SoundHound AI (NASDAQ:SOUN) Trading Down 1.5% - Time to Sell?

Shares of SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report) fell 1.5% during trading on Wednesday . The stock traded as low as $12.43 and last traded at $12.51. 34,436,540 shares traded hands during mid-day trading, a decline of 15% from the average session volume of 40,540,959 shares. The stock had previously closed at $12.71.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the company. DA Davidson decreased their price target on SoundHound AI from $13.00 to $10.00 and set a "buy" rating on the stock in a research report on Monday, April 14th. Wedbush dropped their price objective on SoundHound AI from $22.00 to $15.00 and set an "outperform" rating for the company in a report on Friday, May 9th. Piper Sandler assumed coverage on shares of SoundHound AI in a research report on Tuesday, May 27th. They set an "overweight" rating and a $12.00 price target on the stock. Finally, HC Wainwright dropped their target price on shares of SoundHound AI from $26.00 to $18.00 and set a "buy" rating on the stock in a report on Monday, May 12th. Four investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $10.50.

SoundHound AI Stock Performance

The company's fifty day simple moving average is $10.15 and its two-hundred day simple moving average is $11.49. The stock has a market capitalization of $4.94 billion, a P/E ratio of -22.35 and a beta of 2.59.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The company reported ($0.06) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.09) by $0.03. SoundHound AI had a negative return on equity of 68.55% and a negative net margin of 184.34%. The business had revenue of $29.13 million for the quarter, compared to the consensus estimate of $30.38 million. During the same quarter in the prior year, the business posted ($0.07) earnings per share. The firm's quarterly revenue was up 151.2% compared to the same quarter last year. On average, research analysts predict that SoundHound AI, Inc. will post -0.38 earnings per share for the current fiscal year.

Insider Transactions at SoundHound AI

In related news, VP Majid Emami sold 132,352 shares of SoundHound AI stock in a transaction that occurred on Tuesday, June 10th. The shares were sold at an average price of $10.04, for a total transaction of $1,328,814.08. Following the sale, the vice president directly owned 537,482 shares in the company, valued at $5,396,319.28. This trade represents a 19.76% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Keyvan Mohajer sold 254,376 shares of the firm's stock in a transaction on Friday, June 20th. The shares were sold at an average price of $9.36, for a total transaction of $2,380,959.36. Following the transaction, the chief executive officer directly owned 1,749,790 shares of the company's stock, valued at $16,378,034.40. The trade was a 12.69% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 961,289 shares of company stock valued at $9,247,847. 9.17% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its holdings in shares of SoundHound AI by 35.6% during the 4th quarter. Vanguard Group Inc. now owns 32,031,662 shares of the company's stock worth $635,508,000 after buying an additional 8,402,881 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in SoundHound AI by 84.2% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 4,973,728 shares of the company's stock valued at $40,390,000 after acquiring an additional 2,274,105 shares in the last quarter. Rockefeller Capital Management L.P. bought a new stake in SoundHound AI during the fourth quarter worth $41,595,000. Invesco Ltd. raised its holdings in shares of SoundHound AI by 1,386.2% in the fourth quarter. Invesco Ltd. now owns 1,382,371 shares of the company's stock valued at $27,426,000 after purchasing an additional 1,289,360 shares during the last quarter. Finally, Goldman Sachs Group Inc. lifted its position in shares of SoundHound AI by 69.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 2,639,689 shares of the company's stock worth $21,434,000 after buying an additional 1,085,473 shares in the last quarter. 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.