SoundHound AI (NASDAQ:SOUN) Shares Down 2.3% - Time to Sell?

SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report) shares dropped 2.3% during trading on Tuesday . The stock traded as low as $8.71 and last traded at $8.98. Approximately 6,480,712 shares traded hands during mid-day trading, a decline of 83% from the average daily volume of 37,751,024 shares. The stock had previously closed at $9.19.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the company. Cantor Fitzgerald upgraded SoundHound AI to a "hold" rating in a report on Monday, February 24th. Northland Securities upped their target price on shares of SoundHound AI from $6.00 to $8.00 and gave the company a "market perform" rating in a research note on Tuesday, January 14th. DA Davidson lowered their target price on SoundHound AI from $13.00 to $10.00 and set a "buy" rating for the company in a report on Monday, April 14th. Finally, HC Wainwright restated a "buy" rating and issued a $26.00 target price on shares of SoundHound AI in a research report on Monday, March 3rd. Four equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. Based on data from MarketBeat.com, SoundHound AI presently has a consensus rating of "Hold" and a consensus target price of $12.43.

SoundHound AI Stock Performance

The stock has a market cap of $3.83 billion, a price-to-earnings ratio of -26.74 and a beta of 2.71. The firm has a fifty day simple moving average of $8.91 and a 200 day simple moving average of $11.24. The company has a current ratio of 2.58, a quick 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 data on Thursday, February 27th. The company reported ($0.69) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.11) by ($0.58). SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. The firm had revenue of $34.54 million for the quarter, compared to analyst estimates of $33.70 million. As a group, sell-side analysts expect that SoundHound AI, Inc. will post -0.38 earnings per share for the current year.

Insider Buying and Selling at SoundHound AI

In other SoundHound AI news, insider James Ming Hom sold 28,388 shares of SoundHound AI 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 $281,041.20. Following the completion of the sale, the insider now directly owns 689,652 shares in the company, valued at approximately $6,827,554.80. The trade was a 3.95 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Keyvan Mohajer sold 138,895 shares of the firm's stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $10.08, for a total transaction of $1,400,061.60. Following the sale, the chief executive officer now directly owns 1,764,166 shares of the company's stock, valued at approximately $17,782,793.28. This trade represents a 7.30 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 500,565 shares of company stock worth $4,999,726 over the last 90 days. Company insiders own 12.28% of the company's stock.

Institutional Investors Weigh In On SoundHound AI

A number of large investors have recently bought and sold shares of the stock. Oriental Harbor Investment Fund acquired a new stake in shares of SoundHound AI in the 4th quarter valued at about $8,964,000. ST Germain D J Co. Inc. grew its holdings 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 valued at $60,000 after acquiring an additional 750 shares in the last quarter. Kieckhefer Group LLC purchased a new position in shares of SoundHound AI in the 4th quarter worth about $3,432,000. Future Financial Wealth Managment LLC bought a new position in shares of SoundHound AI during the 4th quarter valued at approximately $40,000. Finally, SeaCrest Wealth Management LLC bought a new position in SoundHound AI during the fourth quarter valued at $944,000. 19.28% of the stock is currently owned by institutional investors and hedge funds.

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.