SoundHound AI (NASDAQ:SOUN) Shares Down 0.5% - Should You Sell?

SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report) traded down 0.5% on Tuesday . The company traded as low as $7.80 and last traded at $8.08. 5,916,344 shares were traded during trading, a decline of 87% from the average session volume of 46,193,543 shares. The stock had previously closed at $8.12.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on SOUN. DA Davidson upped their price target on shares of SoundHound AI from $9.50 to $13.00 and gave the stock a "buy" rating in a report on Friday, February 28th. Northland Securities increased their target price on SoundHound AI from $6.00 to $8.00 and gave the company a "market perform" rating in a research report on Tuesday, January 14th. Wedbush lifted their price target on SoundHound AI from $10.00 to $22.00 and gave the company an "outperform" rating in a research note on Monday, December 16th. HC Wainwright restated a "buy" rating and issued a $26.00 price target on shares of SoundHound AI in a research report on Monday, March 3rd. Finally, Cantor Fitzgerald raised shares of SoundHound AI to a "hold" rating in a research note on Monday, February 24th. Four equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Hold" and an average price target of $12.86.

SoundHound AI Stock Down 4.2 %

The stock's 50-day moving average price is $11.20 and its 200-day moving average price is $10.63. 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 stock has a market cap of $3.31 billion, a price-to-earnings ratio of -23.06 and a beta of 2.62.

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

Insider Buying and Selling

In other SoundHound AI news, insider James Ming Hom sold 28,388 shares of SoundHound AI stock in a transaction on Thursday, March 20th. The shares were sold at an average price of $9.90, for a total value of $281,041.20. Following the completion of the sale, the insider now directly owns 689,652 shares of the company's stock, valued at approximately $6,827,554.80. The trade was a 3.95 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Diana Sroka sold 3,402 shares of the stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $10.08, for a total transaction of $34,292.16. Following the transaction, the director now directly owns 138,850 shares in the company, valued at $1,399,608. This trade represents a 2.39 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 500,565 shares of company stock valued at $4,999,726 over the last 90 days. Company insiders own 12.28% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in SOUN. Intech Investment Management LLC acquired a new stake in SoundHound AI in the third quarter valued at approximately $305,000. Charles Schwab Investment Management Inc. grew its position in SoundHound AI by 7.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,582,206 shares of the company's stock valued at $12,033,000 after purchasing an additional 189,109 shares during the period. The Manufacturers Life Insurance Company increased its stake in SoundHound AI by 43.1% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 151,826 shares of the company's stock valued at $708,000 after purchasing an additional 45,750 shares in the last quarter. Quantbot Technologies LP acquired a new position in SoundHound AI during the third quarter worth $57,000. Finally, FMR LLC raised its holdings in SoundHound AI by 112.8% during the third quarter. FMR LLC now owns 49,038 shares of the company's stock worth $229,000 after buying an additional 25,989 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.