SoundHound AI (NASDAQ:SOUN) Shares Down 2.9% – Time to Sell?

Shares of SoundHound AI, Inc. (NASDAQ:SOUN) dropped 2.9% on Thursday . The stock traded as low as $9.50 and last traded at $9.86. Approximately 9,592,139 shares were traded during mid-day trading, a decline of 77% from the average daily volume of 42,444,491 shares. The stock had previously closed at $10.15.

Wall Street Analyst Weigh In

SOUN has been the subject of a number of recent analyst reports. Northland Securities increased their target price on shares of SoundHound AI from $6.00 to $8.00 and gave the company a “market perform” rating in a research report on Tuesday, January 14th. Barclays restated a “neutral” rating and set a $7.00 price target on shares of SoundHound AI in a research note on Wednesday, November 13th. Wedbush lifted their target price on SoundHound AI from $10.00 to $22.00 and gave the company an “outperform” rating in a research report on Monday, December 16th. Cantor Fitzgerald raised shares of SoundHound AI to a “hold” rating in a research report on Monday, February 24th. Finally, DA Davidson increased their price target on shares of SoundHound AI from $9.50 to $13.00 and gave the company a “buy” rating in a research report on Friday, February 28th. Four research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $12.86.

SoundHound AI Price Performance

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 firm has a 50-day moving average price of $14.58 and a 200 day moving average price of $10.02. The stock has a market capitalization of $3.73 billion, a P/E ratio of -26.25 and a beta of 2.56.

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

Insider Buying and Selling

In other SoundHound AI news, VP Majid Emami sold 37,459 shares of the company’s stock in a transaction on Friday, December 20th. The shares were sold at an average price of $20.30, for a total value of $760,417.70. Following the completion of the transaction, the vice president now directly owns 698,226 shares in the company, valued at approximately $14,173,987.80. This represents a 5.09 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider James Ming Hom sold 58,382 shares of the stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $18.35, for a total transaction of $1,071,309.70. Following the completion of the transaction, the insider now directly owns 754,811 shares of the company’s stock, valued at approximately $13,850,781.85. The trade was a 7.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 2,524,960 shares of company stock valued at $42,945,727 over the last ninety days. 12.28% of the stock is owned by insiders.

Hedge Funds Weigh In On SoundHound AI

Institutional investors have recently added to or reduced their stakes in the company. Blue Trust Inc. grew its position in shares of SoundHound AI by 197.6% in the 4th quarter. Blue Trust Inc. now owns 1,250 shares of the company’s stock worth $25,000 after buying an additional 830 shares during the period. Sound Income Strategies LLC boosted its stake in SoundHound AI by 2,542.0% during the fourth quarter. Sound Income Strategies LLC now owns 1,321 shares of the company’s stock worth $26,000 after acquiring an additional 1,271 shares in the last quarter. Orion Capital Management LLC purchased a new stake in SoundHound AI in the fourth quarter worth about $30,000. Future Financial Wealth Managment LLC bought a new position in shares of SoundHound AI during the fourth quarter valued at approximately $40,000. Finally, Compagnie Lombard Odier SCmA purchased a new position in shares of SoundHound AI during the fourth quarter valued at approximately $40,000. 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.