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

SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report)'s stock price dropped 1.6% on Friday . The company traded as low as $9.20 and last traded at $9.27. Approximately 8,394,686 shares were traded during trading, a decline of 78% from the average daily volume of 38,858,937 shares. The stock had previously closed at $9.42.

Wall Street Analyst Weigh In

SOUN has been the subject of a number of research reports. DA Davidson dropped their target price on shares of SoundHound AI from $13.00 to $10.00 and set a "buy" rating for the company in a research report on Monday, April 14th. Piper Sandler started coverage on shares of SoundHound AI in a research report on Tuesday, May 27th. They set an "overweight" rating and a $12.00 price objective for the company. Cantor Fitzgerald upgraded shares of SoundHound AI to a "hold" rating in a research report on Monday, February 24th. Wedbush lowered their price objective on shares of SoundHound AI from $22.00 to $15.00 and set an "outperform" rating for the company in a research report on Friday, May 9th. Finally, HC Wainwright lowered their price objective 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. Four equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $10.50.

SoundHound AI Stock Performance

The company's fifty day moving average price is $9.55 and its 200-day moving average price is $11.99. The stock has a market cap of $3.78 billion, a P/E ratio of -17.09 and a beta of 2.64.

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

Insider Transactions at SoundHound AI

In related news, Director Diana Sroka sold 3,402 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 value of $34,292.16. Following the transaction, the director now owns 138,850 shares of the company's stock, valued at $1,399,608. This trade represents a 2.39% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP Majid Emami sold 132,352 shares of the firm's stock in a transaction dated Tuesday, June 10th. The stock was sold at an average price of $10.04, for a total transaction of $1,328,814.08. Following the completion of the transaction, the vice president now directly owns 537,482 shares in the company, valued at $5,396,319.28. This represents a 19.76% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 377,150 shares of company stock worth $3,889,557. 9.17% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in SOUN. Blue Trust Inc. increased its position in SoundHound AI by 197.6% during the 4th quarter. Blue Trust Inc. now owns 1,250 shares of the company's stock valued at $25,000 after purchasing an additional 830 shares during the period. Orion Capital Management LLC purchased a new position in SoundHound AI during the 4th quarter valued at about $30,000. BIT Capital GmbH purchased a new position in SoundHound AI during the 4th quarter valued at about $43,000. AlphaQuest LLC purchased a new position in SoundHound AI during the 1st quarter valued at about $32,000. Finally, Larson Financial Group LLC grew its position in shares of SoundHound AI by 76.9% in the 4th quarter. Larson Financial Group LLC now owns 4,068 shares of the company's stock worth $81,000 after buying an additional 1,768 shares during the last quarter. Hedge funds and other 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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