SoundHound AI (NASDAQ:SOUN) Stock Price Down 0.5% - Time to Sell?

SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report) was down 0.5% during trading on Wednesday . The company traded as low as $9.62 and last traded at $9.93. Approximately 9,194,013 shares changed hands during mid-day trading, a decline of 76% from the average daily volume of 37,764,974 shares. The stock had previously closed at $9.97.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on SOUN shares. Cantor Fitzgerald upgraded SoundHound AI to a "hold" rating in a research note on Monday, February 24th. HC Wainwright dropped their price objective on SoundHound AI from $26.00 to $18.00 and set a "buy" rating for the company in a research note on Monday, May 12th. Wedbush dropped their price objective on SoundHound AI from $22.00 to $15.00 and set an "outperform" rating for the company in a research note on Friday, May 9th. Finally, DA Davidson dropped their price objective on SoundHound AI from $13.00 to $10.00 and set a "buy" rating for the company in a research note on Monday, April 14th. Four analysts have rated the stock with a hold rating and three have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus target price of $10.29.

SoundHound AI Stock Performance

The firm has a fifty day moving average of $9.12 and a 200-day moving average of $11.60. The firm has a market cap of $3.93 billion, a P/E ratio of -27.43 and a beta of 2.71. 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 - Get Free Report) last posted its quarterly earnings results on Thursday, May 8th. The company reported ($0.06) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.09) by $0.03. The business had revenue of $29.13 million for the quarter, compared to analysts' expectations of $30.38 million. SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. The firm's quarterly revenue was up 151.2% compared to the same quarter last year. During the same quarter last year, the business earned ($0.07) earnings per share. Research analysts predict that SoundHound AI, Inc. will post -0.38 earnings per share for the current fiscal year.

Insider Activity at SoundHound AI

In other news, insider James Ming Hom sold 28,388 shares of SoundHound AI stock in a transaction dated Thursday, March 20th. The stock was sold at an average price of $9.90, for a total transaction of $281,041.20. Following the transaction, the insider now owns 689,652 shares in the company, valued at $6,827,554.80. The trade was a 3.95% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CTO Timothy Stonehocker sold 44,157 shares of SoundHound AI stock in a transaction dated Wednesday, May 14th. The shares were sold at an average price of $12.00, for a total value of $529,884.00. Following the transaction, the chief technology officer now owns 723,009 shares in the company, valued at $8,676,108. This trade represents a 5.76% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 548,537 shares of company stock worth $5,567,760 over the last 90 days. Insiders own 12.28% of the company's stock.

Hedge Funds Weigh In On SoundHound AI

Several institutional investors have recently modified their holdings of the business. Blue Trust Inc. raised its position in SoundHound AI by 197.6% in the 4th quarter. Blue Trust Inc. now owns 1,250 shares of the company's stock valued at $25,000 after buying an additional 830 shares during the last quarter. Sound Income Strategies LLC raised its position in SoundHound AI by 2,542.0% in the 4th quarter. Sound Income Strategies LLC now owns 1,321 shares of the company's stock valued at $26,000 after buying an additional 1,271 shares during the last quarter. Orion Capital Management LLC acquired a new stake in SoundHound AI in the 4th quarter valued at approximately $30,000. AlphaQuest LLC acquired a new stake in SoundHound AI in the 1st quarter valued at approximately $32,000. Finally, Golden State Wealth Management LLC raised its position in SoundHound AI by 100.0% in the 1st quarter. Golden State Wealth Management LLC now owns 4,230 shares of the company's stock valued at $34,000 after buying an additional 2,115 shares during the last quarter. Institutional investors own 19.28% of the company's stock.

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.

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