SoundHound AI (NASDAQ:SOUN) Shares Down 2.6% – Time to Sell?

SoundHound AI, Inc. (NASDAQ:SOUN) shares fell 2.6% on Thursday . The company traded as low as $8.95 and last traded at $9.13. 6,043,229 shares were traded during trading, a decline of 84% from the average session volume of 38,168,922 shares. The stock had previously closed at $9.38.

Analysts Set New Price Targets

SOUN has been the subject of a number of research analyst reports. Cantor Fitzgerald upgraded SoundHound AI to a “hold” rating in a research note on Monday, February 24th. Northland Securities raised their price objective 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. DA Davidson upped their target price on SoundHound AI from $9.50 to $13.00 and gave the company a “buy” rating in a research report on Friday, February 28th. Wedbush raised their price target on shares of SoundHound AI from $10.00 to $22.00 and gave the stock an “outperform” rating in a research report on Monday, December 16th. Finally, HC Wainwright reaffirmed a “buy” rating and issued a $26.00 price objective on shares of SoundHound AI in a report on Monday, March 3rd. Four investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $12.86.

SoundHound AI Stock Performance

The company has a market capitalization of $3.39 billion, a PE ratio of -23.61 and a beta of 2.62. The firm has a 50-day moving average of $11.79 and a two-hundred day moving average of $10.53. 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 earnings results on Thursday, February 27th. The company reported ($0.69) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.11) by ($0.58). SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. The firm had revenue of $34.54 million during the quarter, compared to analyst estimates of $33.70 million. Research analysts anticipate that SoundHound AI, Inc. will post -0.38 EPS for the current year.

Insider Transactions at SoundHound AI

In other news, insider James Ming Hom sold 51,196 shares of the company’s stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $10.25, for a total transaction of $524,759.00. Following the completion of the transaction, the insider now directly owns 638,456 shares of the company’s stock, valued at $6,544,174. This represents a 7.42 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Diana Sroka sold 3,402 shares of SoundHound AI stock in a transaction on Monday, March 24th. The shares were sold at an average price of $10.08, for a total transaction of $34,292.16. Following the completion of the sale, the director now directly owns 138,850 shares in the company, valued at $1,399,608. This represents a 2.39 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 500,565 shares of company stock valued at $4,999,726 in the last ninety days. 12.28% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On SoundHound AI

Large investors have recently added to or reduced their stakes in the stock. Commons Capital LLC increased its stake in shares of SoundHound AI by 2.7% during the fourth quarter. Commons Capital LLC now owns 27,349 shares of the company’s stock worth $543,000 after purchasing an additional 723 shares in the last quarter. ST Germain D J Co. Inc. increased 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 worth $60,000 after buying an additional 750 shares in the last quarter. Keynote Financial Services LLC raised its holdings in shares of SoundHound AI by 4.7% during the fourth quarter. Keynote Financial Services LLC now owns 16,587 shares of the company’s stock valued at $329,000 after acquiring an additional 752 shares during the last quarter. Blue Trust Inc. raised its holdings in shares of SoundHound AI by 197.6% during the fourth quarter. Blue Trust Inc. now owns 1,250 shares of the company’s stock valued at $25,000 after acquiring an additional 830 shares during the last quarter. Finally, Russell Investments Group Ltd. lifted its position in shares of SoundHound AI by 16.4% in the fourth quarter. Russell Investments Group Ltd. now owns 6,598 shares of the company’s stock valued at $131,000 after acquiring an additional 929 shares in the last quarter. 19.28% of the stock is currently owned by institutional investors and hedge funds.

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.