SoundHound AI (NASDAQ:SOUN) Shares Down 2.1% – Should You Sell?

SoundHound AI, Inc. (NASDAQ:SOUN)’s share price traded down 2.1% during trading on Monday . The company traded as low as $20.04 and last traded at $20.19. 42,269,539 shares changed hands during mid-day trading, a decline of 26% from the average session volume of 57,485,031 shares. The stock had previously closed at $20.62.

Wall Street Analyst Weigh In

Several analysts have issued reports on the stock. LADENBURG THALM/SH SH reissued a “neutral” rating and set a $7.00 target price on shares of SoundHound AI in a research note on Wednesday, November 13th. Barclays reissued a “neutral” rating and issued a $7.00 price target on shares of SoundHound AI in a research report on Wednesday, November 13th. HC Wainwright boosted their price objective on shares of SoundHound AI from $8.00 to $26.00 and gave the company a “buy” rating in a research report on Monday, December 23rd. DA Davidson reissued a “buy” rating and set a $9.50 target price on shares of SoundHound AI in a research note on Monday, September 30th. Finally, Wedbush upped their price target on shares of SoundHound AI from $10.00 to $22.00 and gave the stock an “outperform” rating in a research note on Monday, December 16th. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $12.07.

SoundHound AI Trading Down 16.5 %

The company has a market cap of $5.55 billion, a price-to-earnings ratio of -41.72 and a beta of 2.63. The company’s 50 day moving average price is $12.72 and its 200 day moving average price is $7.61. The company has a debt-to-equity ratio of 0.13, a quick ratio of 2.58 and a current ratio of 2.58.

SoundHound AI (NASDAQ:SOUN) last posted its earnings results on Tuesday, November 12th. The company reported ($0.06) EPS for the quarter, topping the consensus estimate of ($0.07) by $0.01. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. The firm had revenue of $25.10 million for the quarter, compared to the consensus estimate of $23.02 million. During the same period in the prior year, the business posted ($0.09) earnings per share. The business’s quarterly revenue was up 88.7% on a year-over-year basis. Research analysts anticipate that SoundHound AI, Inc. will post -0.38 EPS for the current year.

Insider Activity at SoundHound AI

In related news, VP Majid Emami sold 368,662 shares of the stock in a transaction that occurred on Friday, December 6th. The stock was sold at an average price of $15.00, for a total transaction of $5,529,930.00. Following the completion of the sale, the vice president now owns 735,685 shares in the company, valued at $11,035,275. This represents a 33.38 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Keyvan Mohajer sold 465,394 shares of the firm’s stock in a transaction that occurred on Monday, December 9th. The shares were sold at an average price of $15.04, for a total value of $6,999,525.76. Following the completion of the sale, the chief executive officer now directly owns 2,299,148 shares in the company, valued at $34,579,185.92. This trade represents a 16.83 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 2,782,918 shares of company stock valued at $45,391,343. Corporate insiders own 12.28% of the company’s stock.

Hedge Funds Weigh In On SoundHound AI

Institutional investors and hedge funds have recently bought and sold shares of the stock. State Street Corp raised its holdings in SoundHound AI by 0.6% in the 3rd quarter. State Street Corp now owns 7,197,414 shares of the company’s stock valued at $33,540,000 after acquiring an additional 42,869 shares in the last quarter. Geode Capital Management LLC lifted its position in SoundHound AI by 9.1% in the third quarter. Geode Capital Management LLC now owns 7,193,599 shares of the company’s stock worth $33,529,000 after purchasing an additional 602,311 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in SoundHound AI by 7.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,582,206 shares of the company’s stock worth $12,033,000 after buying an additional 189,109 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in SoundHound AI by 92.7% in the 2nd quarter. Bank of New York Mellon Corp now owns 997,543 shares of the company’s stock valued at $3,940,000 after buying an additional 479,912 shares during the period. Finally, Carnegie Investment Counsel acquired a new position in shares of SoundHound AI in the 3rd quarter valued at $4,193,000. 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.