SoundHound AI (NASDAQ:SOUN) Stock Price Down 3.9% – Should You Sell?

SoundHound AI, Inc. (NASDAQ:SOUN) shares dropped 3.9% during trading on Wednesday . The stock traded as low as $9.65 and last traded at $9.80. Approximately 6,843,322 shares traded hands during mid-day trading, a decline of 82% from the average daily volume of 38,332,225 shares. The stock had previously closed at $10.20.

Analysts Set New Price Targets

SOUN has been the topic of a number of research analyst reports. Cantor Fitzgerald upgraded SoundHound AI to a “hold” rating in a report on Monday, February 24th. Northland Securities upped their price target 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. Wedbush raised their price objective on SoundHound AI from $10.00 to $22.00 and gave the company an “outperform” rating in a research report on Monday, December 16th. HC Wainwright reaffirmed a “buy” rating and issued a $26.00 target price on shares of SoundHound AI in a research report on Monday, March 3rd. Finally, 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 note on Friday, February 28th. Four analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, SoundHound AI has an average rating of “Hold” and an average price target of $12.86.

SoundHound AI Stock Performance

The company has a market cap of $3.81 billion, a P/E ratio of -26.88 and a beta of 2.62. 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 has a fifty day simple moving average of $12.09 and a two-hundred day simple moving average of $10.52.

SoundHound AI (NASDAQ:SOUN) last issued its quarterly earnings data on Thursday, February 27th. The company reported ($0.69) earnings per share for the quarter, missing the consensus estimate of ($0.11) by ($0.58). The business had revenue of $34.54 million during the quarter, compared to the consensus estimate of $33.70 million. SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. On average, sell-side analysts anticipate that SoundHound AI, Inc. will post -0.38 EPS for the current year.

Insider Activity

In other SoundHound AI news, CFO Nitesh Sharan sold 48,639 shares of SoundHound AI 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 $481,526.10. Following the transaction, the chief financial officer now owns 1,454,011 shares of the company’s stock, valued at $14,394,708.90. The trade was a 3.24 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CTO Timothy Stonehocker sold 3,333 shares of the stock in a transaction on Monday, March 24th. The stock was sold at an average price of $10.08, for a total transaction of $33,596.64. Following the completion of the sale, the chief technology officer now directly owns 765,534 shares of the company’s stock, valued at approximately $7,716,582.72. This trade represents a 0.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 500,565 shares of company stock valued at $4,999,726 in the last 90 days. Company insiders own 12.28% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of SOUN. Commons Capital LLC lifted its position in shares of SoundHound AI by 2.7% in the fourth quarter. Commons Capital LLC now owns 27,349 shares of the company’s stock valued at $543,000 after acquiring an additional 723 shares in the last quarter. ST Germain D J Co. Inc. raised its stake in SoundHound AI by 33.2% during the 4th quarter. ST Germain D J Co. Inc. now owns 3,008 shares of the company’s stock valued at $60,000 after purchasing an additional 750 shares during the period. Keynote Financial Services LLC lifted its holdings in SoundHound AI by 4.7% in the 4th quarter. Keynote Financial Services LLC now owns 16,587 shares of the company’s stock worth $329,000 after purchasing an additional 752 shares in the last quarter. Blue Trust Inc. boosted its stake in SoundHound AI by 197.6% in 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 during the period. Finally, Russell Investments Group Ltd. grew its holdings in SoundHound AI by 16.4% during the 4th quarter. Russell Investments Group Ltd. now owns 6,598 shares of the company’s stock valued at $131,000 after buying an additional 929 shares in the last quarter. Hedge funds and other 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.