SoundHound AI (NASDAQ:SOUN) Trading Down 0.3% – Should You Sell?

SoundHound AI, Inc. (NASDAQ:SOUN)’s share price fell 0.3% during trading on Wednesday . The company traded as low as $6.45 and last traded at $6.49. 9,931,296 shares changed hands during mid-day trading, a decline of 71% from the average session volume of 34,498,480 shares. The stock had previously closed at $6.51.

Analyst Upgrades and Downgrades

Several analysts recently commented on SOUN shares. DA Davidson reiterated a “buy” rating and issued a $9.50 target price on shares of SoundHound AI in a report on Monday, September 30th. Barclays reiterated a “neutral” rating and set a $7.00 price objective on shares of SoundHound AI in a research report on Wednesday, November 13th. Cantor Fitzgerald upgraded shares of SoundHound AI from a “neutral” rating to an “overweight” rating and boosted their target price for the company from $5.00 to $7.00 in a report on Friday, August 9th. HC Wainwright lifted their price objective on SoundHound AI from $7.00 to $8.00 and gave the stock a “buy” rating in a research report on Thursday, November 14th. Finally, Northland Securities upped their target price on SoundHound AI from $5.50 to $6.00 and gave the company a “market perform” rating in a research report on Friday, August 9th. Three investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, SoundHound AI has a consensus rating of “Moderate Buy” and a consensus target price of $7.64.

SoundHound AI Stock Up 8.1 %

The stock has a market cap of $2.50 billion, a price-to-earnings ratio of -19.33 and a beta of 2.71. The stock has a 50 day simple moving average of $5.44 and a 200 day simple moving average of $5.01. The company has a quick ratio of 2.58, a current ratio of 2.58 and a debt-to-equity ratio of 0.13.

SoundHound AI (NASDAQ:SOUN) last posted its quarterly earnings results on Tuesday, November 12th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating 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 business had revenue of $25.10 million during the quarter, compared to the consensus estimate of $23.02 million. During the same quarter last year, the firm posted ($0.09) EPS. SoundHound AI’s revenue was up 88.7% compared to the same quarter last year. As a group, analysts expect that SoundHound AI, Inc. will post -0.37 earnings per share for the current fiscal year.

Insider Activity at SoundHound AI

In other SoundHound AI news, CEO Keyvan Mohajer sold 90,641 shares of SoundHound AI stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $4.88, for a total transaction of $442,328.08. Following the transaction, the chief executive officer now owns 2,362,692 shares of the company’s stock, valued at $11,529,936.96. This trade represents a 3.69 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Michael Zagorsek sold 42,001 shares of the business’s stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $4.88, for a total value of $204,964.88. Following the completion of the transaction, the chief operating officer now owns 1,473,322 shares in the company, valued at $7,189,811.36. The trade was a 2.77 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 277,275 shares of company stock valued at $1,355,644. 12.28% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Kings Path Partners LLC purchased a new position in shares of SoundHound AI in the 2nd quarter worth about $28,000. International Assets Investment Management LLC purchased a new stake in shares of SoundHound AI during the 2nd quarter worth approximately $31,000. NBC Securities Inc. raised its holdings in shares of SoundHound AI by 97.8% in the 3rd quarter. NBC Securities Inc. now owns 7,720 shares of the company’s stock worth $35,000 after purchasing an additional 3,818 shares during the period. Amalgamated Bank lifted its stake in SoundHound AI by 108.0% in the second quarter. Amalgamated Bank now owns 9,819 shares of the company’s stock valued at $39,000 after purchasing an additional 5,099 shares during the last quarter. Finally, Signaturefd LLC grew its holdings in SoundHound AI by 27.3% during the second quarter. Signaturefd LLC now owns 10,255 shares of the company’s stock valued at $41,000 after purchasing an additional 2,200 shares during the period. Institutional investors own 19.28% of the company’s stock.

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.