SoundHound AI (NASDAQ:SOUN) Stock Price Down 3.9% - Time to Sell?

SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report)'s share price dropped 3.9% during mid-day trading on Wednesday . The stock traded as low as $10.57 and last traded at $10.68. Approximately 15,161,123 shares changed hands during trading, a decline of 60% from the average daily volume of 38,101,931 shares. The stock had previously closed at $11.12.

Analyst Upgrades and Downgrades

SOUN has been the topic of several research reports. Piper Sandler initiated coverage on shares of SoundHound AI in a research report on Tuesday. They set an "overweight" rating and a $12.00 price objective on the stock. Cantor Fitzgerald raised shares of SoundHound AI to a "hold" rating in a research report on Monday, February 24th. HC Wainwright lowered their price objective on shares of SoundHound AI from $26.00 to $18.00 and set a "buy" rating on the stock in a research report on Monday, May 12th. Wedbush lowered their price objective on shares of SoundHound AI from $22.00 to $15.00 and set an "outperform" rating on the stock in a research report on Friday, May 9th. Finally, DA Davidson lowered their price objective on shares of SoundHound AI from $13.00 to $10.00 and set a "buy" rating on the stock in a research report on Monday, April 14th. Four research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, SoundHound AI currently has an average rating of "Moderate Buy" and a consensus price target of $10.50.

SoundHound AI Price Performance

The company has a market cap of $4.06 billion, a price-to-earnings ratio of -28.06 and a beta of 2.71. 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 company's 50 day moving average price is $9.14 and its 200 day moving average price is $11.76.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last released its earnings results on Thursday, May 8th. The company reported ($0.06) EPS for the quarter, topping the consensus estimate of ($0.09) by $0.03. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. The company had revenue of $29.13 million during the quarter, compared to analysts' expectations of $30.38 million. During the same quarter last year, the business earned ($0.07) EPS. The business's revenue was up 151.2% on a year-over-year basis. Equities research analysts forecast that SoundHound AI, Inc. will post -0.38 earnings per share for the current year.

Insider Activity at SoundHound AI

In related news, insider James Ming Hom sold 28,388 shares of the firm's stock in a transaction dated Thursday, March 20th. The shares were sold at an average price of $9.90, for a total value of $281,041.20. Following the completion of the sale, the insider now owns 689,652 shares in the company, valued at $6,827,554.80. This trade represents a 3.95% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CTO Timothy Stonehocker sold 3,333 shares of the firm's stock in a transaction dated Monday, March 24th. The shares were 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 owns 765,534 shares of the company's stock, valued at $7,716,582.72. This trade represents a 0.43% decrease in their position. The disclosure for this sale can be found here. Insiders sold 548,537 shares of company stock worth $5,567,760 over the last 90 days. Company insiders own 12.28% of the company's stock.

Hedge Funds Weigh In On SoundHound AI

Several hedge funds have recently added to or reduced their stakes in SOUN. Vanguard Group Inc. increased its holdings in SoundHound AI by 35.6% during the 4th quarter. Vanguard Group Inc. now owns 32,031,662 shares of the company's stock valued at $635,508,000 after acquiring an additional 8,402,881 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in SoundHound AI by 84.2% during 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. purchased a new position in SoundHound AI during the 4th quarter valued at about $41,595,000. Invesco Ltd. increased its holdings in SoundHound AI by 1,386.2% during the 4th quarter. Invesco Ltd. now owns 1,382,371 shares of the company's stock valued at $27,426,000 after acquiring an additional 1,289,360 shares in the last quarter. Finally, Goldman Sachs Group Inc. increased its holdings in SoundHound AI by 69.8% during the 1st quarter. Goldman Sachs Group Inc. now owns 2,639,689 shares of the company's stock valued at $21,434,000 after acquiring an additional 1,085,473 shares in the last quarter. 19.28% of the stock is currently owned by hedge funds and other institutional investors.

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.