SoundHound AI (NASDAQ:SOUN) Stock Price Down 3.7% – Time to Sell?

SoundHound AI, Inc. (NASDAQ:SOUN)’s share price was down 3.7% during mid-day trading on Friday . The stock traded as low as $8.45 and last traded at $8.56. Approximately 5,548,298 shares were traded during mid-day trading, a decline of 85% from the average daily volume of 38,062,605 shares. The stock had previously closed at $8.88.

Wall Street Analyst Weigh In

A number of brokerages recently commented on SOUN. DA Davidson lifted their price objective on SoundHound AI from $9.50 to $13.00 and gave the stock a “buy” rating in a research report on Friday, February 28th. Wedbush boosted their price target on shares of SoundHound AI from $10.00 to $22.00 and gave the stock an “outperform” rating in a research note on Monday, December 16th. HC Wainwright reaffirmed a “buy” rating and issued a $26.00 price objective on shares of SoundHound AI in a research note on Monday, March 3rd. Cantor Fitzgerald upgraded shares of SoundHound AI to a “hold” rating in a research report on Monday, February 24th. Finally, Northland Securities increased their price target on SoundHound AI from $6.00 to $8.00 and gave the company a “market perform” rating in a research note on Tuesday, January 14th. Four research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $12.86.

SoundHound AI Stock Performance

The firm has a market cap of $3.39 billion, a P/E ratio of -23.61 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’s 50-day moving average is $11.79 and its 200 day moving average is $10.57.

SoundHound AI (NASDAQ:SOUN) last announced its quarterly earnings results on Thursday, February 27th. The company reported ($0.69) earnings per share (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 business had revenue of $34.54 million during the quarter, compared to the consensus estimate of $33.70 million. On average, research analysts predict that SoundHound AI, Inc. will post -0.38 earnings per share for the current year.

Insider Transactions at SoundHound AI

In other news, Director Diana Sroka sold 3,402 shares of the company’s stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $10.08, for a total transaction of $34,292.16. Following the completion of the transaction, the director now directly owns 138,850 shares of the company’s stock, valued at $1,399,608. This represents a 2.39 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CTO Timothy Stonehocker sold 3,333 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 value of $33,596.64. Following the completion of the sale, the chief technology officer now directly owns 765,534 shares in the company, valued at approximately $7,716,582.72. This represents a 0.43 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 500,565 shares of company stock valued at $4,999,726 over the last quarter. Corporate insiders own 12.28% of the company’s stock.

Hedge Funds Weigh In On SoundHound AI

Hedge funds have recently made changes to their positions in the business. Commons Capital LLC boosted its holdings in SoundHound AI by 2.7% during the fourth quarter. Commons Capital LLC now owns 27,349 shares of the company’s stock worth $543,000 after purchasing an additional 723 shares during the last quarter. ST Germain D J Co. Inc. increased its stake in shares of SoundHound AI by 33.2% during the 4th quarter. ST Germain D J Co. Inc. now owns 3,008 shares of the company’s stock worth $60,000 after purchasing an additional 750 shares during the last quarter. Keynote Financial Services LLC grew its holdings in SoundHound AI by 4.7% during the fourth quarter. Keynote Financial Services LLC now owns 16,587 shares of the company’s stock worth $329,000 after purchasing an additional 752 shares during the period. Blue Trust Inc. boosted its position in SoundHound AI by 197.6% during the fourth quarter. Blue Trust Inc. now owns 1,250 shares of the company’s stock worth $25,000 after purchasing an additional 830 shares during the period. Finally, Russell Investments Group Ltd. lifted its stake in shares of SoundHound AI by 16.4% during the 4th quarter. Russell Investments Group Ltd. now owns 6,598 shares of the company’s stock worth $131,000 after buying an additional 929 shares during the last quarter. 19.28% of the stock is owned by institutional investors.

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.