SoundHound AI (NASDAQ:SOUN) Stock Price Down 5.1% - Should You Sell?

SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report) dropped 5.1% during trading on Monday . The company traded as low as $5.14 and last traded at $5.22. Approximately 17,038,760 shares were traded during mid-day trading, a decline of 50% from the average daily volume of 34,251,563 shares. The stock had previously closed at $5.50.

Wall Street Analyst Weigh In

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

SoundHound AI Stock Down 2.0 %

The firm has a market capitalization of $1.77 billion, a P/E ratio of -14.18 and a beta of 2.73. The stock has a fifty day moving average of $4.88 and a 200-day moving average of $4.74.

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

Insider Activity at SoundHound AI

In related news, Director Lawrence Marcus sold 50,000 shares of the stock in a transaction that occurred on Tuesday, August 20th. The stock was sold at an average price of $5.02, for a total transaction of $251,000.00. Following the completion of the transaction, the director now directly owns 74,038 shares of the company's stock, valued at approximately $371,670.76. 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 accessible through this hyperlink. In related news, Director Lawrence Marcus sold 50,000 shares of the stock in a transaction that occurred on Tuesday, August 20th. The stock was sold at an average price of $5.02, for a total transaction of $251,000.00. Following the completion of the transaction, the director now directly owns 74,038 shares of the company's stock, valued at approximately $371,670.76. 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 accessible through this hyperlink. Also, COO Michael Zagorsek sold 42,001 shares of the firm's stock in a transaction that occurred 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 approximately $7,189,811.36. 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 valued at $1,606,644. Insiders own 21.30% of the company's stock.

Institutional Trading of SoundHound AI

A number of hedge funds have recently made changes to their positions in the business. Ameritas Investment Partners Inc. lifted its position in shares of SoundHound AI by 17.3% in the first quarter. Ameritas Investment Partners Inc. now owns 13,561 shares of the company's stock valued at $80,000 after buying an additional 2,000 shares during the last quarter. Genesee Capital Advisors LLC lifted its position in shares of SoundHound AI by 11.4% in the second quarter. Genesee Capital Advisors LLC now owns 19,468 shares of the company's stock valued at $77,000 after buying an additional 2,000 shares during the last quarter. Signaturefd LLC lifted its holdings in SoundHound AI by 27.3% during the 2nd quarter. Signaturefd LLC now owns 10,255 shares of the company's stock worth $41,000 after purchasing an additional 2,200 shares during the last quarter. Newbridge Financial Services Group Inc. lifted its holdings in SoundHound AI by 24.7% during the 2nd quarter. Newbridge Financial Services Group Inc. now owns 11,720 shares of the company's stock worth $46,000 after purchasing an additional 2,320 shares during the last quarter. Finally, Sequoia Financial Advisors LLC lifted its holdings in SoundHound AI by 13.7% during the 2nd quarter. Sequoia Financial Advisors LLC now owns 20,683 shares of the company's stock worth $82,000 after purchasing an additional 2,500 shares during the last quarter. 19.28% of the stock is 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.