SoundHound AI (NASDAQ:SOUN) Shares Gap Down – Time to Sell?

SoundHound AI, Inc. (NASDAQ:SOUN)’s share price gapped down prior to trading on Monday . The stock had previously closed at $8.50, but opened at $8.07. SoundHound AI shares last traded at $8.08, with a volume of 5,003,911 shares traded.

Analysts Set New Price Targets

Several equities analysts have recently commented on SOUN shares. DA Davidson boosted their price target on shares of SoundHound AI from $9.50 to $13.00 and gave the company a “buy” rating in a report on Friday, February 28th. Wedbush lifted their target price on shares of SoundHound AI from $10.00 to $22.00 and gave the stock an “outperform” rating in a report on Monday, December 16th. Northland Securities raised their price target on SoundHound AI from $6.00 to $8.00 and gave the company a “market perform” rating in a research report on Tuesday, January 14th. Cantor Fitzgerald raised SoundHound AI to a “hold” rating in a research report on Monday, February 24th. Finally, HC Wainwright restated a “buy” rating and set a $26.00 target price on shares of SoundHound AI in a research note on Monday, March 3rd. Four research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $12.86.

SoundHound AI Trading Down 3.6 %

The business has a 50-day moving average of $11.79 and a two-hundred day moving average of $10.61. 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 capitalization of $3.27 billion, a price-to-earnings ratio of -22.79 and a beta of 2.62.

SoundHound AI (NASDAQ:SOUN) last issued its earnings results on Thursday, February 27th. The company reported ($0.69) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.58). The company had revenue of $34.54 million during the quarter, compared to analyst estimates of $33.70 million. SoundHound AI had a negative return on equity of 55.58% and a negative net margin of 163.58%. Research analysts predict that SoundHound AI, Inc. will post -0.38 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, insider James Ming Hom sold 51,196 shares of the firm’s stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $10.25, for a total value of $524,759.00. Following the transaction, the insider now owns 638,456 shares in the company, valued at $6,544,174. This trade represents a 7.42 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CTO Timothy Stonehocker sold 3,333 shares of the business’s stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $10.08, for a total value of $33,596.64. Following the sale, the chief technology officer now directly owns 765,534 shares of the company’s stock, valued at $7,716,582.72. This represents a 0.43 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 500,565 shares of company stock valued at $4,999,726 in the last 90 days. 12.28% of the stock is currently owned by insiders.

Institutional Investors Weigh In On SoundHound AI

Several institutional investors have recently modified their holdings of SOUN. Kieckhefer Group LLC bought a new position in SoundHound AI in the fourth quarter valued at approximately $3,432,000. Charles Schwab Investment Management Inc. grew its stake in shares of 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 purchasing an additional 189,109 shares during the period. Oriental Harbor Investment Fund bought a new stake in SoundHound AI in the fourth quarter valued at about $8,964,000. Geode Capital Management LLC boosted its holdings in SoundHound AI by 9.1% during the third quarter. Geode Capital Management LLC now owns 7,193,599 shares of the company’s stock worth $33,529,000 after buying an additional 602,311 shares during the last quarter. Finally, Wealth Effects LLC acquired a new position in shares of SoundHound AI during the 4th quarter worth about $357,000. Institutional investors and hedge funds 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.