SoundHound AI (NASDAQ:SOUN) Stock Price Down 3.3% – Time to Sell?

SoundHound AI, Inc. (NASDAQ:SOUN) shares dropped 3.3% during trading on Thursday . The stock traded as low as $10.47 and last traded at $10.71. Approximately 14,736,568 shares changed hands during trading, a decline of 74% from the average daily volume of 57,118,906 shares. The stock had previously closed at $11.07.

Analyst Upgrades and Downgrades

SOUN has been the topic of several research reports. Barclays restated a “neutral” rating and set a $7.00 price objective on shares of SoundHound AI in a report on Wednesday, November 13th. Wedbush lifted their price target on SoundHound AI from $10.00 to $22.00 and gave the company an “outperform” rating in a report on Monday, December 16th. LADENBURG THALM/SH SH reiterated a “neutral” rating and issued a $7.00 price target on shares of SoundHound AI in a report on Wednesday, November 13th. HC Wainwright reiterated a “buy” rating and issued a $26.00 price target on shares of SoundHound AI in a report on Monday, January 13th. Finally, 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 report on Tuesday, January 14th. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat, SoundHound AI presently has an average rating of “Moderate Buy” and an average price target of $12.36.

SoundHound AI Price Performance

The company has a current ratio of 2.58, a quick ratio of 2.58 and a debt-to-equity ratio of 0.13. The stock has a market cap of $4.05 billion, a price-to-earnings ratio of -28.64 and a beta of 2.56. The stock has a 50-day moving average price of $16.24 and a two-hundred day moving average price of $9.71.

Insider Transactions at SoundHound AI

In other SoundHound AI news, VP Majid Emami sold 368,662 shares of SoundHound AI stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $15.00, for a total transaction of $5,529,930.00. Following the completion of the sale, the vice president now owns 735,685 shares of the company’s stock, valued at approximately $11,035,275. The trade was a 33.38 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Keyvan Mohajer sold 465,394 shares of SoundHound AI stock in a transaction dated Monday, December 9th. The stock was sold at an average price of $15.04, for a total value of $6,999,525.76. Following the sale, the chief executive officer now directly owns 2,299,148 shares of the company’s stock, valued at approximately $34,579,185.92. This represents a 16.83 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 2,752,918 shares of company stock valued at $45,176,843 in the last quarter. 12.28% of the stock is currently owned by corporate insiders.

Institutional Trading of SoundHound AI

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Blue Trust Inc. lifted its position in 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 acquiring an additional 830 shares during the period. Sound Income Strategies LLC lifted 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 buying an additional 1,271 shares during the period. Orion Capital Management LLC acquired a new position in shares of SoundHound AI in the 4th quarter valued at about $30,000. Future Financial Wealth Managment LLC purchased a new position in shares of SoundHound AI in the 4th quarter valued at about $40,000. Finally, Compagnie Lombard Odier SCmA purchased a new position in shares of SoundHound AI in the 4th quarter valued at about $40,000. Institutional investors and hedge funds 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.