SoundHound AI (NASDAQ:SOUN) Trading Down 3.9% - Time to Sell?

SoundHound AI, Inc. (NASDAQ:SOUN - Get Free Report) fell 3.9% during mid-day trading on Wednesday . The company traded as low as $9.65 and last traded at $9.80. 6,843,322 shares traded hands during mid-day trading, a decline of 82% from the average session volume of 38,332,225 shares. The stock had previously closed at $10.20.

Wall Street Analysts Forecast Growth

Several research firms have commented on SOUN. Wedbush boosted 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. 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 report on Tuesday, January 14th. DA Davidson raised their target price on SoundHound AI from $9.50 to $13.00 and gave the company a "buy" rating in a report on Friday, February 28th. HC Wainwright reiterated a "buy" rating and set a $26.00 price target on shares of SoundHound AI in a research note on Monday, March 3rd. Finally, Cantor Fitzgerald raised SoundHound AI to a "hold" rating in a research note 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. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average target price of $12.86.

SoundHound AI Stock Down 4.3 %

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 firm has a market capitalization of $3.39 billion, a P/E ratio of -23.61 and a beta of 2.62. The business has a 50 day moving average price of $11.79 and a 200 day moving average price of $10.53.

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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) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.11) by ($0.58). SoundHound AI had a negative net margin of 163.58% and a negative return on equity of 55.58%. The business had revenue of $34.54 million during the quarter, compared to analyst estimates of $33.70 million. On average, 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, insider James Ming Hom sold 51,196 shares of the company's stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $10.25, for a total transaction of $524,759.00. Following the completion of the transaction, the insider now owns 638,456 shares of the company's stock, valued at approximately $6,544,174. This represents a 7.42 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Keyvan Mohajer sold 118,605 shares of the stock in a transaction dated Thursday, March 20th. The shares were sold at an average price of $9.90, for a total transaction of $1,174,189.50. Following the completion of the sale, the chief executive officer now owns 1,903,061 shares of the company's stock, valued at approximately $18,840,303.90. The trade was a 5.87 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 500,565 shares of company stock worth $4,999,726 in the last ninety days. 12.28% of the stock is currently owned by insiders.

Institutional Trading of SoundHound AI

Several institutional investors have recently modified their holdings of the company. Kieckhefer Group LLC bought a new position in SoundHound AI in the fourth quarter worth $3,432,000. Charles Schwab Investment Management Inc. raised its stake in shares of 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 buying an additional 189,109 shares in the last quarter. Oriental Harbor Investment Fund bought a new position in shares of SoundHound AI during the 4th quarter worth about $8,964,000. Geode Capital Management LLC boosted its position in shares of SoundHound AI by 9.1% during the 3rd quarter. Geode Capital Management LLC now owns 7,193,599 shares of the company's stock valued at $33,529,000 after acquiring an additional 602,311 shares in the last quarter. Finally, Wealth Effects LLC bought a new stake in SoundHound AI in the fourth quarter valued at about $357,000. 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.