SoundHound AI (NASDAQ:SOUN) Shares Down 3.2% - Time to Sell?

SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report) was down 3.2% during mid-day trading on Wednesday . The stock traded as low as $5.01 and last traded at $5.10. Approximately 7,280,470 shares were traded during mid-day trading, a decline of 79% from the average daily volume of 34,092,508 shares. The stock had previously closed at $5.27.

Wall Street Analyst Weigh In

SOUN has been the topic of several analyst reports. DA Davidson reiterated a "buy" rating and set a $9.50 target price on shares of SoundHound AI in a report on Monday, September 30th. Northland Securities raised 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. HC Wainwright reiterated a "buy" rating and issued a $7.00 price target on shares of SoundHound AI in a research note on Wednesday, September 18th. Cantor Fitzgerald upgraded SoundHound AI from a "neutral" rating to an "overweight" rating and raised their price objective for the company from $5.00 to $7.00 in a research note on Friday, August 9th. Finally, Wedbush reaffirmed an "outperform" rating and issued a $9.00 target price on shares of SoundHound AI in a research report on Thursday, September 26th. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, SoundHound AI has an average rating of "Moderate Buy" and an average target price of $7.08.

SoundHound AI Stock Down 5.5 %

The firm's 50 day simple moving average is $4.89 and its two-hundred day simple moving average is $4.74. The stock has a market cap of $1.64 billion, a P/E ratio of -13.05 and a beta of 2.73.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last released 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). The company had revenue of $13.46 million for the quarter, compared to analyst estimates of $13.09 million. SoundHound AI had a negative net margin of 195.65% and a negative return on equity of 93.28%. The company's revenue for the quarter was up 53.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned ($0.10) EPS. As a group, equities analysts predict that SoundHound AI, Inc. will post -0.36 EPS for the current year.

Insider Transactions at SoundHound AI

In other news, CEO Keyvan Mohajer sold 90,641 shares of the firm's stock in a transaction on Friday, September 20th. The stock was sold at an average price of $4.88, for a total transaction of $442,328.08. Following the transaction, the chief executive officer now directly owns 2,362,692 shares of the company's stock, valued at approximately $11,529,936.96. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CEO Keyvan Mohajer sold 90,641 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 transaction of $442,328.08. Following the transaction, the chief executive officer now owns 2,362,692 shares in the company, valued at $11,529,936.96. 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 available through the SEC website. Also, insider James Ming Hom sold 21,024 shares of the company's stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $4.88, for a total value of $102,597.12. Following the completion of the sale, the insider now owns 865,965 shares of the company's stock, valued at $4,225,909.20. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 327,275 shares of company stock worth $1,606,644. Company insiders own 21.30% of the company's stock.

Hedge Funds Weigh In On SoundHound AI

Several hedge funds have recently made changes to their positions in the business. Hexagon Capital Partners LLC acquired a new position in SoundHound AI in the first quarter worth approximately $29,000. DecisionPoint Financial LLC acquired a new stake in shares of SoundHound AI in the first quarter worth about $40,000. Kings Path Partners LLC bought a new stake in SoundHound AI during the second quarter worth approximately $28,000. NBC Securities Inc. raised its holdings in SoundHound AI by 97.8% in the 3rd quarter. NBC Securities Inc. now owns 7,720 shares of the company's stock worth $35,000 after acquiring an additional 3,818 shares during the period. Finally, International Assets Investment Management LLC acquired a new stake in shares of SoundHound AI in the second quarter valued at about $31,000. Institutional investors and hedge funds own 19.28% of the company's stock.

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.