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

Shares of SoundHound AI, Inc. (NASDAQ:SOUN) fell 0.7% during mid-day trading on Thursday . The stock traded as low as $19.01 and last traded at $19.71. 25,299,253 shares traded hands during trading, a decline of 39% from the average session volume of 41,383,855 shares. The stock had previously closed at $19.84.

Analyst Ratings Changes

Several analysts recently weighed in on SOUN shares. 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. HC Wainwright raised their price target on SoundHound AI from $8.00 to $26.00 and gave the company a “buy” rating in a report on Monday, December 23rd. Wedbush upped their price target on shares of SoundHound AI from $10.00 to $22.00 and gave the stock an “outperform” rating in a research note on Monday, December 16th. LADENBURG THALM/SH SH reiterated a “neutral” rating and issued a $7.00 target price on shares of SoundHound AI in a research note on Wednesday, November 13th. Finally, DA Davidson reissued a “buy” rating and set a $9.50 price target on shares of SoundHound AI in a research report on Monday, September 30th. Three analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, SoundHound AI presently has a consensus rating of “Moderate Buy” and an average target price of $12.07.

SoundHound AI Price Performance

The firm has a 50 day moving average price of $11.60 and a 200 day moving average price of $7.15. The stock has a market capitalization of $7.27 billion, a PE ratio of -54.64 and a beta of 3.03. The company has a current ratio of 2.58, a quick ratio of 2.58 and a debt-to-equity ratio of 0.13.

SoundHound AI (NASDAQ:SOUN) last posted its quarterly earnings data on Tuesday, November 12th. The company reported ($0.06) EPS for the quarter, topping the consensus estimate of ($0.07) by $0.01. The firm had revenue of $25.10 million for the quarter, compared to the consensus estimate of $23.02 million. SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. The business’s revenue for the quarter was up 88.7% compared to the same quarter last year. During the same quarter last year, the company earned ($0.09) earnings per share. Research analysts anticipate that SoundHound AI, Inc. will post -0.38 earnings per share for the current year.

Insider Transactions at SoundHound AI

In related news, Director Lawrence Marcus sold 20,000 shares of the firm’s stock in a transaction on Monday, December 23rd. The stock was sold at an average price of $20.47, for a total value of $409,400.00. Following the completion of the sale, the director now directly owns 108,117 shares in the company, valued at $2,213,154.99. This trade represents a 15.61 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Eric R. Ball sold 30,000 shares of the business’s stock in a transaction on Monday, November 25th. The shares were sold at an average price of $8.03, for a total transaction of $240,900.00. Following the transaction, the director now owns 110,907 shares in the company, valued at $890,583.21. This trade represents a 21.29 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 2,782,918 shares of company stock valued at $45,391,343 in the last ninety days. Corporate insiders own 12.28% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the business. Oppenheimer & Co. Inc. lifted its stake in shares of SoundHound AI by 11.0% during the 3rd quarter. Oppenheimer & Co. Inc. now owns 19,000 shares of the company’s stock worth $89,000 after acquiring an additional 1,887 shares during the last quarter. Integrated Wealth Concepts LLC increased its stake in SoundHound AI by 13.0% in the third quarter. Integrated Wealth Concepts LLC now owns 17,150 shares of the company’s stock worth $80,000 after purchasing an additional 1,975 shares during the period. Signaturefd LLC lifted its position in shares of SoundHound AI by 19.5% during the third quarter. Signaturefd LLC now owns 12,255 shares of the company’s stock worth $57,000 after purchasing an additional 2,000 shares during the last quarter. Newbridge Financial Services Group Inc. boosted its stake in shares of SoundHound AI by 24.7% during the second quarter. Newbridge Financial Services Group Inc. now owns 11,720 shares of the company’s stock valued at $46,000 after purchasing an additional 2,320 shares during the period. Finally, Wolverine Asset Management LLC grew its holdings in shares of SoundHound AI by 7.7% in the third quarter. Wolverine Asset Management LLC now owns 35,102 shares of the company’s stock worth $164,000 after purchasing an additional 2,522 shares during the last quarter. Hedge funds and other 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.