SoundHound AI (NASDAQ:SOUN) Shares Down 28.1% - Should You Sell?

Shares of SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report) traded down 28.1% during mid-day trading on Monday . The stock traded as low as $10.40 and last traded at $10.97. 176,466,981 shares traded hands during trading, an increase of 244% from the average session volume of 51,269,032 shares. The stock had previously closed at $15.25.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the company. Northland Securities raised their price objective on SoundHound AI from $6.00 to $8.00 and gave the stock a "market perform" rating in a report on Tuesday, January 14th. Barclays reiterated a "neutral" rating and issued a $7.00 target price on shares of SoundHound AI in a report on Wednesday, November 13th. LADENBURG THALM/SH SH reissued a "neutral" rating and set a $7.00 price target on shares of SoundHound AI in a research report on Wednesday, November 13th. HC Wainwright reissued a "buy" rating and set a $26.00 price target on shares of SoundHound AI in a research report on Monday, January 13th. Finally, Wedbush boosted their price target on SoundHound AI from $10.00 to $22.00 and gave the company an "outperform" rating in a research report on Monday, December 16th. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to MarketBeat.com, SoundHound AI currently has a consensus rating of "Moderate Buy" and a consensus target price of $12.36.

SoundHound AI Stock Performance

The stock has a 50-day simple moving average of $16.38 and a 200-day simple moving average of $9.67. The company has a debt-to-equity ratio of 0.13, a current ratio of 2.58 and a quick ratio of 2.58. The stock has a market cap of $4.29 billion, a PE ratio of -30.31 and a beta of 2.56.

Insider Transactions at SoundHound AI

In other news, Director Lawrence Marcus sold 20,000 shares of the company's stock in a transaction dated Monday, December 23rd. The stock was sold at an average price of $20.47, for a total value of $409,400.00. Following the completion of the sale, the director now owns 108,117 shares of the company's stock, valued at $2,213,154.99. This represents a 15.61 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Eric R. Ball sold 30,000 shares of the company's stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $8.03, for a total value of $240,900.00. Following the completion of the sale, the director now directly owns 110,907 shares of the company's stock, valued at $890,583.21. The trade was a 21.29 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 2,752,918 shares of company stock valued at $45,176,843 over the last quarter. Company insiders own 12.28% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of SOUN. Creative Planning acquired a new position in shares of SoundHound AI in the third quarter worth about $91,000. Fortis Group Advisors LLC lifted its stake in shares of SoundHound AI by 17.1% in the third quarter. Fortis Group Advisors LLC now owns 23,922 shares of the company's stock worth $111,000 after acquiring an additional 3,492 shares in the last quarter. Sequoia Financial Advisors LLC lifted its stake in shares of SoundHound AI by 40.9% in the third quarter. Sequoia Financial Advisors LLC now owns 29,133 shares of the company's stock worth $136,000 after acquiring an additional 8,450 shares in the last quarter. Signaturefd LLC lifted its stake in shares of SoundHound AI by 19.5% in the third quarter. Signaturefd LLC now owns 12,255 shares of the company's stock worth $57,000 after acquiring an additional 2,000 shares in the last quarter. Finally, Lake Street Private Wealth LLC acquired a new position in shares of SoundHound AI in the third quarter worth about $51,000. 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.