SoundHound AI (NASDAQ:SOUN) Trading Down 0.7% – Should You Sell?

SoundHound AI, Inc. (NASDAQ:SOUN) dropped 0.7% on Wednesday . The stock traded as low as $7.05 and last traded at $7.13. Approximately 6,369,548 shares changed hands during mid-day trading, a decline of 83% from the average daily volume of 37,868,196 shares. The stock had previously closed at $7.18.

Wall Street Analysts Forecast Growth

SOUN has been the subject of a number of recent research reports. Northland Securities boosted their price objective on SoundHound AI from $6.00 to $8.00 and gave the stock a “market perform” rating in a report on Tuesday, January 14th. HC Wainwright reiterated a “buy” rating and set a $26.00 price target on shares of SoundHound AI in a report on Monday, March 3rd. Wedbush raised their price objective on SoundHound AI from $10.00 to $22.00 and gave the company an “outperform” rating in a research note on Monday, December 16th. Cantor Fitzgerald upgraded shares of SoundHound AI to a “hold” rating in a report on Monday, February 24th. Finally, DA Davidson raised 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 stock has a consensus rating of “Hold” and a consensus target price of $12.86.

SoundHound AI Stock Down 0.8 %

The stock’s fifty day moving average is $10.62 and its two-hundred day moving average is $10.74. The company has a current ratio of 2.58, a quick ratio of 2.58 and a debt-to-equity ratio of 0.13. The company has a market capitalization of $2.84 billion, a PE ratio of -19.84 and a beta of 2.73.

SoundHound AI (NASDAQ:SOUN) last released 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 company had revenue of $34.54 million for the quarter, compared to the consensus estimate of $33.70 million. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. As a group, analysts predict that SoundHound AI, Inc. will post -0.38 EPS for the current year.

Insider Activity

In other SoundHound AI news, insider James Ming Hom sold 28,388 shares of the company’s stock in a transaction dated Thursday, March 20th. The shares were sold at an average price of $9.90, for a total transaction of $281,041.20. Following the sale, the insider now directly owns 689,652 shares of the company’s stock, valued at $6,827,554.80. This represents a 3.95 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Diana Sroka sold 3,402 shares of the 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 transaction, the director now owns 138,850 shares of the company’s stock, valued at $1,399,608. This represents a 2.39 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 500,565 shares of company stock valued at $4,999,726 in the last 90 days. Insiders own 12.28% of the company’s stock.

Institutional Investors Weigh In On SoundHound AI

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