerald raised shares of SoundHound AI from a “neutral” rating to an “overweight” rating and lifted their price objective for the stock from $5.00 to $7.00 in a report on Friday, August 9th. Wedbush reaffirmed an “outperform” rating and issued a $9.00 target price on shares of SoundHound AI in a research note on Thursday, September 26th. Northland Securities increased their target price on shares of SoundHound AI from $5.50 to $6.00 and gave the company a “market perform” rating in a report on Friday, August 9th. Finally, DA Davidson reissued a “buy” rating and issued a $9.50 price target on shares of SoundHound AI in a research note on Monday, September 30th. One analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $7.08.

SoundHound AI Trading Down 1.5 %

The company has a market capitalization of $1.75 billion, a PE ratio of -13.95 and a beta of 2.73. The firm has a fifty day moving average of $4.88 and a two-hundred day moving average of $4.74.

SoundHound AI (NASDAQ:SOUN) last issued its earnings results on Thursday, August 8th. The company reported ($0.11) earnings per share for the quarter, missing the consensus estimate of ($0.09) by ($0.02). The company had revenue of $13.46 million for the quarter, compared to analysts’ expectations of $13.09 million. SoundHound AI had a negative net margin of 195.65% and a negative return on equity of 93.28%. The company’s revenue was up 53.8% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.10) earnings per share. On average, equities analysts expect that SoundHound AI, Inc. will post -0.36 EPS for the current fiscal year.

Insider Buying and Selling at SoundHound AI

In other SoundHound AI news, CEO Keyvan Mohajer sold 63,544 shares of the company’s stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $4.92, for a total transaction of $312,636.48. Following the completion of the transaction, the chief executive officer now owns 2,299,148 shares of the company’s stock, valued at $11,311,808.16. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In related news, CEO Keyvan Mohajer sold 63,544 shares of the firm’s stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $4.92, for a total transaction of $312,636.48. Following the completion of the transaction, the chief executive officer now owns 2,299,148 shares of the company’s stock, valued at $11,311,808.16. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Lawrence Marcus sold 50,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 20th. The shares were sold at an average price of $5.02, for a total value of $251,000.00. Following the transaction, the director now directly owns 74,038 shares of the company’s stock, valued at approximately $371,670.76. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 327,275 shares of company stock valued at $1,606,644 in the last 90 days. Insiders own 21.30% of the company’s stock.

Hedge Funds Weigh In On SoundHound AI

Institutional investors and hedge funds have recently modified their holdings of the company. Kings Path Partners LLC bought a new stake in SoundHound AI during the 2nd quarter worth approximately $28,000. Hexagon Capital Partners LLC purchased a new position in SoundHound AI during the 1st quarter valued at approximately $29,000. International Assets Investment Management LLC bought a new stake in SoundHound AI in the second quarter worth $31,000. NBC Securities Inc. lifted its position in SoundHound AI by 97.8% during the third quarter. NBC Securities Inc. now owns 7,720 shares of the company’s stock valued at $35,000 after purchasing an additional 3,818 shares during the last quarter. Finally, HighPoint Advisor Group LLC bought a new position in SoundHound AI during the fourth quarter valued at $37,000. 19.28% of the stock is currently owned by hedge funds and other 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.