SoundHound AI (NASDAQ:SOUN) Trading Down 2.6% - Time to Sell?

SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report) fell 2.6% during trading on Thursday . The company traded as low as $8.95 and last traded at $9.13. 6,043,229 shares changed hands during mid-day trading, a decline of 84% from the average session volume of 38,168,922 shares. The stock had previously closed at $9.38.

Analyst Upgrades and Downgrades

SOUN has been the subject of several recent research reports. Northland Securities increased their target price on shares of SoundHound AI from $6.00 to $8.00 and gave the stock a "market perform" rating in a research note on Tuesday, January 14th. Wedbush increased their price objective on SoundHound AI from $10.00 to $22.00 and gave the stock an "outperform" rating in a research report on Monday, December 16th. HC Wainwright reiterated a "buy" rating and issued a $26.00 target price on shares of SoundHound AI in a research note on Monday, March 3rd. DA Davidson upped their price target on SoundHound AI from $9.50 to $13.00 and gave the stock a "buy" rating in a research note on Friday, February 28th. Finally, Cantor Fitzgerald raised SoundHound AI to a "hold" rating in a report on Monday, February 24th. Four investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $12.86.

SoundHound AI Trading Down 4.3 %

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 business has a 50 day moving average price of $11.79 and a 200-day moving average price of $10.57. The firm has a market capitalization of $3.39 billion, a PE ratio of -23.61 and a beta of 2.62.

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

Insider Buying and Selling

In other news, CEO Keyvan Mohajer sold 138,895 shares of SoundHound AI stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $10.08, for a total transaction of $1,400,061.60. Following the completion of the sale, the chief executive officer now directly owns 1,764,166 shares in the company, valued at approximately $17,782,793.28. This trade represents a 7.30 % 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, insider James Ming Hom sold 51,196 shares of the company's stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $10.25, for a total value of $524,759.00. Following the completion of the sale, the insider now owns 638,456 shares in the company, valued at approximately $6,544,174. This represents a 7.42 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 500,565 shares of company stock valued at $4,999,726. Corporate insiders own 12.28% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in SOUN. Blue Trust Inc. grew its stake in SoundHound AI by 197.6% in the 4th quarter. Blue Trust Inc. now owns 1,250 shares of the company's stock valued at $25,000 after acquiring an additional 830 shares during the last quarter. Sound Income Strategies LLC lifted its holdings in shares of SoundHound AI by 2,542.0% in the fourth quarter. Sound Income Strategies LLC now owns 1,321 shares of the company's stock valued at $26,000 after purchasing an additional 1,271 shares in the last quarter. Orion Capital Management LLC acquired a new stake in shares of SoundHound AI in the fourth quarter valued at approximately $30,000. Future Financial Wealth Managment LLC purchased a new position in shares of SoundHound AI during the 4th quarter worth approximately $40,000. Finally, Compagnie Lombard Odier SCmA purchased a new position in shares of SoundHound AI during the 4th quarter worth approximately $40,000. 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.