SoundHound AI (NASDAQ:SOUN) Stock Price Down 2.6% – Time to Sell?

SoundHound AI, Inc. (NASDAQ:SOUN) shares dropped 2.6% on Monday . The stock traded as low as $14.95 and last traded at $15.19. Approximately 16,798,264 shares traded hands during trading, a decline of 70% from the average daily volume of 56,071,328 shares. The stock had previously closed at $15.60.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on SOUN shares. LADENBURG THALM/SH SH reiterated a “neutral” rating and issued a $7.00 price target on shares of SoundHound AI in a research note on Wednesday, November 13th. Wedbush lifted their target price on shares of SoundHound AI from $10.00 to $22.00 and gave the stock an “outperform” rating in a research report on Monday, December 16th. HC Wainwright reiterated a “buy” rating and set a $26.00 target price on shares of SoundHound AI in a research note on Monday, January 13th. Barclays restated a “neutral” rating and issued a $7.00 price target on shares of SoundHound AI in a research note on Wednesday, November 13th. Finally, Northland Securities upped their price objective on SoundHound AI from $6.00 to $8.00 and gave the company a “market perform” rating in a research report on Tuesday, January 14th. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $12.36.

SoundHound AI Stock Up 1.2 %

The business has a 50-day moving average of $16.59 and a 200 day moving average of $9.38. The company has a market capitalization of $5.49 billion, a PE ratio of -38.81 and a beta of 2.56. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.58 and a quick ratio of 2.58.

SoundHound AI (NASDAQ:SOUN) last announced its quarterly earnings results on Tuesday, November 12th. The company reported ($0.06) earnings per share for the quarter, topping the consensus estimate of ($0.07) by $0.01. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. The company had revenue of $25.10 million for the quarter, compared to analysts’ expectations of $23.02 million. During the same quarter in the previous year, the business posted ($0.09) earnings per share. SoundHound AI’s quarterly revenue was up 88.7% on a year-over-year basis. Equities 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, VP Majid Emami sold 37,459 shares of the stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $20.30, for a total value of $760,417.70. Following the sale, 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 ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Lawrence Marcus sold 30,000 shares of the business’s stock in a transaction on Thursday, November 21st. The shares were sold at an average price of $7.15, for a total value of $214,500.00. Following the transaction, the director now owns 178,117 shares of the company’s stock, valued at approximately $1,273,536.55. The trade was a 14.41 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 2,782,918 shares of company stock worth $45,391,343. 12.28% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On SoundHound AI

Several large investors have recently added to or reduced their stakes in the stock. Kieckhefer Group LLC purchased a new position in shares of SoundHound AI during the fourth quarter valued at $3,432,000. Charles Schwab Investment Management Inc. lifted its holdings in SoundHound AI by 7.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,582,206 shares of the company’s stock worth $12,033,000 after buying an additional 189,109 shares during the period. Oriental Harbor Investment Fund bought a new stake in SoundHound AI during the 4th quarter valued at $8,964,000. Geode Capital Management LLC increased its holdings in shares of SoundHound AI by 9.1% in the 3rd quarter. Geode Capital Management LLC now owns 7,193,599 shares of the company’s stock valued at $33,529,000 after acquiring an additional 602,311 shares during the period. Finally, Wealth Effects LLC bought a new position in shares of SoundHound AI in the 4th quarter worth $357,000. 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.