SoundHound AI (NASDAQ:SOUN) Trading Down 28.1% – Should You Sell?

SoundHound AI, Inc. (NASDAQ:SOUN) shares were down 28.1% during trading on Monday . The company traded as low as $10.40 and last traded at $10.97. Approximately 176,466,981 shares were traded during trading, an increase of 244% from the average daily volume of 51,269,032 shares. The stock had previously closed at $15.25.

Wall Street Analyst Weigh In

A number of research analysts have commented on SOUN shares. Northland Securities raised their price target on shares of SoundHound AI from $6.00 to $8.00 and gave the stock a “market perform” rating in a research note on Tuesday, January 14th. Barclays reiterated a “neutral” rating and issued a $7.00 target price on shares of SoundHound AI in a research note on Wednesday, November 13th. Wedbush lifted their target price on shares of SoundHound AI from $10.00 to $22.00 and gave the company an “outperform” rating in a research note on Monday, December 16th. LADENBURG THALM/SH SH reiterated a “neutral” rating and issued a $7.00 target price on shares of SoundHound AI in a research note on Wednesday, November 13th. Finally, HC Wainwright reiterated a “buy” rating and issued a $26.00 target price on shares of SoundHound AI in a research note on Monday, January 13th. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, SoundHound AI presently has a consensus rating of “Moderate Buy” and an average target price of $12.36.

SoundHound AI Trading Down 3.2 %

The company has a quick ratio of 2.58, a current ratio of 2.58 and a debt-to-equity ratio of 0.13. The firm has a market cap of $4.35 billion, a price-to-earnings ratio of -30.75 and a beta of 2.56. The business’s fifty day moving average is $16.48 and its two-hundred day moving average is $9.65.

Insider Activity at SoundHound AI

In other SoundHound AI news, CEO Keyvan Mohajer sold 465,394 shares of SoundHound AI stock in a transaction on Monday, December 9th. The shares were sold at an average price of $15.04, for a total transaction of $6,999,525.76. Following the completion of the sale, the chief executive officer now owns 2,299,148 shares of the company’s stock, valued at approximately $34,579,185.92. The trade was a 16.83 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Eric R. Ball sold 30,000 shares of SoundHound AI stock in a transaction on Monday, November 25th. The stock was sold at an average price of $8.03, for a total transaction of $240,900.00. Following the sale, the director now directly owns 110,907 shares of the company’s stock, valued at $890,583.21. This represents a 21.29 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 2,782,918 shares of company stock valued at $45,391,343 over the last quarter. Corporate insiders own 12.28% of the company’s stock.

Hedge Funds Weigh In On SoundHound AI

Hedge funds and other institutional investors have recently made changes to their positions in the company. Blue Trust Inc. boosted its position in shares of SoundHound AI by 197.6% during the fourth quarter. Blue Trust Inc. now owns 1,250 shares of the company’s stock worth $25,000 after purchasing an additional 830 shares in the last quarter. Sound Income Strategies LLC boosted its position in shares of SoundHound AI by 2,542.0% during the fourth quarter. Sound Income Strategies LLC now owns 1,321 shares of the company’s stock worth $26,000 after purchasing an additional 1,271 shares in the last quarter. Orion Capital Management LLC bought a new position in shares of SoundHound AI during the fourth quarter worth $30,000. Future Financial Wealth Managment LLC bought a new position in shares of SoundHound AI during the fourth quarter worth $40,000. Finally, Compagnie Lombard Odier SCmA bought a new position in shares of SoundHound AI during the fourth quarter worth $40,000. 19.28% of the stock is owned by institutional investors.

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.