SoundHound AI (NASDAQ:SOUN) Shares Down 6.1% – Time to Sell?

SoundHound AI, Inc. (NASDAQ:SOUN)’s share price fell 6.1% during trading on Monday . The stock traded as low as $12.70 and last traded at $13.23. 22,504,969 shares changed hands during trading, a decline of 66% from the average session volume of 65,407,559 shares. The stock had previously closed at $14.09.

Analysts Set New Price Targets

Several research firms have recently weighed in on SOUN. LADENBURG THALM/SH SH reissued a “neutral” rating and set a $7.00 price objective on shares of SoundHound AI in a report on Wednesday, November 13th. DA Davidson reaffirmed a “buy” rating and issued a $9.50 price objective on shares of SoundHound AI in a report on Monday, September 30th. Barclays reissued a “neutral” rating and issued a $7.00 target price on shares of SoundHound AI in a research report on Wednesday, November 13th. Northland Securities upped their price target on shares of SoundHound AI from $6.00 to $8.00 and gave the company a “market perform” rating in a research report on Tuesday. Finally, HC Wainwright restated a “buy” rating and set a $26.00 target price on shares of SoundHound AI in a research report on Monday. Three analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to MarketBeat.com, SoundHound AI presently has an average rating of “Moderate Buy” and an average price target of $12.36.

SoundHound AI Trading Down 0.2 %

The stock’s 50-day simple moving average is $13.59 and its two-hundred day simple moving average is $7.97. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.58 and a quick ratio of 2.58. The firm has a market capitalization of $4.73 billion, a P/E ratio of -35.53 and a beta of 2.63.

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

Insider Buying and Selling

In other news, CEO Keyvan Mohajer sold 156,288 shares of the business’s stock in a transaction on Tuesday, December 24th. The shares were sold at an average price of $20.20, for a total value of $3,157,017.60. Following the transaction, the chief executive officer now owns 2,021,666 shares of the company’s stock, valued at approximately $40,837,653.20. The trade was a 7.18 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Michael Zagorsek sold 277,813 shares of the firm’s stock in a transaction on Wednesday, December 18th. The shares were sold at an average price of $21.25, for a total transaction of $5,903,526.25. Following the transaction, the chief operating officer now directly owns 1,473,322 shares of the company’s stock, valued at $31,308,092.50. The trade was a 15.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 2,782,918 shares of company stock valued at $45,391,343. Corporate insiders own 12.28% of the company’s stock.

Institutional Trading of SoundHound AI

Large investors have recently added to or reduced their stakes in the company. NBC Securities Inc. raised its stake in SoundHound AI by 97.8% during the third quarter. NBC Securities Inc. now owns 7,720 shares of the company’s stock valued at $35,000 after purchasing an additional 3,818 shares in the last quarter. Amalgamated Bank lifted its stake in shares of SoundHound AI by 108.0% in the 2nd 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. Future Financial Wealth Managment LLC purchased a new position in shares of SoundHound AI in the 4th quarter worth approximately $40,000. Farther Finance Advisors LLC increased its position in shares of SoundHound AI by 298.5% during the 3rd quarter. Farther Finance Advisors LLC now owns 8,966 shares of the company’s stock valued at $42,000 after purchasing an additional 6,716 shares during the last quarter. Finally, Sei Investments Co. purchased a new stake in SoundHound AI during the 2nd quarter valued at $43,000. 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.