SoundHound AI (NASDAQ:SOUN) Trading Down 2.6% - Should You Sell?

SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report) shares fell 2.6% during mid-day trading on Monday . The company traded as low as $9.71 and last traded at $9.84. 7,338,067 shares traded hands during mid-day trading, a decline of 81% from the average session volume of 38,331,457 shares. The stock had previously closed at $10.11.

Wall Street Analyst Weigh In

A number of analysts have commented on SOUN shares. Wedbush decreased their price target on shares of SoundHound AI from $22.00 to $15.00 and set an "outperform" rating for the company in a research note on Friday, May 9th. HC Wainwright decreased their target price on shares of SoundHound AI from $26.00 to $18.00 and set a "buy" rating for the company in a research report on Monday, May 12th. Piper Sandler started coverage on shares of SoundHound AI in a report on Tuesday, May 27th. They issued an "overweight" rating and a $12.00 target price on the stock. DA Davidson cut their price target 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. Finally, Cantor Fitzgerald raised SoundHound AI to a "hold" rating in a research note on Monday, February 24th. Four investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, SoundHound AI currently has a consensus rating of "Moderate Buy" and a consensus price target of $10.50.

SoundHound AI Stock Down 0.4%

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 firm has a market capitalization of $3.99 billion, a P/E ratio of -27.58 and a beta of 2.71. The stock's 50-day simple moving average is $9.18 and its 200-day simple moving average is $11.85.

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

Insiders Place Their Bets

In other SoundHound AI news, VP Majid Emami sold 28,392 shares of the business'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 $281,080.80. Following the transaction, the vice president now directly owns 669,834 shares in the company, valued at $6,631,356.60. The trade was a 4.07% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Keyvan Mohajer sold 118,605 shares of the firm's stock in a transaction that occurred on Thursday, March 20th. The stock was sold at an average price of $9.90, for a total transaction of $1,174,189.50. Following the sale, the chief executive officer now owns 1,903,061 shares of the company's stock, valued at approximately $18,840,303.90. The trade was a 5.87% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 548,537 shares of company stock valued at $5,567,760. Insiders own 12.28% of the company's stock.

Institutional Trading of SoundHound AI

Several hedge funds have recently made changes to their positions in the company. Blue Trust Inc. grew its stake in shares of SoundHound AI by 197.6% during the 4th quarter. Blue Trust Inc. now owns 1,250 shares of the company's stock worth $25,000 after acquiring an additional 830 shares during the period. Orion Capital Management LLC bought a new position in SoundHound AI during the fourth quarter worth about $30,000. AlphaQuest LLC bought a new position in SoundHound AI during the first quarter worth about $32,000. Golden State Wealth Management LLC increased its stake in shares of SoundHound AI by 100.0% in the first quarter. Golden State Wealth Management LLC now owns 4,230 shares of the company's stock worth $34,000 after purchasing an additional 2,115 shares in the last quarter. Finally, Compagnie Lombard Odier SCmA bought a new stake in shares of SoundHound AI in the fourth quarter valued at approximately $40,000. 19.28% of the stock is currently owned by 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.