SoundHound AI (NASDAQ:SOUN) Trading Down 16.5% - Time to Sell?

SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report) traded down 16.5% during trading on Thursday . The company traded as low as $14.54 and last traded at $15.02. Approximately 86,674,317 shares traded hands during mid-day trading, an increase of 14% from the average daily volume of 76,192,719 shares. The stock had previously closed at $17.98.

Analyst Upgrades and Downgrades

SOUN has been the subject of several research analyst reports. Barclays restated a "neutral" rating and issued a $7.00 price objective on shares of SoundHound AI in a research note on Wednesday, November 13th. DA Davidson reissued a "buy" rating and issued a $9.50 target price on shares of SoundHound AI in a research report on Monday, September 30th. LADENBURG THALM/SH SH restated a "neutral" rating and set a $7.00 price target on shares of SoundHound AI in a research note on Wednesday, November 13th. HC Wainwright boosted their price objective on SoundHound AI from $8.00 to $26.00 and gave the company a "buy" rating in a research note on Monday, December 23rd. Finally, Wedbush raised their target price on shares of SoundHound AI from $10.00 to $22.00 and gave the stock an "outperform" rating in a research report on Monday, December 16th. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. According to data from MarketBeat.com, SoundHound AI presently has an average rating of "Moderate Buy" and an average target price of $12.07.

SoundHound AI Stock Down 16.5 %

The company has a market capitalization of $5.55 billion, a PE ratio of -41.72 and a beta of 2.63. The company has a current ratio of 2.58, a quick ratio of 2.58 and a debt-to-equity ratio of 0.13. The firm has a 50 day simple moving average of $13.11 and a two-hundred day simple moving average of $7.72.

SoundHound AI (NASDAQ:SOUN - Get Free Report) last announced its quarterly earnings data on Tuesday, November 12th. The company reported ($0.06) EPS for the quarter, topping analysts' consensus estimates of ($0.07) by $0.01. SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. The company had revenue of $25.10 million during the quarter, compared to the consensus estimate of $23.02 million. During the same quarter in the prior year, the firm earned ($0.09) EPS. SoundHound AI's quarterly revenue was up 88.7% on a year-over-year basis. Research analysts expect that SoundHound AI, Inc. will post -0.38 EPS for the current year.

Insider Transactions at SoundHound AI

In other news, Director Lawrence Marcus sold 30,000 shares of SoundHound AI stock in a transaction that occurred on Thursday, November 21st. The shares were sold at an average price of $7.15, for a total transaction of $214,500.00. Following the completion of the sale, the director now directly owns 178,117 shares in the company, valued at approximately $1,273,536.55. This trade represents a 14.41 % 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, CTO Timothy Stonehocker sold 34,407 shares of the company's stock in a transaction that occurred on Friday, December 20th. The stock was sold at an average price of $20.30, for a total value of $698,462.10. Following the completion of the sale, the chief technology officer now owns 796,581 shares in the company, valued at approximately $16,170,594.30. This represents a 4.14 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 2,782,918 shares of company stock valued at $45,391,343. Corporate insiders own 12.28% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. Oriental Harbor Investment Fund purchased a new position in shares of SoundHound AI during the 4th quarter worth approximately $8,964,000. Stonehearth Capital Management LLC acquired a new stake in SoundHound AI during the 4th quarter valued at $303,000. Silverleafe Capital Partners LLC acquired a new position in shares of SoundHound AI in the fourth quarter worth $377,000. Franklin Resources Inc. purchased a new stake in shares of SoundHound AI in the third quarter valued at $177,000. Finally, Sanctuary Advisors LLC boosted its stake in shares of SoundHound AI by 13.8% during the third quarter. Sanctuary Advisors LLC now owns 29,976 shares of the company's stock valued at $140,000 after acquiring an additional 3,642 shares during the last quarter. 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.