SoundHound AI (NASDAQ:SOUN) Stock Price Down 0.7% – Time to Sell?

SoundHound AI, Inc. (NASDAQ:SOUN) shares dropped 0.7% on Thursday . The stock traded as low as $7.55 and last traded at $7.71. Approximately 4,005,011 shares traded hands during mid-day trading, a decline of 89% from the average daily volume of 37,797,812 shares. The stock had previously closed at $7.76.

Wall Street Analysts Forecast Growth

A number of analysts have commented on SOUN shares. Cantor Fitzgerald upgraded shares of SoundHound AI to a “hold” rating in a research note on Monday, February 24th. DA Davidson decreased their price objective on SoundHound AI from $13.00 to $10.00 and set a “buy” rating for the company in a report on Monday, April 14th. Northland Securities lifted their price target 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. Finally, HC Wainwright reiterated a “buy” rating and issued a $26.00 target price on shares of SoundHound AI in a research note on Monday, March 3rd. Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $12.43.

SoundHound AI Price Performance

The stock has a market cap of $3.13 billion, a PE ratio of -21.76 and a beta of 2.73. 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 business’s 50-day simple moving average is $9.41 and its 200-day simple moving average is $10.87.

SoundHound AI (NASDAQ:SOUN) last released its earnings results on Thursday, February 27th. The company reported ($0.69) EPS for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.58). The firm had revenue of $34.54 million during the quarter, compared to analysts’ expectations of $33.70 million. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. On average, research analysts expect that SoundHound AI, Inc. will post -0.38 EPS for the current fiscal year.

Insider Activity

In other SoundHound AI news, insider James Ming Hom sold 51,196 shares of SoundHound AI stock in a transaction on Monday, March 24th. The shares were sold at an average price of $10.25, for a total transaction of $524,759.00. Following the sale, the insider now owns 638,456 shares of the company’s stock, valued at $6,544,174. The trade was a 7.42 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Diana Sroka sold 3,402 shares of SoundHound AI stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $10.08, for a total transaction of $34,292.16. Following the completion of 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. In the last ninety days, insiders sold 500,565 shares of company stock worth $4,999,726. 12.28% of the stock is currently owned by insiders.

Institutional Trading of SoundHound AI

A number of institutional investors and hedge funds have recently modified their holdings of SOUN. Blue Trust Inc. raised its stake in shares of SoundHound AI by 197.6% during the 4th quarter. Blue Trust Inc. now owns 1,250 shares of the company’s stock worth $25,000 after purchasing an additional 830 shares in the last quarter. Sound Income Strategies LLC raised its holdings in shares of SoundHound AI by 2,542.0% in the 4th quarter. Sound Income Strategies LLC now owns 1,321 shares of the company’s stock valued at $26,000 after purchasing an additional 1,271 shares during the period. Orion Capital Management LLC acquired a new position in SoundHound AI during the fourth quarter worth approximately $30,000. Future Financial Wealth Managment LLC acquired a new position in shares of SoundHound AI in the fourth quarter valued at $40,000. Finally, Compagnie Lombard Odier SCmA bought a new stake in shares of SoundHound AI during the 4th quarter worth $40,000. 19.28% of the stock is owned by institutional investors.

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.