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

SoundHound AI, Inc. (NASDAQ:SOUN) was down 2.6% during mid-day trading on Thursday . The stock traded as low as $8.95 and last traded at $9.13. Approximately 6,043,229 shares changed hands during mid-day trading, a decline of 84% from the average daily volume of 38,168,922 shares. The stock had previously closed at $9.38.

Analyst Upgrades and Downgrades

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

SoundHound AI Stock Performance

The company has a quick ratio of 2.58, a current ratio of 2.58 and a debt-to-equity ratio of 0.13. The stock has a 50 day simple moving average of $12.00 and a 200 day simple moving average of $10.52. The company has a market capitalization of $3.62 billion, a price-to-earnings ratio of -25.24 and a beta of 2.62.

SoundHound AI (NASDAQ:SOUN) last issued its quarterly earnings data on Thursday, February 27th. The company reported ($0.69) EPS for the quarter, missing analysts’ consensus estimates 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 company had revenue of $34.54 million for the quarter, compared to the consensus estimate of $33.70 million. As a group, analysts anticipate that SoundHound AI, Inc. will post -0.38 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, insider James Ming Hom sold 28,388 shares of the firm’s stock in a transaction on Thursday, March 20th. The stock was sold at an average price of $9.90, for a total value of $281,041.20. Following the completion of the sale, the insider now owns 689,652 shares of the company’s stock, valued at $6,827,554.80. This trade represents a 3.95 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, VP Majid Emami sold 28,392 shares of the business’s stock in a transaction that occurred on Thursday, March 20th. The shares were sold at an average price of $9.90, for a total transaction of $281,080.80. Following the transaction, the vice president now directly owns 669,834 shares in the company, valued at $6,631,356.60. The trade was a 4.07 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 500,565 shares of company stock valued at $4,999,726. 12.28% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its stake in shares of SoundHound AI by 35.6% in the fourth quarter. Vanguard Group Inc. now owns 32,031,662 shares of the company’s stock valued at $635,508,000 after buying an additional 8,402,881 shares during the period. Geode Capital Management LLC lifted its position in shares of SoundHound AI by 4.4% in the 4th quarter. Geode Capital Management LLC now owns 7,509,496 shares of the company’s stock worth $149,024,000 after acquiring an additional 315,897 shares during the period. State Street Corp grew its holdings in shares of SoundHound AI by 0.6% during the 3rd quarter. State Street Corp now owns 7,197,414 shares of the company’s stock worth $33,540,000 after purchasing an additional 42,869 shares in the last quarter. Northern Trust Corp increased its position in shares of SoundHound AI by 10.0% during the fourth quarter. Northern Trust Corp now owns 2,906,245 shares of the company’s stock valued at $57,660,000 after purchasing an additional 264,382 shares during the period. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of SoundHound AI by 5.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,725,693 shares of the company’s stock valued at $54,078,000 after purchasing an additional 143,487 shares in the last quarter. 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.