SoundHound AI (NASDAQ:SOUN) Shares Down 2.4% - Time to Sell?

SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report) dropped 2.4% during trading on Monday . The stock traded as low as $13.61 and last traded at $13.64. Approximately 64,572,802 shares were traded during trading, a decline of 24% from the average daily volume of 84,963,280 shares. The stock had previously closed at $13.97.

Analyst Ratings Changes

SOUN has been the subject of several research reports. DA Davidson restated a "buy" rating and set a $9.50 price objective on shares of SoundHound AI in a research note on Monday, September 30th. Northland Securities upped their price objective on shares of SoundHound AI from $6.00 to $8.00 and gave the stock a "market perform" rating in a research report on Tuesday, January 14th. LADENBURG THALM/SH SH reaffirmed a "neutral" rating and set a $7.00 target price on shares of SoundHound AI in a report on Wednesday, November 13th. Barclays reaffirmed a "neutral" rating and set a $7.00 target price on shares of SoundHound AI in a report on Wednesday, November 13th. Finally, HC Wainwright reissued a "buy" rating and issued a $26.00 price objective on shares of SoundHound AI in a report on Monday, January 13th. Three analysts have rated the stock with a hold rating and four have given a buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $12.36.

SoundHound AI Price Performance

The company has a market capitalization of $6.09 billion, a PE ratio of -45.64 and a beta of 2.63. 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 company's 50 day simple moving average is $14.32 and its 200 day simple moving average is $8.33.

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

Insider Activity at SoundHound AI

In other news, VP Majid Emami sold 94,067 shares of SoundHound AI stock in a transaction on Monday, December 2nd. The stock was sold at an average price of $9.05, for a total transaction of $851,306.35. Following the completion of the transaction, the vice president now owns 735,685 shares of the company's stock, valued at $6,657,949.25. The trade was a 11.34 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider James Ming Hom sold 53,891 shares of SoundHound AI stock in a transaction on Wednesday, December 4th. The stock was sold at an average price of $10.00, for a total value of $538,910.00. Following the transaction, the insider now directly owns 813,193 shares of the company's stock, valued at $8,131,930. This trade represents a 6.22 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 2,782,918 shares of company stock worth $45,391,343 in the last three months. Insiders own 12.28% of the company's stock.

Institutional Trading of SoundHound AI

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SOUN. Sound Income Strategies LLC grew its holdings in SoundHound AI by 2,542.0% in the 4th quarter. Sound Income Strategies LLC now owns 1,321 shares of the company's stock valued at $26,000 after buying an additional 1,271 shares during the period. NBC Securities Inc. grew its position in shares of SoundHound AI by 97.8% during the third quarter. NBC Securities Inc. now owns 7,720 shares of the company's stock worth $35,000 after buying an additional 3,818 shares in the last quarter. Amalgamated Bank grew its position in shares of SoundHound AI by 108.0% during the second quarter. Amalgamated Bank now owns 9,819 shares of the company's stock worth $39,000 after buying an additional 5,099 shares in the last quarter. Future Financial Wealth Managment LLC acquired a new stake in shares of SoundHound AI during the fourth quarter worth approximately $40,000. Finally, Farther Finance Advisors LLC boosted its holdings in SoundHound AI by 298.5% in the third quarter. Farther Finance Advisors LLC now owns 8,966 shares of the company's stock worth $42,000 after purchasing an additional 6,716 shares during the period. Hedge funds and other institutional investors 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.