SoundHound AI (NASDAQ:SOUN) Stock Price Down 0.2% - Time to Sell?

Shares of SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report) fell 0.2% during trading on Wednesday . The stock traded as low as $5.19 and last traded at $5.30. 7,779,475 shares were traded during trading, a decline of 77% from the average session volume of 34,379,629 shares. The stock had previously closed at $5.31.

Wall Street Analyst Weigh In

SOUN has been the subject of a number of analyst reports. HC Wainwright restated a "buy" rating and set a $7.00 price objective on shares of SoundHound AI in a research note on Wednesday, September 18th. DA Davidson restated a "buy" rating and issued a $9.50 price objective on shares of SoundHound AI in a report on Monday, September 30th. Northland Securities increased their target price on SoundHound AI from $5.50 to $6.00 and gave the company a "market perform" rating in a research note on Friday, August 9th. Cantor Fitzgerald upgraded SoundHound AI from a "neutral" rating to an "overweight" rating and boosted their price target for the stock from $5.00 to $7.00 in a research note on Friday, August 9th. Finally, Wedbush reaffirmed an "outperform" rating and set a $9.00 price target on shares of SoundHound AI in a report on Thursday, September 26th. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, SoundHound AI currently has a consensus rating of "Moderate Buy" and a consensus price target of $7.08.

SoundHound AI Trading Down 1.1 %

The business's 50 day simple moving average is $4.86 and its two-hundred day simple moving average is $4.74. The firm has a market capitalization of $1.73 billion, a PE ratio of -13.82 and a beta of 2.73.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last posted its quarterly earnings data on Thursday, August 8th. The company reported ($0.11) EPS for the quarter, missing analysts' consensus estimates of ($0.09) by ($0.02). The firm had revenue of $13.46 million for the quarter, compared to analysts' expectations of $13.09 million. SoundHound AI had a negative net margin of 195.65% and a negative return on equity of 93.28%. The firm's revenue was up 53.8% compared to the same quarter last year. During the same quarter last year, the company posted ($0.10) EPS. As a group, equities research analysts anticipate that SoundHound AI, Inc. will post -0.36 earnings per share for the current year.

Insider Activity at SoundHound AI

In other SoundHound AI news, Director Lawrence Marcus sold 50,000 shares of the stock in a transaction that occurred on Tuesday, August 20th. The shares were sold at an average price of $5.02, for a total value of $251,000.00. Following the transaction, the director now directly owns 74,038 shares in the company, valued at approximately $371,670.76. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, COO Michael Zagorsek sold 42,001 shares of the stock in a transaction on Friday, September 20th. The shares were sold at an average price of $4.88, for a total value of $204,964.88. Following the completion of the sale, the chief operating officer now directly owns 1,473,322 shares of the company's stock, valued at $7,189,811.36. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Lawrence Marcus sold 50,000 shares of the firm's stock in a transaction on Tuesday, August 20th. The shares were sold at an average price of $5.02, for a total transaction of $251,000.00. Following the sale, the director now owns 74,038 shares in the company, valued at $371,670.76. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 327,275 shares of company stock worth $1,606,644. 21.30% of the stock is owned by company insiders.

Institutional Investors Weigh In On SoundHound AI

A number of institutional investors have recently bought and sold shares of the business. Kings Path Partners LLC bought a new position in shares of SoundHound AI in the second quarter worth about $28,000. Hexagon Capital Partners LLC bought a new position in SoundHound AI in the 1st quarter worth approximately $29,000. International Assets Investment Management LLC purchased a new stake in SoundHound AI during the 2nd quarter valued at approximately $31,000. NBC Securities Inc. raised its position in shares of SoundHound AI by 97.8% during the third quarter. NBC Securities Inc. now owns 7,720 shares of the company's stock valued at $35,000 after buying an additional 3,818 shares during the last quarter. Finally, HighPoint Advisor Group LLC purchased a new position in shares of SoundHound AI in the fourth quarter worth $37,000. 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.