SoundHound AI (NASDAQ:SOUN) Trading Down 1.6% - Time to Sell?

Shares of SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report) fell 1.6% during trading on Tuesday . The stock traded as low as $9.42 and last traded at $9.58. 4,646,658 shares traded hands during mid-day trading, a decline of 88% from the average session volume of 37,779,426 shares. The stock had previously closed at $9.74.

Analyst Upgrades and Downgrades

Several brokerages have commented on SOUN. DA Davidson decreased their target price 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. HC Wainwright reissued a "buy" rating and set a $26.00 price objective on shares of SoundHound AI in a research note on Monday, March 3rd. Cantor Fitzgerald raised shares of SoundHound AI to a "hold" rating in a research note on Monday, February 24th. Finally, 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 report on Tuesday, January 14th. Four analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $12.43.

SoundHound AI Trading Up 2.1 %

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 business has a 50-day simple moving average of $8.95 and a two-hundred day simple moving average of $11.10. The stock has a market cap of $3.78 billion, a price-to-earnings ratio of -26.38 and a beta of 2.73.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last posted its quarterly earnings results on Thursday, February 27th. The company reported ($0.69) earnings per share for the quarter, missing analysts' consensus estimates 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 business had revenue of $34.54 million during the quarter, compared to the consensus estimate of $33.70 million. Equities analysts forecast that SoundHound AI, Inc. will post -0.38 EPS for the current fiscal year.

Insider Buying and Selling

In other news, insider James Ming Hom sold 28,388 shares of SoundHound AI stock in a transaction on Thursday, March 20th. The stock was sold at an average price of $9.90, for a total transaction of $281,041.20. Following the completion of the sale, the insider now owns 689,652 shares of the company's stock, valued at approximately $6,827,554.80. This trade represents a 3.95 % 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, CEO Keyvan Mohajer sold 118,605 shares of the stock in a transaction that occurred on Thursday, March 20th. The stock was sold at an average price of $9.90, for a total value of $1,174,189.50. Following the sale, the chief executive officer now directly owns 1,903,061 shares in the company, valued at $18,840,303.90. This represents a 5.87 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 500,565 shares of company stock valued at $4,999,726. Company insiders own 12.28% of the company's stock.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of SOUN. Commons Capital LLC increased its stake in shares of SoundHound AI by 2.7% in the 4th 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 shares of SoundHound AI by 33.2% in the fourth quarter. ST Germain D J Co. Inc. now owns 3,008 shares of the company's stock worth $60,000 after purchasing an additional 750 shares in the last quarter. Keynote Financial Services LLC lifted its position in shares of SoundHound AI by 4.7% in 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 in the last quarter. Blue Trust Inc. lifted its holdings in shares of SoundHound AI by 197.6% in the fourth quarter. Blue Trust Inc. now owns 1,250 shares of the company's stock worth $25,000 after buying an additional 830 shares in the last quarter. Finally, Russell Investments Group Ltd. increased its position in SoundHound AI by 16.4% in the fourth quarter. Russell Investments Group Ltd. now owns 6,598 shares of the company's stock worth $131,000 after purchasing an additional 929 shares during the last quarter. 19.28% of the stock is 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.