SoundHound AI (NASDAQ:SOUN) Stock Price Down 1.5% – Time to Sell?

Shares of SoundHound AI, Inc. (NASDAQ:SOUN) traded down 1.5% on Thursday . The stock traded as low as $8.17 and last traded at $8.32. 22,530,434 shares changed hands during trading, a decline of 18% from the average session volume of 27,453,338 shares. The stock had previously closed at $8.45.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the company. LADENBURG THALM/SH SH upgraded SoundHound AI to a “strong-buy” rating in a report on Wednesday, May 6th. Piper Sandler reiterated a “neutral” rating and set a $9.00 target price (down from $11.00) on shares of SoundHound AI in a report on Friday, February 27th. HC Wainwright reduced their target price on SoundHound AI from $26.00 to $20.00 and set a “buy” rating on the stock in a report on Monday, March 2nd. Zacks Research upgraded SoundHound AI from a “strong sell” rating to a “hold” rating in a report on Monday, February 9th. Finally, DA Davidson reiterated a “buy” rating and set a $14.00 target price on shares of SoundHound AI in a report on Wednesday, April 22nd. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, SoundHound AI currently has an average rating of “Moderate Buy” and a consensus target price of $14.93.

SoundHound AI Stock Down 1.5%

The company has a fifty day simple moving average of $7.57 and a two-hundred day simple moving average of $9.57. The stock has a market capitalization of $3.52 billion, a P/E ratio of -17.70 and a beta of 2.58.

SoundHound AI (NASDAQ:SOUN) last issued its quarterly earnings results on Thursday, May 7th. The company reported ($0.06) EPS for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.01). The firm had revenue of $44.20 million during the quarter, compared to the consensus estimate of $42.56 million. SoundHound AI had a negative net margin of 91.84% and a negative return on equity of 40.15%. The business’s revenue for the quarter was up 51.7% on a year-over-year basis. During the same quarter last year, the firm earned ($0.06) earnings per share. As a group, equities analysts forecast that SoundHound AI, Inc. will post -0.34 earnings per share for the current year.

Insider Buying and Selling

In other news, CFO Nitesh Sharan sold 44,027 shares of the business’s stock in a transaction dated Friday, March 20th. The stock was sold at an average price of $6.79, for a total value of $298,943.33. Following the sale, the chief financial officer directly owned 1,661,121 shares in the company, valued at $11,279,011.59. The trade was a 2.58% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Keyvan Mohajer sold 124,510 shares of the business’s stock in a transaction dated Friday, March 20th. The shares were sold at an average price of $6.79, for a total value of $845,422.90. Following the completion of the sale, the chief executive officer owned 2,073,777 shares in the company, valued at approximately $14,080,945.83. This trade represents a 5.66% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 307,973 shares of company stock valued at $2,091,110. Corporate insiders own 8.84% of the company’s stock.

Institutional Trading of SoundHound AI

Institutional investors have recently modified their holdings of the company. Vanguard Group Inc. increased its position in shares of SoundHound AI by 4.4% in the fourth quarter. Vanguard Group Inc. now owns 45,367,437 shares of the company’s stock valued at $452,313,000 after acquiring an additional 1,909,868 shares during the last quarter. Geode Capital Management LLC increased its position in shares of SoundHound AI by 3.1% in the fourth quarter. Geode Capital Management LLC now owns 9,180,321 shares of the company’s stock valued at $91,543,000 after acquiring an additional 273,097 shares during the last quarter. Morgan Stanley increased its position in shares of SoundHound AI by 48.1% in the fourth quarter. Morgan Stanley now owns 8,987,522 shares of the company’s stock valued at $89,606,000 after acquiring an additional 2,917,280 shares during the last quarter. State Street Corp increased its position in shares of SoundHound AI by 0.9% in the fourth quarter. State Street Corp now owns 8,691,235 shares of the company’s stock valued at $86,652,000 after acquiring an additional 80,908 shares during the last quarter. Finally, UBS Group AG increased its position in shares of SoundHound AI by 77.6% in the fourth quarter. UBS Group AG now owns 6,124,283 shares of the company’s stock valued at $61,059,000 after acquiring an additional 2,676,707 shares during the last quarter. 19.28% of the stock is currently owned by institutional investors.

About SoundHound AI

SoundHound AI, Inc is a voice AI and conversational intelligence company specializing in speech recognition, natural language understanding and sound identification technologies. Founded in 2005 and headquartered in Santa Clara, California, the company initially gained recognition with its music discovery app before pivoting to enterprise-grade voice AI solutions. Over the years, SoundHound AI has built a comprehensive platform that enables developers and businesses to embed conversational intelligence into a wide range of products and services.

The company’s core offering is the Houndify voice AI platform, which provides customizable speech-to-meaning technology, domain-specific natural language understanding and text-to-speech capabilities.