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

SoundHound AI, Inc. (NASDAQ:SOUN) shares fell 1.5% during mid-day trading on Thursday . The stock traded as low as $11.52 and last traded at $12.03. 22,025,356 shares changed hands during trading, a decline of 50% from the average session volume of 44,254,078 shares. The stock had previously closed at $12.21.

Analyst Ratings Changes

A number of research analysts have recently commented on SOUN shares. HC Wainwright increased their target price on SoundHound AI from $18.00 to $26.00 and gave the company a “buy” rating in a research report on Thursday, October 16th. DA Davidson reiterated a “buy” rating and set a $17.00 price objective on shares of SoundHound AI in a research report on Tuesday, November 18th. Weiss Ratings reissued a “sell (d-)” rating on shares of SoundHound AI in a research note on Tuesday, October 14th. Oppenheimer started coverage on shares of SoundHound AI in a research report on Thursday, September 11th. They set a “market perform” rating on the stock. Finally, Cantor Fitzgerald upgraded SoundHound AI from a “neutral” rating to an “overweight” rating and lifted their price target for the stock from $13.00 to $15.00 in a research report on Friday. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, SoundHound AI currently has an average rating of “Moderate Buy” and an average price target of $17.07.

SoundHound AI Trading Down 3.2%

The company has a market capitalization of $4.89 billion, a PE ratio of -13.87 and a beta of 2.63. The stock’s 50-day moving average is $15.04 and its two-hundred day moving average is $13.36.

SoundHound AI (NASDAQ:SOUN) last released its earnings results on Thursday, November 6th. The company reported ($0.03) EPS for the quarter, beating analysts’ consensus estimates of ($0.09) by $0.06. SoundHound AI had a negative return on equity of 93.64% and a negative net margin of 211.16%.The firm had revenue of $42.05 million for the quarter, compared to analysts’ expectations of $40.48 million. During the same quarter in the prior year, the firm posted ($0.04) earnings per share. The company’s quarterly revenue was up 67.6% on a year-over-year basis. On average, equities research analysts forecast that SoundHound AI, Inc. will post -0.38 EPS for the current fiscal year.

Insider Buying and Selling

In other SoundHound AI news, COO Michael Zagorsek sold 69,837 shares of the stock in a transaction on Monday, September 22nd. The stock was sold at an average price of $16.00, for a total value of $1,117,392.00. Following the sale, the chief operating officer owned 1,860,790 shares in the company, valued at $29,772,640. This trade represents a 3.62% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CTO Timothy Stonehocker sold 70,524 shares of the business’s stock in a transaction on Wednesday, October 8th. The shares were sold at an average price of $20.00, for a total transaction of $1,410,480.00. Following the sale, the chief technology officer directly owned 606,525 shares of the company’s stock, valued at $12,130,500. This represents a 10.42% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 787,260 shares of company stock worth $13,973,056 over the last ninety days. Corporate insiders own 9.17% of the company’s stock.

Hedge Funds Weigh In On SoundHound AI

Institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. boosted its holdings in shares of SoundHound AI by 16.4% in the third quarter. Vanguard Group Inc. now owns 43,457,569 shares of the company’s stock valued at $698,798,000 after purchasing an additional 6,132,648 shares during the period. Geode Capital Management LLC raised its position in SoundHound AI by 8.3% during the 2nd quarter. Geode Capital Management LLC now owns 8,830,144 shares of the company’s stock valued at $94,759,000 after purchasing an additional 679,436 shares in the last quarter. State Street Corp lifted its holdings in shares of SoundHound AI by 9.1% in the 2nd quarter. State Street Corp now owns 8,476,348 shares of the company’s stock worth $90,951,000 after buying an additional 708,369 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in shares of SoundHound AI by 13.4% during the 3rd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 5,697,346 shares of the company’s stock worth $91,604,000 after buying an additional 672,714 shares in the last quarter. Finally, Northern Trust Corp increased its stake in shares of SoundHound AI by 1.2% during the third quarter. Northern Trust Corp now owns 3,181,651 shares of the company’s stock valued at $51,161,000 after buying an additional 38,966 shares during the period. 19.28% of the stock is owned by hedge funds and other 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.